Hard times for Bulgaria office rentals

The best investment property in Bulgaria could well be in the form of office space for rental return, if estimates from Forton property consultants are to be believed. From their figures, office rental deals were six times less in Q3 compared to the same period in 2008.

According to Forton, over 14% of prime office space lies empty & in suburban areas the figure is nearer 20% Commercial rental interest & activity has plummeted & a number of shopping mall projects are close to completion, after which the market will bow even further under the excess weight of extra space coming on line.

Commercial property in Sofia is fairing best & despite not seeing any massive turnovers they are meeting loan repayments. The story elsewhere is different, with many investors preferring the lower rental rates of Trade Parks. A flood in the market sector is forcing rental & sale prices lower.

Incentives are plentiful & as the market struggles to attract new tenants & purchasers, any patient cash ready investor willing to invest for the long term future could obtain a real bargain.