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13.10.2011 Rental prices of offices in Bulgaria continue to fall

Sega Daily, vol.233, 13.10.11

Experts report of yet another month of decrease in prices of offices in Bulgaria. In 3Q 2011 rental rates in the new office buildings in Sofia dropped by 3.6% compared to the previous quarter. This means Bulgaria tops the list of office price drop in Europe, a research of CB Richard Ellis consultants shows. The price drop is even bigger year-on-year – 5.26%, the research shows. Experts explain the decrease in rental levels with the big supply of office areas against the backdrop of lower demand.

According to Colliers International in the first half of the year Sofia ranks second in Europe with regard to unoccupied offices – a quarter of the business premises in Sofia are vacant. Experts report great interest in renting them but the actual concluded deals are few. Nevertheless, more commercial and business buildings are being built in Sofia.

It recently became known that Bulgaria ranks 13th in an international ranking for trading areas to be built by the end of 2012. By the end of next year 181,500 sq.m. of new trading areas are expected to be finished in Bulgaria.

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