`08 deliveries to have no effect on tight office space market
2008-03-19 00:41 News from Dnevnik.bg
The 55,000 sq m of new office space that will be delivered in Sofia this year will fall short of meeting existing demand, according to a forecast of business property agents Forton cited in a research paper by consultants Cushman & Wakefield. A current lack of high quality space characterised the Bulgarian office market during 2007. Prime rental levels were unchanged as demand for high quality space remained high.
Sofia is the main target for occupier interest, although a number of secondary cities have started to see increased occupier activity.
Rental levels should rise in 2008 as the lack of grade A space will remain a concern for occupiers and the development pipeline is still low, said the Cushman&Wakefield report.
Supply is expected to catch up with demand in 2009, allowing rent rates to settle, forecast the experts.
Another international consultancy, Colliers, also highlighted the undersupply of office space - especially on the Class A segment, in its annual market review.
Bulgaria is ranked 52nd among 58 office space markets by Cushman&Wakefield with an annual rental cost of 228 euro/sq m. Elsewhere in Europe, office space is cheaper to rent only in Lithuania, Latvia and Estonia
This News is listed at news.Guide-Bulgaria.com
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