Office Market Overview H2 2020

The suply of class A, B and C office space market in Sofia reached a total of 2,388,380 sqm and recorded a 3% increase in the second half of 2020. Year-on-year growth was 5%.

Total take-up for the last six months of 2020 was 51,100 sqm, and for the whole year – 107,600 sqm, equating to 39% decline compared to 2019.

Demand during the period was driven by the following sectors:

  • IT and outsourcing (47%);
  • Professional services (18%);
  • Financial services (13%);
  • Utility supply (11%);
  • Retail (5%);
  • Others (7%)

Average vacancy rate on the market was just over 13%, representing approximately 2% increase in the second half of the year. The average asking rents held their levels from the first half of 2020, respectively for class A – 12.5 euros per sqm and for class B – 10 euros per sqm.

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