The proportion of vacant office space in Sofia continued to decline in the first quarter of this year. At the same time, the supply of offices class A, gradually increases due to increased demand. There is upward trend in rental rates, which is expected to continue in the short term, at least until achieve a balance between supply and demand.

The total volume of office space Class A and B increased to 1.73 mln. m² in the first quarter of 2016. Recently went into operation about 13 500 m² office spaces, reported the experts.

This year is expected to be a great one for office space segment. 50 000 м² of new offices will be put into operation in 2016, and in 2017 - about 110 thousand square meters. Motivated by the positive trend in the market, investors are expected to start construction work on several major projects in the second half of the year. So over the next 2-3 years the market will increase with about 90 000 m² space.

In the first quarter of 2016 average prices rose by just over 1.5% compared to end of 2015. The dynamics is primarily due to the offices of Class A because of strong demand mainly from the outsourcing industry and IT sector.

Source: www.investor.bg