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Business Property Experts Comment the 2009/2010 Market Trends in the Segment
In a report shown on ProBG television on December 18th business property experts commented what happened on the market segment in 2009 and forecasted what will happen in 2010.
The main trends and conclusions the experts made are as follows:
• In the next year many shops, offices and storehouses will be finished and will be looking for tenants and buyers, as the total area of the new business properties will be some 700,000 sq.m.
• After the beginning of the crisis at the end of 2008 the number of business property deals fell by half in 2009, which led to a decrease in their prices by some 30%.
• According to Polina Stoykova, the Chief Operations Manager of BULGARIAN PROPERTIES, last year the average rental price of properties in class-A buildings was 15-20 Euro/sq.m. while this year the prices are about 10-15 Euro/sq.m.
• The price of a shop has always been defined by the attractiveness of its location, as at present there is no decrease in the rental levels of the shops on the central trading streets.
• An interesting trend that experts observe is that companies with own buildings sell them and rent new areas so that they have free resources to invest in the development of their business.
• In 2009 rental prices of office areas fell as this trend is expected to continue in 2010.
• According to experts the market is expected to become more dynamic in the second half of 2010 when the foreign companies will have come out of the crisis.
Read more on the topic:
Bulgarian Business Properties Analysis – Offices and Shops Sales and Rentals 2009
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