MBL conducted the first of its kind survey among owners and investors of 52 office buildings in Sofia, representing nearly 40% of the market (774,000 sq.m) The analysis gives a direct view of future and current projects and the investors' expectations of rental levels movements and market trends in 2019 and 2020.
- The stock of retail spaces is at all-time high - 852,900 sq.m.
- The vacancy rate in Q2 2019, fell sharply to 10.5% due to the areas leased in the quarter, which were previously occupied by Carrefour.
- Provision rate of retail space:
- Varna – 347 sq.m.
- Sofia – 299 sq.m.
- Stara Zagora – 275 sq.m.
One third of comapnies foresee growth by more than 25%
MBL conducted a survey among 100 leading companies in Sofia, in order to analyze their future plans and business needs related to their workspace.
Representatives of various industries, including IT, Outsourcing, Pharmaceuticals, Banking, Insurance, Business Services and others, were interviewed. The total office space occupied by them exceeds 270,000 square meters and their total number of employees is over 24,000 people, 7.5% of whom are foreigners.
- The stock of modern office space is 2.06 million sq. m. The space under construction increased to 453,000 sq. m;
- The vacancy rate went down to 9.1%;
- The net absorption in Q1 was 27,000 sq. m. The take up was 20,500 sq. m;
- The average asking rental levels are predominantly in the range of €12 - €14 per sq. m for Class A with only a few exceptions, while rents for Class B vary between €8 and €11 per sq. m.
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