Bulgaria’s Main Street Rents Remain Flat in 2013 - C&W
Thursday, 14 November 2013
Main street rents in Bulgaria remained flat in 2013, as the country ranked 59th among 64 countries reviewed in a Cushman&Wakefield (C&W) survey.
The study is based on data taken in mid 2013 and includes 334 of the most expensive streets, but each country is represented by its most popular shopping street.
Sofia's Vitosha Boulevard has retained rents flat on the year at an average 480 euro per square metre (sq m) a year through June while the average rent of the main streets in Plovdiv and Burgas was 360 euro/sq m/yr. In Varna, the largest seaside city in the country, the main street rents amounted to 300 euro/sq m /yr, C&W’s retail property rental performance report on the twelve months to June 2013 showed.
Vitosha's low rents and the availability of space after the retreat of some banks and local retailers from the street have attracted the interest of international brands, thus keeping rents stable, C&W noted.
According to C&W, investor interest in Bulgaria is focused on the main streets in the capital Sofia. Vitosha boulevard is the most desired location due to the recent makeover of the boulevard into a full pedestrian area.
“With interest focused on Sofia, the big international and domestic retailers remained active and new international brands entered the Bulgarian market,” the report saud. “Luxury retailers pay a premium over the typical rent for prime space but occupy a relatively small area of the overall market,” it added.