Sofia`s vacant office space at 25% in 2010 - MBL14.01.2011

Around a quarter of Sofia`s office space is still vacant despite the market`s slight improvement in 2010, according to a study of business real estate company MBL, part of property consultancy group CB Richard Ellis.
Take-up of Class A and Class B office space stood at 105,000 square metres in 2010, up by nearly 50% compared with a year ago, but still below the 150,000 square metres seen in previous years, MBL said.
Along with a stabilisation of the economic environment, companies have become more optimistic about their business.
Furthermore, an overall decline in rental fees has enabled a number of tenants to take advantage of the trend in prices and move to higher-quality offices at more attractive prices, said Nikolai Neov, office space manager at MBL.
Last year ended with 265,500 square metres of new office completions, bringing the total office area in the capital to 1.378 million square metres. The supply led to an increase in unoccupied space, which accounted for 24.3% of the total, equalling 335,000 square metres.


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