Rental prices in Bulgaria's upscale shopping centres fell 25 per cent in Q3
Rental prices in Bulgarian firs-class shopping centres fell 25 per cent in annual terms in the third quarter of 2010, according to consultancy Forton International.
Rents on the cities' main shopping streets were unchanged in Q3 at about 55 euro in the capital city Sofia, and between 30 and 40 euro a sq m in other major cities.
The volume of new retail space launched in Q3 was 506 860 sq m, with a further 77 000 sq m to follow the opening of shopping centres Varna Towers, MegaMall Ruse and Mall Galleria Zagora.
Work on more than 280 000 sq m of new retail space is underway, 170 000 sq m of which expected to be completed by the end of 2011.
The combined retail area has reached 66.7 sq m a 1000 people and is expected to grow further to 77 sq m by the end of 2010.
"Although retail space market still faces difficulties in leasing out area, we have witnessed an uptrend in activity and more transactions in the third quarter, mostly in the capital," Dimitar Kiferov, head of Forton's retail space department, said.
The stronger demand, however, would not mitigate the current oversupply, he said. An indication of a positive trend on the market is the construction of the shopping mall Paradise Centre in Sofia's district Lozenets, which will cover 75 000 sq m.
Text and photo: sofiaecho.com
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