High-end office space rents in Sofia keep on going up urged by the stable demand and the shortage of supply. Real estate agents forecast this trend will continue for a couple of years to come. This is the time the market needs to catch up with the office space deficit, say agents.

Currently, in Sofia's center the top monthly rental levels reach EUR 26 per sq m. This is also one of the highest prices for Losenets neighborhood. It has been asked for a new building under construction on James Boucher Blvd., and is expected to start operation in May 2008.

Other offers for buildings under construction also compare to the top prices in the respective areas. For instance on Washington St., which is parallel to the central part of Maria Louisa Blvd., EUR 13 per sq m have been asked as monthly rent for premises in a building under construction, which is scheduled for completion in December. In several existing office buildings on the boulevard itself, rents vary from EUR 8 to EUR 15 per sq m.

There are already several renovated buildings whose asking rents are close to the levels of class A offices in the central business district. They have been delivered on the market in the beginning of September. One of these is located in proximity to TZUM and Halite retail centers. EUR 18 per sq m per month have been asked for a building dating from the 70-s.

Another office in the area, on St. Nedelya Sq., in a historic building has been offered for EUR 13 per sq m. A renovated old building in one of Vitosha Blvd.'s crossings is for rent for EUR 20 per sq m.

Asking Prices Of Offices In Euro Per Sq M (September)*
Area	Rents (per month)	Sales
Sofia
Center	4 - 30	820 - 3650
Business Park, Mladost	7 - 15	900 - 1800
Business Park West	3 - 10	400 - 1250
Bulgaria Blvd.	6 - 20	1300 - 3100
Major boulevards	5 - 25	860 - 2530
Airport	7 - 16	750 - 1500
Lozenets	8 - 26	1480 - 2700
Lyulin	4 - 15	370 - 1575
Central apartments	2 - 20	860 - 2600
Varna
Business park	10	N/A
Central apartments	3 - 12	1040 - 2290
Center	6 - 16	1400 - 2290
Plovdiv
Central apartments	3 - 11	750 - 1490
Center	4 - 15	1300 - 3600
Bourgas
Central apartments	3 - 10	1000 - 1710
Center	8 - 13	1350 - 2255
*Prices based on the available supply of offices in the previous month without service charges and utilities. VAT not included. N/A - there is no information for supply

 

Asking Prices Of Industrial Real Estate In Euro Per Sq M (September)*
District	Rents (per month)	Sites for sale**
Sofia
Airport	4 - 6	220 - 700
Voenna Rampa	2 - 5	40 - 300
Vrazhdebna	2 - 5	40 - 150
Gara Iskar	2 - 6	120 - 550
Iliyantsi	2 - 6	30 - 120
Suhodol	4 - 6	60 - 105
Ring-road	6 - 10	30 - 210
Varna
Western Industrial Zone	3 - 10	35 - 290
Southern Industrial Zone	3**	37 - 115
Bourgas
Industrial Zone	3 - 5	42 - 300
Plovdiv
Eastern Industrial Zone	4** - 5	30 - 280
Northern Industrial Zone	2 - 5	30 - 160
Southern Industrial Zone	2 - 4	26 - 75
Sofia Region
Elin Pelin	1 - 3**	25 - 90
Kostinbrod	1 - 2	10 - 60
Novi Iskar	2 - 3	16 - 55
Bozhourishte	2 - 4	30 - 200
Dolni Bogrov	1 - 2**	30 - 95
Kazichene	2 - 6	110 - 220
Yana	2 - 3**	30 - 80
*Prices based on the available supply of warehouse space in the previous month. N/A - there is no information for supply
**Prices of land per sq m for industrial sites - both developed and undeveloped