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Cushman and Wakefield and the office market in Sofia

 In spite of the awaited supply of 55 000 sq m new office area to Sofia’s business property market this year, it will not be enough to meet the request, according to a expectation by business estate agents Forton, cited in a investigation paper by Cushman&Wakefield estate adviser.
The present want of high quality space was one of the chief features of the Bulgarian office market during 2007. Original rental levels were unchanged as request for high quality space remained high. Sofia is the chief blank for occupier interest, although a number of importance cities have started to see an increase in an occupier work.
Rental levels should growth in 2008 as the want of grade A space will stay a concern for occupiers and the growth pipeline is still low, the Cushman&Wakefield announce. Supply is awaited to take up with demand in 2009, permiting rent standards to settle.
European rental implementation in 2007 continued to come after the positive trend of the previous 3 years. With the leasing market noticeably stronger in many market-place across Europe, rents grew by 11 per cent in 2007, a rise of four percentage points over the preceding year. London remains the most dear place, not just in Europe but globally. With rents in the West End submarket rising by 30 per cent over the year, total occupancy costs amount to over 2 200 a sq m a year. The West End extended its lead over the secondary most expensive region in Europe, which this year is Moscow. In 2007, Paris has slipped to the 3th most expensive rigion in Europe.
Bulgaria is ranked 52nd among 58 office space market-place by Cushman&Wakefield with an yearly rental cost of 228 euro a sq m. Somewhere else in Europe, office space is cheaper to rent only in Estonia , Lithuania and  Latvia .

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