COVID-19 | SURVEY How does Covid-19 affect the office market in Bulgaria?

In the period 01.04 – 06.04.2020 Colliers conducted telephone interviews with companies on the office market in Bulgaria.

All surveyed companies applied the measure work from home. Other actions taken to optimize costs are: termination of payment of rents, overhead costs and subcontractors (5%); laying off employees (2%), reduction of salaries (2%) and closure of the company in Bulgaria (2%).

Work from home measure was applied to a different extent by the survey participants – 82% were able to implement it for almost the entire company, 16% for more than one half, and the remaining 2% introduced it to a smaller part of the team – between 26-50%.

The majority of the companies had the practice of working remotely before the state of emergency was introduced.

Almost half of the participants did not report a significant impact of the health crisis on their business.

Working from home will be continued next month. Going forward the share of companies that intend to suspend rents, overheads and contractors is expected to increase from 5% to 14%. 9% have not yet decided what to do, and 7% will reduce salaries and / or introduce compulsory leave.

Companies are almost unanimous that they will not benefit from the measures announced by the government because they perceive them as inapplicable to their business.

Half of the participants expect a negative impact of the crisis over the next 9-18 months, mainly because they have clients from the directly affected sectors. 19% believe that there will be no significant change in their business. 16% of the companies anticipate a short-term positive effect on the sector in which they operate.

Verka Petkova
Partner | Director |
Business Development
phone: +359 2 976 9 976
[email protected]

Adriana Toncheva
Senior Market Researcher
phone: +359 2 976 9 976
[email protected]

The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.
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