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Bucharest needs twice more office spaces that Sofia

Bucharest needs twice more office spaces than Sofia, according to a survey carried out by real estate company Esoprsa.

According to the survey, the two capitals look alike as regards the dynamism of the segment of offices, but are different when it comes to offers. Whereas at present in Bucharest the stock of office spaces is of 1.7 million square metres, in Sofia it is of only 850,000 square metres. The buildings from the secondary areas account for about 50 percent, respectively 40 percent of the total of offers of the two cities. The survey shows that Romania and Bulgaria are characterized by the dynamism of the segment of offices despite the fact that in the capitals of both countries, the commissioning of several big projects is set for 2008-2010. The absence of land in central areas led to the increase of the level of rents in the so called Central Business District and the dynamisation of demand for secondary areas. If in Bucharest an A building has rents ranging between 17 and 24 euros per square metre in Sofia the values are similar, however slightly lower 14-23 euros. As regards the non-occupancy rate, the survey shows that it is still high in Sofia - about 5.5 percent compared with Bucharest - 0.02 percent for A class buildings and 3 percent for B and C class buildings. The high level of demand continues to draw investors in the two capitals, which will transform over the next 3-4 years from emerging markets into mature markets, able to generate offers for all the categories of companies. Sursa: http://www.rompress.ro

Tags: percent sofia spaces office bucharest

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