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Market Analyses
Q3 2011 Retail Market Overview
The total stock of operating self-contained retail areas (shopping centers and retail parks with more than 5,000 sqm of leasable area and consolidated ownership and management), remained at the amount of 700,000 sqm, while the ratio of modern retail space per 1,000 inhabitants stood at 96 sqm, which is significantly below the average for the European Union.
Q3 2011 Office Market Overview
In line with the scale and needs of the local economy, more than 90% of the modern office space in the country, which comes up to about 1.5 million sqm, are concentrated in the capital. The trends typical of the Sofia market appear also in the other big cities, like Plovdiv, Varna and Burgas, but with a certain lag and to a different extent.
H1 2011 Retail Market Overview
Currently the overall modern retail space in shopping centers (selfcontained retail area with consolidated ownership and management and more than 5,000 m² of leasable area), plus retail parks, exceeds 700,000 m². The lack of new openings during the last several months has held the national ratio of retail area per 1,000 inhabitants at 96 m² - significantly below the average for EU 27. The only sizable deals in the segment were the investment sales of the operating Mall of Sofia and Retail Park Plovdiv.
H1 2011 Office Market Overview
As of the end of the summer the modern office space with permission for use in Sofia was a bit over 1.35 million m², climbing by less than 1% from the previous quarter. This is in sharp contrast with the record volume of newly-built offices in 2010 and the beginning of 2011, when the supply grew at considerable rates each quarter.
Q1 2011 Retail Market Overview
In the first quarter of 2011 the stock of modern retail space in shopping centers - self-contained retail space of about 10,000 m² and more, with joint ownership and management - was 590,000 m², and the ratio of retail space per 1,000 people was 80 m² for the whole country.
The supply of new retail space in 2011 is expected to be several times less than in 2010 and the increase of the total stock of modern retail space in the country is anticipated to be within several percent.
Q1 2011 Office Market Overview
The first quarter of 2011 was uneventful and did not bring any significant changes in the development of the office market. The basic market indicators stood at levels close to those from the end of last year.
H2 2010 Retail Market Overview
Four new modern shopping malls opened in Bulgaria at the end of the year. Thus, in 2010 the overall modern GLA in shopping centers more than doubled, exceeding 590,000 m², and the ratio of retail space per 1,000 inhabitants reached an average of 80 m² for the whole country.
The stock of modern retail space in Sofia remained unchanged during the fourth quarter of 2010. The average annual rents in the operating shopping malls in the capital stabilized at approximately EUR 266 /m².
H2 2010 Office Market Overview
Last year was marked by a significant increase in the office stock in Sofia. The modern office premises with permission for use reached 1,347,700 m², up by 20.8% as compared to the second half of 2009.
The increase was expected and caused by the delivery of several large projects on the market, the construction of which started a few years ago (2007 - 2008).
Q3 2010 Retail Market Overview
No new shopping centers malls were opened in Bulgaria in the third quarter of 2010 and the total retail leasable area remained about 480,000 sq.m.
The expansion of the international supermarket and hypermarket chains, including the discount chains, is under way in the big cities of Bulgaria.
