High Demand for Office Space in Bulgaria to Continue in 2016

Last year’s increased demand for office space in Bulgaria has been carried over into the first half of 2016, setting the stage for active and dynamic trading in the next 12 to 18 months, according to Bulgarian Properties real estate agency.

“It seems that the increased demand for office space will continue. At the same time, projects that entered the market over the past year as well as projects under construction in established office locations will increase supply in response to higher demand from tenants,” Bulgarian Properties said in a statement.

Newly opened companies were usually looking for office space of about 200 to 300 square meters but demand for offices of 700-800 sq.m. was not an exception.

“The tenants are mostly companies active in outsourcing, financial intermediation services, information technologies. Often, these companies do not serve the Bulgarian market and have their customers abroad,” the Sofia-based real estate agency said.

Occupancy rates of 90% to 95% have been registered for offices in good locations which also feature good functional distribution of areas.

The monthly rental rates for offices in class A buildings vary from EUR 10 to EUR 13 per sq.m., according to Bulgarian Properties.

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