Realtors: Sofia office rents up 20% YTD
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Realtors: Sofia office rents up 20% YTD
After treading water for more than a year, the Sofia office market came to life in early 2007, posting a gradual price increase, said Forton, the commercial property advisers. Office rents in the central business district of the capital have risen 15-20% so far in 2007, said Forton executive director Sergei Koinov. Landmark Business Center no longer boasts the capital's most expensive office rentals, said Koinov. It has been pipped by the Prestige office building which commands rates of 30 euro/sq m, 2 euro on top of the going rates at Landmark and the Tzum office building. The dwindling supply of buildable land plots in the center of the city should carry the upside over into 2008 but at a slower pace, said David Davidov from property consultancy Colliers International. Moreover that the next batch of office properties in the broader city center will not be delivered before early 2009. The total stock of multi-tenant/speculative Class A and B offices are estimated by Colliers at 546,000 sq m. The current pipeline of office developments will add as much stock to the total inventory, said Koinov. Colliers said office space supply in the capital rose 10% in the first half of 2007. Most of the new stock is located in suburban areas which adds to office overheads. Business Park Sofia rents remain at 10-12 euro/sq m but the property maintenance charge is bumped up from 1 to 1.5 euro/sq m, said Davidov. He also notes that property owners have rolled back the rent discounts previously made available to long-term tenants. The standard now is to lease an office for at least five years. Sofia can accommodate up to a dozen shopping malls, said Koinov. That is in stark contrast with the existing pipeline but many of the announced projects will never make it past the drawing board, he said. According to Koinov, to fit its billing as a shopping mall, a development should deliver over 20,000 sq m in lettable retail floor area at a construction cost of over 60 mln euro, including a 20% share of the projects costs covered by the investor himself. The developments falling short of these criteria are simply retail centers, he added. The Forton executive also announced that Immo Industry Group, the Belgian logistics and industrial real estate provider, has bought a 15 ha site near Plovdiv for the construction of 60,000 sq m of contemporary storage facilities. The company is currently seeking a suitable site in Sofia
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