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Sofia Office Space Multiplies

Sofia Office Space MultipliesStock of Class A and B office space in Bulgaria has tripled over the past six years reaching a total of 220,000 sq m of leasable office space, Colliers International said in its annual review of the real estate market in Southeast Europe for 2005.

Clear differentiation between suburban and CBD markets has been established with higher vacancy rates in the latter. On the rental market the increased stock of space has stabilized rental levels around 10 euro/sq m. Some 20,500 sq m of office space in larger office or mixed-use projects are expected to be completed in the first half of 2005, including 11,100 sq m to be located in suburban areas.

In Greece, after many previous unsuccessful attempts of investors to develop shopping centers, the retail market is becoming more and more promising. Due to new residential developments, the total supply of properties offered on the Serbian market has increased.

Romania is amid substantial demand for quality office space with vacancy rates reaching an historical low at 2%. No major Class A office building was delivered in 2004, which made many tenants sign pre-leases in order to secure their office space in 2005.

These are some of the findings in 2005 Colliers Real Estate Review covering the development of the real estate segments in Bulgaria, Serbia and Montenegro, Greece and Romania.

Colliers Sofia office was established in 1991, and currently has a staff of 60 people.

31 March 2005 - Sofia News Agency

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