Sofia Sees Highest Drop in Europe's Prime Office Space Rents

Bulgaria's capital Sofia has registered the highest decrease in the rent prices for prime office spaces among 53 European cities, a CB Richard Ellis report shows.

In the fourth quarter of 2011 Bulgaria's office rents dropped by 7.1% year on year. Compared to the previous quarter, the decrease was 3.7%, the highest decrease among the European cities included in the report, according to the Mediapool news agency.

The rents in Sofia's highest office space rental market segment were EUR 13 per sq m at the end of the fourth quarter of 2011.

Drops in the prime office space rents were observed in several regions of Croatia, Ireland, the Netherlands, Portugal and Spain, as well as UK's Edinburgh.

The biggest increase was registered in the Russian market, with rental prices growing by 33% year on year.

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