Sofia Area Industrial Property Stock Up 7.0% in H1, Vacancy Rate Falls - Forton

Sofia Area Industrial Property Stock Up 7.0% in H1, Vacancy Rate Falls - Forton

Modern industrial space in the area of the Bulgarian capital city of Sofia rose by 7.0% to 670,700 square metres in the first six months of 2012 with vacancy rates falling, real estate consultants Forton said.

The area of new stock totaled 23,500 square metres in the first half of the year, Forton said on Wednesday in its Bulgarian Industrial Market report for the first half of 2012.

At the same time, vacant prime industrial space in Sofia totalled 43,000 square metres through June with the vacancy rate falling 14%, Forton added.

"More and more foreign investors include our country in their development plans," Vladimir Giurdjev, manager logistics area at Forton International, was quoted as saying.

"Foreign investors are beginning to realize Bulgaria's competitive advantages - qualified and not expensive workforce, low level political and financial risks and a stable economic environment, that is absent in many countries in the region," he added.

A total of 30,700 square metres of industrial space are currently under construction in the Sofia area.

The company has calculated a 7.0% drop in rent levels of prime industrial spaces through June.

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