Industrial Space in Sofia Rises to 2.16 Mln Sq M in Q2 - Real Estate Company

Industrial Space in Sofia Rises to 2.16 Mln Sq M in Q2 - Real Estate Company

Industrial space in Sofia increased by 13,000 square metres (sq m) to 2.158 million sq metres in the second quarter of this year, real estate company MBL said.

Construction starts in the second quarter reached 20,500 sq m with 10 new projects breaking ground, Sofia-registered MBL, an associate partner of U.S.-based global real estate brokerage CB Richard Ellis, said in a quarterly overview of the industrial space market.

The company said it witnesses an increased market activity despite the gloomy economic forecast for 2012. The net absorption in the second quarter was 15,280 sq m.

Prime rents remained stable at 4.0-4.30 euro ($3.2-3.4) per sq m per month for modern warehouse space.

"Interestingly the small units of 200-500 sq m maintain the levels of 4.30-4.50 euro per sq m per month, driven by higher demand for smaller premises with areas between 500 and 800 sq m," the report said.

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