The share of shared offices in the capital reaches 4.2% of the total supply of office space – one of the highest levels in EMEA and an indicator of a mature and balanced stage of development, according to a report by the consulting company Colliers. Growth in Bulgaria is moving into a phase of maturity, with operators focusing on improvements to existing locations rather than opening new ones.
The market review shows that the largest share of flexible office space is in peripheral business areas – 50%, followed by the central part of the city – 32% and the broad center – 18%
Initially, a large part of the shared office space in Sofia was located in old administrative buildings, due to lower costs, and currently these areas account for 33% of the total. However, in recent years, the focus has shifted to modern office buildings, as operators seek higher quality, functionality and a professional image in order to attract large corporate teams. Currently, 50% of the flexible office space is located in new and modern office buildings.
Local operators continue to dominate, both in terms of total lettable area and number of active locations. Some landlords are developing their own shared office spaces to remain competitive and retain tenants, thus offering personalized services and solutions and increasing the value of
their buildings.
Almost two-thirds of the demand comes from large companies, mainly corporate users from various sectors (39%) and IT companies (24%). They are using flexible office spaces to support hybrid working, rapid expansion and short-term solutions. Startups (13%), freelancers (12%) and creatives (10%) are also contributing to the demand, appreciating the modern working environment and convenient locations. As a result, shared offices are now seen as a long-term strategic element, rather than a temporary solution.
Leasing terms are gradually lengthening as companies seek greater predictability and better control over costs in the long term. Longer contracts provide more advantageous conditions and reduce the uncertainty of frequent renewals. This trend is characteristic of a more mature shared workspace market, in which operators offer clearer standards and a higher level of service.
Average prices for flexible offices remain stable, with most operators maintaining their levels from last year. A single daily access is EUR 25, a fixed workplace – EUR 200 per month, and a private office – EUR 280 per month.
Currently, there are new projects in Sofia for 3,600 sq m of new space. The expansion of the market is mainly driven by existing operators opening new locations, which indicates sustainable demand and confidence in the segment.
In the short term, Colliers expects shared office spaces to continue to serve as a complement to traditional offices, providing the necessary flexibility, but without replacing them. Their growth will continue, but at a more moderate and cautious pace compared to previous years.
Flexible office prices are expected to remain stable, as operators prioritize occupancy and client retention over rate increases.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be found at imot.bg