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| Sofia high vacancy caused by few office buildings, Colliers says The current vacancy level of 25.4% for contemporary office space in Sofia is the result of the general slowdown of the economy and the consequential decrease in demand for office space combined with the increased supply of new office buildings. However, the interesting finding of a recent analysis made by Colliers International is that a large part of the empty offices is located in either new buildings or in specific locations. The analysis identified 20 existing buildings in Sofia (above 5,000 sqm) with a combined size equivalent to only 19% of the total contemporary office inventory in Sofia, but contributing to 63% of the overall vacancy. The average vacancy of the 20 identified properties is an overwhelming 85%. Colliers' research shows that cleared of the distressed properties, the vacancy level in Sofia would be a modest 11.5%. This is equal to the vacancy level seen by the end of 2008 – just before Bulgaria was hit by the global economic downturn. write your comments about the article :: © 2011 Construction News :: home page |