Business Property Deals Amount to 225 Million Euros for January-September 2016
Wednesday, 19 October 2016
Real estate deals with business property in Bulgaria, signed over the period January-September 2016, amounted to 225 million euros, showed a survey carried out by consultancy company Forton and unlisted company Cushman&Wakefield.
Nearly 70% of the contracts were signed for profitable assets – hotels, office buildings, commercial and industrial space, the biggest share being accounted for by hotel acquisitions.
According to the survey, the business real estate market has entered a new phase, moving from stabilisation to growth.
Office space rent prices maintain a level of EUR 13/sq m, while the rate of return is 8%. Rent office space in the capital varies between 126,000 and 154,000 sq m, with a 60% share accounted for by the IT and outsourcing sectors.
With respect to commercial centres in Bulgaria, a restructuring tendency of weak-performing malls has been recorded.
In 2016, rent prices in commercial centres went up from EUR 27/sq m to EUR 28/sq m. In spite of this, the rate of return decreased by 1%, compared to 2015, reaching 8%.
Sofia News Agency