Construction of 40,000 Sq M Logistic Space to Start in Bulgaria in 2013

Construction of 40,000 Sq M Logistic Space to Start in Bulgaria in 2013

The construction of 40,000 square meters of logistic space will start in Bulgaria in 2013, commercial property advisers Forton International said.

"The lack of quality logistic area will result in the construction of new projects in Sofia and the expansion of existing logistic centres in the rest of the country," Vladimir Gyurdzhiev, logistics area manager at Forton International, was quoted as saying in a statement on Monday.

"In 2012, we saw new investors, such as Swiss Reichle&De Massari in Sofia, Pentax in Plovdiv and Greece's Nobel in Elin Pelin, replacing producers that had to reduce their production due to the complicated economic situation in Europe. We expect that the good tax policy, the availability of new production and logistic buildings and the low costs for doing business will keep attracting foreign companies in Bulgaria," he added.

The total stock of office space rented out in Sofia reached 71,150 sq m through September, up 49.3% compared to the same period of 2011.

At present, office space properties under construction equal 253,500 sq m. Some 27,833 sq m are expected to be completed next year.

The opening of Bulgaria Mall in Sofia and Galleria Burgas, located in the coastal city of Burgas, expanded Bulgaria's retail space market by some 70,000 sq m to more than 627,000 sq m. Project under construction at present equal 206,500 sq m.


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