IT, BPO Continue to drive Office Demand in Sofia in H1- Forton

IT, BPO Continue to drive Office Demand in Sofia in H1- Forton

The IT sector and the  providers of business process outsourcing services were the main drivers of demand for office space in Sofia in the first six months of 2019, Forton, a strategic partner of Cushman&Wakefield for Bulgaria and Macedonia, said. By the end of June, deals for a total of 66,783 sq m of office space were closed on the Bulgarian market - mostly unchanged compared to the same period of 2018, Forton said in its latest report published on its website.Office buildings with a total area of 404,000 sq m are currently in construction, while a significant amount of space is in planning phase, it added.Since the beginning of the year, almost 107,000 sq m of Class A and B offices have been completed, ranking the period among the most active historically, Forton said. The vacancy rate in Sofia reached 9.9% by the end of the first half. "Increasing development will improve the availability of investment grade product and growth of the liquidity is anticipated in mid-to-long turn," Forton said in its outlook.

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