Increase of 10% in Total Office Stock in First Half of Year

Increase of 10% in total stock in first half of year, say Colliers International Bulgaria in their new office market overview.

There is a total stock of 606,500 m of Class A and B office space in the Bulgarian capital Sofia, according to new Colliers International Bulgaria research. That is an increase of 10% in the first six months of the year.

Most of this office space in Sofia is located in the citys suburbs. And more than 330,000 m of Class A and B office space is currently being constructed in the suburbs.

The overall vacancy rate remained unchanged at 5.1% with increases in suburban areas and decreases in the Central Business District (CBD) and broad center.

Colliers International also reports that asking rental rates have continued their upward trend in the first half of 2007.

Atanas Garov, Managing Director of Colliers Bulgaria, said that research shows the office sector in Sofia is still growing steadily. But demand for office space is being driven mostly by expansion and relocations, with few new international market entrants.