The Plovdiv office market demonstrates stability and resilience in 2025, with the total volume of class A and B office space reaching 290,300 sq m. This is stated in the latest report by the consulting company Colliers International. Vacancy continues to decrease and reaches 7.8% - the lowest level since 2019, driven mainly by strong demand in the IT and outsourcing sectors, which have formed over 70% of the absorption in the last two years. Rental levels have increased to 11 EUR/sq m for class A and 6 EUR/sq m for class B. At the same time, the market maintains active construction and investment interest, with 43,200 sq m - mostly class A - are under construction, which underlines the confidence in the development of the business environment in Plovdiv.
The market for modern office space in Varna is set to grow slightly in 2025 and early 2026, with the total volume reaching 277,100 sq m, supported by the completion of one small office building in 2025 and another in the first quarter of 2026. Vacancy continues to decline and reaches a record low of 4.2%, compared to 10.6% at the end of 2024, which underlines stable demand and limited supply. Over the past two years, almost half of the demand has come from companies in the industrial and energy sectors, followed by companies offering professional services, the IT sector and logistics operators.
The limited supply has led to an increase in rents to 10 EUR/sq m for class A and around 6 EUR/sq m for class B. Currently, 17,200 sq m of office space is being built in Varna, and in 2026 the construction of more significant projects is expected to begin, signaling renewed investment activity and increased interest in the supply of new, higher-quality office buildings on the market.
The market for modern office space in Burgas has traditionally lagged behind Plovdiv and Varna, with the total supply amounting to 92,000 sq m and not taking into account new completed buildings in 2025 and early 2026. Vacancies remain relatively high – 15%, with the majority of vacant space concentrated in one project. Over the past two years, sourcing companies have accounted for the largest share of demand - 53%, followed by professional services and telecommunications companies. Rental levels are moving in line with national trends, recording a slight increase to 9 EUR/sq m for class A and 5.50 EUR/sq m for class B.
In the short term, Colliers expects rental levels in the main regional markets to remain stable, with potential growth in prime projects where vacancy is minimal, while older buildings are likely to be under pressure.
Interest in cities outside the three largest regional markets is gradually increasing, as they have the potential to become new office hubs in the medium term, especially if local administrations offer adequate
incentives to attract investors and tenants.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be found at imot.bg