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Office rental prices in Sofia with highest drop in Europe
Rental prices of first-class offices in the capital Sofia have registered the biggest drop in Europe. This is what a report from consultancy company CB Richard Ellis shows, as it includes 53 European cities.
Rental prices of offices in Sofia have decreased by 7.1% in the last quarter of 2011 year-on-year. Compared to the previous quarter the drop is 3.7% which is also the highest decrease on the continent.
Rental prices in the highest segment of the office market in Sofia were an average of 13 Euro/sq.m. per month in 4Q 2011. The profitability in the sector shrunk by 65 basis points in one year to 9.35%.
Drops in rental prices of offices have also been registered in some regions of Croatia, Ireland, the Netherlands, Portugal, Spain and in Edinburgh (UK).
Prices of industrial properties in Sofia have also decreased last year, as their rental prices fell by 11.1% year-on-year. The average rental price per month is 4 Euro/sq.m., according to CB Richard Ellis.
There is no change in the rental prices of first-class commercial areas in the capital Sofia – 25 Euro/sq.m. on average.
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