Sofia's vacant office space at 25 per cent in 2010 - MBL
About a quarter of Sofia's office space is still vacant despite the market's slight improvement in 2010, according to a study by business real estate company MBL, part of property consultancy group CB Richard Ellis.
Absorption of Class A and Class B office space added up to 105 000 sq m in 2010, up by nearly 50 per cent compared with a year ago, but still below the absorption of about 150 000 sq m seen in previous years, MBL said.
Along with the stabilisation of the economic environment, companies have become more optimistic about their business.
Furthermore, the overall decline in rental fees has enabled a number of tenants to take advantage of the trend in prices and to move to higher quality offices at more attractive price levels, according to Nikolai Neov, office space manager at MBL.
The year 2010 ended with 265 500 sq m of new office completed, bringing the total office area in Sofia to 1.378 million sq m. The stock delivered to the market led to an increase in unoccupied space, which accounted for 24.3 per cent of the total inventory, equalling 335 000 sq m.
Text source: sofiaecho.com
Photo: Maria Subotinova
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