Returns on investments in first-class hotels in Sofia were around 8.5% at the end of 2007, thus outstripping the yields generated by office and retail developments, which ranged between 7.5 and 7.85% respectively, and equalling returns from logistic space, a recent analysis of CB Richard Ellis consultancy, showed on March 10. In terms of yields, Sofia ranked second after Moscow, where returns on hotel investments averaged 9.25%, and was the best-performer among the capitals of the countries across Central and Eastern Europe.