By the end of the first half of 2025, the total volume of class "A" and "B" offices for speculative leasing in Sofia amounted to over 2,476,100 sq m, which represents a minimal increase of 10,000 sq m compared to the same period in 2024., according to Colliers data. Three new buildings with a total area of 30,500 sq m. received a permit for use, but some of the existing sites were reclassified from class "B" to "C" and are no longer included in the company's statistics.
The gross occupied areas for the first half of the year exceed 88,400 sq m, and the net – 39,300 sq m, up from 75,200 sq m and 32,500 sq m for the same period in 2024. The IT sector remains the main driver of demand with 34% of the occupied areas, followed by companies in financial services (14%) and professional services (7%). The largest share of rents (37%) is due to contract renewals, 32% - relocations mainly from class B to class A, 17% - expansions, and 14% - new companies to the market.
„The office space market in Sofia demonstrates stability and adaptability, with interest in modern and quality buildings remaining high. Tenants are increasingly looking for solutions that provide comfort and respond to new work models,“ commented Denitsa Doneva, Office Space Manager at Colliers.
The share of vacant offices is increasing slightly – to 13.2% for class A and 14.3% for class B, with 40% of these areas concentrated in 10 projects. Offered rental levels remain stable – between 14.0 and 17.0 EUR/sq m/month for class A and between 9.0 and 11.0 EUR/sq m/month for class B, excluding VAT. 271,500 sq m of modern office space, mainly class A, are under construction.
The forecast is that the hybrid work model will remain leading, with an increase in the presence of employees in the office. In parallel, there is a trend for some organizations to switch to fully in-person work during the week. Shared workspaces, including coworking spaces and flexible offices, will continue to grow at an accelerated pace, supported by corporate demand and their integration into large office projects.
Rents in prime office buildings, especially those under construction, are expected to increase due to limited supply and sustained interest. The greatest demand is for buildings with modern technologies, flexible solutions and amenities, with sustainable projects with green certificates already achieving higher rents and occupancy rates across the CEE region.
„We are also observing increasingly stringent requirements for the integration of ESG standards, especially from international tenants. This leads to a clear distinction between modern sustainable buildings and outdated sites that do not meet these criteria,“ adds Denitsa Doneva. At the same time, tenants are optimizing workplaces in relation to the number of employees in order to achieve the so-called “lively office“ with 50%-85% occupancy – an environment that stimulates interaction and creativity, without oversaturation.
The office space market in Sofia is in a stage of balanced growth, in which sustainability and quality are becoming key factors for success. The coming months will see both continued demand for modern buildings and increased implementation of innovative and sustainable solutions to meet the requirements of tenants and investors.
Detailed statistics on average property prices in Bulgaria by cities and neighborhoods can be seen at imot.bg