Office market vacancy rate in Sofia fell slightly to 16.4% in Q1’22

10.05.2022 Source: Forton; FFBH

According to data from the commercial real estate advisory company – Forton, vacancy rate in Sofia’s office market fell slightly to 16.4% in Q1’22, which is 0.4 p.p. quarterly decrease. However, it remains significantly higher than the 12.9%, registered in Q1’21. Quarterly take-up amounted to 44k sq.m., mostly on renewals relocations, while net absorption stood at just 8.6k sq.m. Despite the lower occupancy, prime rent levels remained at EUR 15/sq.m. in the city centre and in the EUR 12-14/sq.m range alongside main roads. The office space inventory remained flat QoQ at 2.24m sq.m., due to the lack of new completions during the quarter.