Sofia moved up four positions in the global ranking for Class A office rents in CBD locations according to consultancy firm Cushman & Wakefield. The report was released in Bulgaria by the firm’s Alliance Partner, Forton International. With €183 per sqm average annual rent in the city center, Sofia occupies 61st place in the ranking for 2011. A year ago, the city was in 65th position with an average annual rent of 187 per sqm.

New office space supply in Sofia continued to increase in 2011, and significantly outpaced demand growth during that period, shows the Market Overview report from consultancy firm Forton Intenrational. According to the report, 163 000 square meters of office space had been completed in 2011 and 88 000 square meters were leased. The supply is expected to increase by another 120,000 square meters this year, and the demand will maintain last year’s levels, estimated Forton.

Bulgaria ranked in the Top 10 countries with the largest growth in the real estate investment market in Europe, said Sergey Koinov, CEO of consulting company Forton International. Last year a total of 9 large investment transactions occurred with a combined value of €200 million, with the largest being the sale of Mall of Sofia for €105 million. The investment market in Europe had grown by 7.8 % with a total value of €126 billion, according to Forton’s data.

The retail property market will be the most dynamic commercial sector next year with 6 new shopping centers under construction, commented from Forton International. According to experts the “lifestyle” trend will continue to evolve and will offer more leisure and entertainment amenities. Meanwhile further activity on the office and industrial market can be expected with certain positive tendencies.