A great number of commercial, office and industrial areas to be expected on the market in 2010
An increased number of compulsory seizures of commercial real estates (trade, office and industrial buildings and terrains), might be expected over the next 12-18 months, announced investor.bg, citing a report of the MBL consultancy company. Experts commented that the banks had not yet outlined a clear strategy on how to deal with this problem and acted on case by case basis by retaining these properties in their balances in order to avoid reporting of poor financial results.
Chairman of Bulgarian Chamber of Private Enforcement Agents (BCPEA), Georgi Dichev, said for Klassa that seizures of business properties by banks were easier than deprivation of housing estates. In his opinion, the increased number of cases on due mortgages brought to court, is not as high as to cause an "avalanche" of forced seizures of property. For 2009, the filed cases in BCPEA amounted to about 110 000, but only 2% of them were associated with mortgages, which could not have an impact on the overall picture of the market. Two of the biggest companies in the country - Colliers International and Forton International - refrained from comments.
According to Forton data, in 2010 there will be a great supply of commercial properties on the market, as another 700 000 sq.m. appear in this segment. MBL data shows that business sites under construction represent a total of 507,000 sq.m. (156,000 sq. m. of which in Sofia). By the end of 2009, unoccupied commercial areas in shopping centers in Sofia were less than 1%, but it is expected that the opening of Serdica Center (55,000 sq. m) and Carrefour Mall (66,000 sq m) in March will change this figure.
Text and image source: klassa.bg
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Presentation of Mirela Real Estate
(16.02.2010)