Sofia Office Market Sees Signs of Recovery

Sofia Office Market Sees Signs of Recovery

After a period of relatively low activity, the Bulgarian capital Sofia is seeing signs of recovery in the office market, according to a survey by Colliers International.

The net absorption for the first half of 2010 has marked a 27% increase compared to the previous six months, the most active companies being mainly from the telecom, outsourcing and IT sectors, shows data of Colliers International.

The vacancy level has reached 21% of the total stock and was higher in Class A than Class B buildings - a testament to the price sensitivity of the market.

"Key parameters on the Sofia office real estate market remain the rental levels, location and functionality of the buildings", comments Anton Slavchev, Manager, Office Department at Colliers International.

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