According to a quarterly report by the Cushman & Wakefield Forton consulting company, the second quarter’s industrial space market reported ongoing activity.
After a difficult start to the year, Sofia’s market is improving the results both in terms of leased space and in projects under construction. The fifth and sixth buildings of East Ring Logistics Park and the first stage of Logistics Park Sofia have been put into operation. The two facilities add 37,900 square meters of modern storage space. Another 166,652 square meters of logistics space are under construction in Sofia, and the investments are mainly from owners.
The total utilization for the second quarter of 2020 exceeds 24,000 sq.m. Logistics, distribution, and courier companies are active in the rental segment, mainly due to the growth of online trade. Rental levels remain stable – 3.8 euros / sq.m for larger facilities and 4.2-4.4 euros / sq.m for medium-sized ones.
The country’s industrial market is dominated by production areas, mainly for automotive components and light industry.
For more data from the second quarter, see the report Marketbeat Bulgaria: Industrial Q2 2020 of Cushman & Wakefield Forton. Find an overview of the markets for retail and office space in the second quarter here.