MBL: Third quarter of 2007 sees record delivery of newly built office spaces
According to research from MBL, the number of class A and B offices has continued to grow, amounting to 735 650 sq m as of the end of third quarter 2007. The property firm found that about 21.5 per cent of office space falls to single-tenant owner-occupied buildings and 15.5 per cent is in buildings owned by a condominium.The growth during Q3 2007 was 8.5 per cent, registering a nominal increase of 57 690 sq m, almost equalling the aggregate supply of the first half of 2007.
520 000 sq m of office space is currently under construction in Sofia, 62 per cent of which is concentrated in four suburban regions: Bulgaria Blvd, Tsarigradsko Chaussee Blvd, the Southeastern region and Sofia Airport. As a result, some analysts predict that these areas could experience a heavy oversupply in the medium term. Building in central situation, by contrast, remains subdued due to the lack of appropriate vacant plots.
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