Office construction in Bulgaria to stabilise in 2013

After a brief hiatus, the Bulgarian office market is preparing for a new wave of major projects. By 2014 three large office buildings; the Capital Fort skyscraper on Tsarigradsko Road, City Tower in Macedonia Square, and Millennium Centre are expected to have been completed. These three projects alone will add 100,000 m² to the rental market in Sofia. However, this is still less than the new area registered annually in the years of a strong real estate market.
In 2012 more than 150,000 m² of new modern office areas were completed in Bulgaria, mostly in the capital. At the end of 2012, office space in the capital had reached 1.65 million m², an increase of 7%. The most active location for office investment is Tsarigradsko Shosse in Sofia. By itself The Mall has over 120,000 m² of office space, mainly in two projects − ETC and Megapark. However, apart from this major location, over the past two years there has been a trend to construct smaller mixed-use office buildings which included offices for lease. This is because large-scale office projects are more difficult to complete and often remain empty, while smaller office buildings meet the demands of numerous small and medium-size businesses.

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