Sofia office market closes strong year
In the second half of 2016 Class A offices in Bulgaria took 70% in the total supply, shows the latest research of Colliers International. The interest is generated mainly from companies coming from the outsourcing and IT sector, which has a growing share in the office market transactions – 60% during the first half of 2016 and 74% during the second. Their requirements include modern and functional layouts, comfortable workspace, convenient location, easily accessible through public transport, availability of restaurants, sports centers and additional services in close proximity. As a result to the active demand for this type of offices, the annual net absorption in quality Class A and B buildings in Sofia increased by 26%.
During the second half of 2016 the asking prices for buildings with use permit in place remained relatively stable. Offices in Class A projects in Sofia Center were available for €13.5/sqm/month, and €12/sqm/month in Broad Center and in the Suburban areas. Asking rental levels for buildings under construction were higher - around €14/sqm/month, due to their communicative locations and the expected quality of the office space.
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