Low Vacancy Rate Encourages New Industrial Property Projects in Bulgaria – Forton

Low Vacancy Rate Encourages New Industrial Property Projects in Bulgaria – Forton

Low vacancy rate, staying at 2.2% for the Sofia area in the third quarter of 2016 as a result of the strong performance of the speculative market, has encouraged some developers to continue with next phases of their logistic space projects, commercial property advisers Forton said on Thursday.
“Along with the industrial parks under development, the improving market conditions give an impetus for new projects. Few large schemes east of Sofia are in process of detailed zoning plans approval and preparatory works,” Forton, a strategic partner of Cushman&Wakefield for Bulgaria and Macedonia, said in a press release.
Some 20,000 sq m of logistic space east of Sofia are expected to be completed at the end of 2016 but they will be insufficient to change availability levels as most of the space has already been pre-let during the third quarter.
The shortage of ready-to-move-in space and brownfields for manufacturing leads to the market being dominated by owner-occupied and build-to-suit schemes.
In correspondence with the trend, two multifunctional owner-occupied projects have been started in the Sofia Airport area, one developed by office equipment distributor Bittel and one by Austrian company Hagleitner.
 
 
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