Tsarigradsko Chaussee to become the main business centre in Sofia in 2010

The industrial and business area around Tsarigradsko Chaussee is poised to become Sofia\'s leading business destination by the end of 2010, Dnevnik daily reported on April 13 2010.

More than 300 000 sq m of offices are currently under construction, in addition to the already existing office space and the 70 000 sq m made available in 2009 alone. More than half of the new space is due to be completed this year. Reports indicate that with the new construction ready, a total of about 1.17 million sq m will be made available on the market. Additionally, about 150 000 sq m of office spaces were under construction and were expected to be available by the end of June 2010. For the moment, only about a quarter of them, 20-25 per cent, have been rented out to tenants, while the others remain vacant. Next week, the European Trade Centre is due to open, which will be followed by Megapark and the Polarography Business Centre by the end of 2010.

Prices on Tsarigradsko Chaussee remain higher than those along Bulgaria Boulevard and Todor Alexandrov Boulevard where the rates currently go for eight to 10 euro a sq m. The report says that, at the moment, top grade office space in Sofia is offered at between eight and 13 euro sq m, with certain exceptions. Figures show that as a comparison, at the end of 2009, prices were at 13.5 euro a sq m while in 2008, 17 euro. A decline in value is expected from 30 to 40 per cent as opposed to 2008 levels.

Source: www.propertywisebulgaria.com