Another Busy Year for Office Space Deals Seen in Sofia
The past 2017 set a record in terms of office space deals in Sofia with contracts for almost 200 000 sq m. The most active in demand were IT and outsourcing companies. First-class sites covering an area of 116 000 sq m were completed and another 178 000 sq m are expected to be operational this year, according to data from Cushman & Wakefield Forton. The consulting firm says that deals have already been concluded for 40% of the new areas and the rental price for a premium office is expected to remain stable this year, at a level of some EUR 13.5 per sq m.
The most preferred areas for property developers and tenants are those around Tsarigradsko shosse Blvd., Simeonovsko Shosse Blvd, Manastirski Livadi, Lozenets and Hladilnika and the Business Park area. Private investor interest also determines the priorities of the municipal plans to further develop good infrastructure in some of the areas with active construction.
It is expected that several large office buildings in the capital will be completed during this and next year:
- Grand Kanyon on Alexander Malinov Blvd in Mladost residential district. The site will include a hotel, two residential buildings, a shopping center, offices, a park and a culture and leisure area. Three high buildings are planned at the site and the total built-up area of Grand Kanyon is 91 881 km. m
- Advance Business Center will be an 11-storey administrative building with an area of 28 500 sq.m in Mladost 4 close to Business Park Sofia
- Office A near Tsarigradsko shosse Blvd will offer class A offices on a total built-up area of 21 993 sq.m
- Building 15 in Business Park Sofia will cover an area of 31 390 sq.m and is expected to be completed by the end of 2018.
- The Property Control Office Building, which will be built in Manastirski livadi near Bulgaria Blvd, will have a total built-up area of 16 510 sq m.
- The Cargo Partner Logistics Center, which has been in a process of construction since last year near Sofia Airport, is planned to cover an area of 18 500 sq. m., of which 2 000 sq m. are office space
- Office Park Central at the junction between “GS Rakovski” Blvd. and “Kozloduy” will offer five floors of class A offices with a total area of 6 300 sq. m
