BULGARIAN PROPERTIES' 2009 Analysis of Business Properties – Offices and Shops Sales and Rentals

Polina Stoykova, BULGARIAN PROPERTIES

According to BULGARIAN PROPERTIES’ 2009 analysis of business properties the market of sales of offices in the capital Sofia has been very quiet since the beginning of 2009, as the supply varies greatly but there is no demand even after prices fell considerably in the last year.

Currently, office prices per square meter do not go below 1,500 Euro as there is a wide choice of offices with prices between 2,000 to 2,700 Euro/sq.m. for offices in class A buildings or in the city’s ideal center. In Sofia offices in new buildings in the wide center area, along Bulgaria Blvd. and in the quarter of Lozenets are offered between 1,500 and 2,000 Euro/sq.m. Prices of class A offices for rent in Varna vary a lot – from 8 to 16 Euro/sq.m. as about 5 months ago these offices were offered at prices between 10 and 18 Euro/sq.m. Most lower-class offices are offered at 5-8 Euro/sq.m. and price discounts reach 20%.

In 2009 most offers for shops are for rent but there are a number of interesting offers for sale as well. Prices vary a lot – from 1,100 Euro/sq.m. for shops in the wide center area with not so attractive location to over 2,700 Euro/sq.m. for shops with a window on a main boulevard in Sofia. For this type of properties discounts are an exception – only 8% of these properties have discounted prices and the discounts are less than 10%. Some of the shops offered for rent can be bought at a reasonable price with the help of BULGARIAN PROPERTIES. The shops on the central shopping street in Varna are offered for rent at prices between 20-25 Euro/sq.m. which are similar to those of shops in sought-after areas in Sofia.

As a whole, there are very few deals for sale of offices and shops in 2009 which shows that offer prices are above the actual market prices. What is typical is that when a buyer is interested in an offer, during the negotiation process the price of an office or a shop can be reduced by up to 30%.

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