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More than 1M sq m office space in 2008 in the capital - Sofia

Sofia's office place market registered another quarter of strong implementation at the end of 2007, according to the latest MBL consultancy announce.
The number of class A and B offices continued to rise, amounting to 784 000 sq m as of the end of fourth quarter of 2007, after a new delivery of 48 350 sq m office places, all of them in suburban areas, according to research from MBL.
Provided data embrises areas in single-tenant owner-occupied and speculative constructions, as well as in condominiums.
More than 580 000 sq m of class A and B office place were under construction in Sofia at the end of last year, two thirds of which were in suburban districts. Tsarigradsko Chaussee Blvd come to surface as a main office location, with a view to the pipeline, MBL advisory commented.
Considering the total volume of planned schemes, MBL analysts expect that Sofia's office stock will surge by more than one million sq m over the next three to five years. About 260 000 sq m of new office developments will be added to the market in 2008 alone. As a result, the total volume of existing offices at the end of the year will surpass one million sq m, according to the survey.
Office vacancy rate continued to shrink in Q4 2007 and, after supply gained 6%, vacant space registered a slight 1.7 per cent grow, reaching 38 480 sq m.
Several buildings, which were ended at the turn of 2007, accounted for the of meaning, hike in vacant place from 23 350 sq m in December 2006 to 36 090 sq m six months later and agents still experience difficulty in securing their occupancy.