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Monday, November 13, 2006 

500 000 sqm Office Property for Sale in Bulgaria

Nearly 500 000 sq m of office property will be offered for sale on the Bulgarian property market in the coming year or two.

This is the total area of the projects that were being launched, Forton International (FI) consulting company data quoted by 24 Chassa daily showed.

FI said that tenants had already applied for 120 000 sq m of office areas. It did not mean though that supply would exceed the demand, because the applications were made before the office projects were finished.

Often significant shortage of office property was registered, the FI said. New companies appeared on the market, others were enlarging their business and needed more space. The supply so far had been limited, FI said.

Companies planning business enlargement were mostly looking for office property. Some of them had long-term plans and were seeking new offices to rent after three or four years.

Thus 90 to 95 per cent of the office buildings were rented before even the constructions were finished.

Bulgaria's office property market would suffer a deficit in 2007 and some of the companies would postpone their entry to the Bulgarian market, FI said.

Office property market saturation could be expected in 2008. The supply would exceed the demand, causing a five to 15 per cent rent decrease.

Source: Sofia Echo

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