Sofia Office Space Vacancy Rate Falls to 21% in H1 – Real Estate Consultancy

Sofia Office Space Vacancy Rate Falls to 21% in H1 – Real Estate Consultancy

The vacancy rate on Sofia's office space market fell by 12 percentage points to 21% at the end of June compared to the end of 2011, real estate consultants Colliers International said.

The bulk of vacant office space - totalling 244,300 square metres (sq m), is located in the capital’s suburban areas, Colliers International said in a market overview.
A total of 34,580 sq m of new office space were completed in Sofia in the first half of 2012, raising the total stock to 1.68 million sq. m.
A total of 189,600 sq m of office buildings are currently under construction, compared to 90,000 sq m in the first half of 2012.
Office rent rates in Sofia were stable in the six months to June and Colliers expects the average levels to remain steady for most of the remainder of 2013.
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