In office space segment with 107,832 sqm gross leasing volume, 2020 was the weakest of the last five years for the office market in Sofia. The amount of rented space dropped by 39% compared to the previous twelve months. The market diminished noticeably in the second half of the year when the upward momentum from 2019 was exhausted.
In retail the second closure of shopping centers in December affected negatively retail sales and put the brakes on the occupiers’ expansion plans in Q4.
The modern industrial stock in Sofia reached almost 1.4 mln sqm, of which about one quarter is speculative space. Another 298,560 sqm are under construction, predominantly built-to-suit and space for owner occupation.
For detailed information about commercial real estate check out the reports for Q4 2020:
