BULGARIA Sofia office tenants turn their eyes to the provinces
Property and Facility Managementschedule 13 August 2020
The third building of the Garitage Park complex (95,000 sqm of offices) was the major completion of H1
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In the first half of 2020, the supply of modern class A, B and C office space in Sofia increased by 1 pct, reaching 2,315,600 sqm, according to a market survey by Colliers International.
The recently completed building 3 of Garitage Park accounted for much of the growth in the office stock.
The vacancy rate retained its level of 11 pct. However, a decrease in demand was registered, with the total take-up (all transactions) amounting to 56,500 sqm, 15 pct less than the first six months of 2019. The net absorption of class A, B and C offices in Sofia came to 23,100 sqm. Rent renewals made up the largest proportion all transactions (42 pct), followed by relocations (27 pct), pre-l
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