Modern office projects relocate to Bulgaria's Varna and Plovdiv

Bulgaria saw a number of retail property projects in 2006. According to predictions, the property market will see office project execution in 2007.

Such projects will be carried out in Sofia, as well as in other bigger cities, Capital weekly reported.

Most such projects were already launched in the coastal city of Varna. Analysts said that new developments can be expected soon in Plovdiv. The good location and proximity to Sofa draws increasing number of investors to Plovdiv.

Varna turned out to be the second most attractive city after Sofia when it comes to office property projects.

The first such project to be started in the coastal city was Business Park Varna. Upon its completion, the business park will feature nine buildings and an area of 120 000 sq m.

Several investors expressed interest in carrying out office property projects in Varna’s centre. At the moment, office rents in Varna vary between six and 14 euro per sq m.

Despite its potential, Plovdiv still lags behind Sofia and Varna. The proximity to Sofia is a good factor but also turns investor interest directly to the capital, analysts said.

Major companies prefer to construct on their own office buildings in Plovdiv and the number of constructions offering office property for rent is limited, Capital reported.

Office rents in Plovdiv vary between five and 10 euro per sq m. In the most preferred central locations rents can reach up to 12 euro per sq m, the report said.