Office Space Prices in Sofia

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Office Space Prices in Sofia

Office space market in Sofia amounts to 800,000 sq. m with 1.1 mln sq. m under construction, which are to be launched on the market in the next three to five years. This segment traditionally reflects the economic actovity in the country, specialists say.

The demand for office space of higher class is strongest in Sofia. It has grown by 69%, attracting considerable entrepreneurial interest in the sector.

The strong performance of the segment in the last few years may be put down mainly to Bulgaria's EU accession and the strong interest by foreign companies willing to open offices in the country.

Office space inventories in Sofia are relatively low in comparison to the other Europen countries. Prague has nearly 2.4 mln sq. m of office space, while its citizens amount to 1.5 million.

The average sales price in Sofia stood at 3,200 euros per sq. m last year. Rent prices for class A and class B office space ranged between 6 and 27 euros per sq. m. The vacant office space of the highest quality declined to a record low 4.9% as at the end of 2007, в compared to 5.1% in the previous quarter.

Rent prices for office space of the highest quality in Sofia went up by 5.6% in the first quarter of 2008 to an average of 19 euros per sq. m, a survey conducted by CB Richard Ellis shows.

Rent prices in Sofia have gone up by 9% in the last 12 months. At the same time the return form investments in office space remains one of the highest in Europe after Moscow.

The office space rented out in the first quarter of 2008 has gone up by 22% quarter on quarter, to its highest level, specialists say.

The average price of office space in Sofia's western and southwestern areas, which include Lyulin, Ovcha Kupel, Gorna Banya, Krasna Polyana and Zapaden Park residential districts, stands at 11 euros per sq. m for offices of between 150 and 250 sq. m.

The average price in the eastern and northeastern areas, represented by the Mladost, Druzhba, Iztok, Musagenitsa, Sitnyakovo, Slatina and Levski residential districts stands at 12 euros.

The prices in the northern residential districts, such as Nadezhda, Obelya, Hadji Dimitar, Orlandovtsi, Zaharba Fabrika are higher at 15 euros per sq. m. Southern residential districts, such as the Borovo, Bakston, Manastirski Livadi, Darvenitsa, Gotse Delchev and Hipodruma boast the highest average office space price of 16 euros per sq. m.

Boyana, Dragalevtsi, Simeonova, Knyazhevo and the other residential districts at the foot of the Vitosha mountain hold the lowest average price of 10 euros per sq. m.

*The results were obtained through the search engine of imot.bg

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