The first quarter of 2024 has seen notable developments in Sofia’s office market. The total speculative stock has increased to 2.127 million sq.m. with transaction volumes reaching 33,721 sq.m. Despite a 20% drop compared to previous periods, the overall vacancy rate slightly decreased to 17.13%.
New construction permits for 40,000 sq.m. of modern office space were issued, and 219,808 sq.m. are currently under construction. The expected office space deliveries for the next three years are 102,640 sq.m. in 2024, 93,116 sq.m. in 2025, and 24,052 sq.m. in 2026.
Hladilnika continues to be a hotspot, accounting for 34% of all leases signed. Class A office space saw a vacancy rate decrease to 16.99%, while Class B experienced an increase to 17.34%.
Noteworthy transactions include the lease re-gear of more than 6,000 sq.m. for Chaos, advised by Avalant.
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