Sofia Airport Centre, co-owned by Tishman International Companies and GE Real Estate for Central and Eastern Europe, apparently remains on track in spite of Bulgaria's deteriorating market conditions.

Tishman International and GE Real Estate form one of the investment arms of the United States industrial conglomerate, General Electric. The project manager of Sofia Airport Centre, Julian Edwards, says they have made one of the most substantial investments in the real estate property sector in Sofia. He also claims that the company still has several projects under construction and that the centre will resemble Sofia Business Park in Mladost.

"Among the various advantages of the complex are rapid access to Sofia's city centre and adequate public transport network and infrastructure. We experience numerous inquiries on a daily basis," said Edwards, reported by Stroitelstvo Gradut. "We have international companies interested in coming here, seeking to outsource and cut costs by establishing themselves here on the local market," he said.  

The entire project consists of 165 000 sq m in gross floor area, of which 100 000 sq m will be designated for offices, 22 000 sq m for warehouses. A 250-room business hotel, with ample parking space and retail stores, will also be built.

Current rates in the sector are pegged at  6.35 euro per month for warehouse spaces, a higher price than the standard three to five euro for Central and Eastern Europe. Once the first phase of Sofia Airport Centre is completed, 27 000 sq m will be available for warehouses and office spaces.

Source: propertywisebulgaria.