The Bulgarian capital Sofia ranks 49th in the global index of office rental markets released by international real estate property consultancy CB Richard Ellis. The annual rental cost for prime office property in Sofia is $517/sq m. Athens is the only city in the region ahead of Sofia property in the rankings. It placed 36th with annual rental cost of $567/sq m. London heads the global office rental rankings with annual cost of $2,596/sq m, double the going rate in Paris, Moscow and Dublin which are the next most expensive European cities. CB Richard Ellis said the office and business property in Sofia posted the third fastest growth rate in Q1 with 63%. Supply is driven by the country’s recent EU entry and the improved business climate which attract multinational corporate tenants.
In related news, global property advisors Knight Frank ranks Bulgaria as the property market with the third biggest price gain in the first quarter of 2007. Bulgarian properties added 22.6% in Q1 and trailed only the markets in Latvia and Estonia where prices rose 61.2% and 24.5%.
Source: DnevnikAm