Number of Vacant Offices in Sofia Declined in Q1 2014

The share vacant office space in Bulgaria's capital city of Sofia has dropped to 17.7% or just under 290 thousand sq.m. in Q1 2014.

This has been the lowest rate of vacant office space since Q1 of 2010, according to data by real estate company MBL, cited by Investor.bg.

A leading trend on the office space market in Sofia is the strong demand for premises with an area of 100-1500 sq.m. at the expense of demand for large offices of 2,000 – 3,000 m2.

Meanwhile, there has been a reduction in supply of premium office space, which resulted in a 10% increase in average prices in Q1, according to the company data. The price rates for Class B office space remained unchanged.

As of January to end-March, the total volume of newly leased office space is about 15 thousand sq.m. The net leased space reached 19 thousand square meters.

Expectations are for stable rent levels by end-2014, as well as a continuous decline in the share of vacant offices. Additional 80 thousand sq.m. of office space for lease will be completed by the end of the year, Investor informs.

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