You are visiting a page on our global site but we noticed that you are in United States.
Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}

Bulgaria MarketBeat Q1 2021

Cushman & Wakefield MarketBeat reports analyse quarterly Bulgaria commercial property activity across office, retail and industrial real estate sectors including supply, demand and pricing trends at the market and submarket levels.

he GDP growth of Bulgaria surpassed the forecasts, reaching 4.2% in 2021. The positive trend was underpinned by higher-than expected increase in consumption and improving business activity. The war in Ukraine changed economic prospects for 2022, due to supply chain disruptions and energy prices uncertainty. The negative impact on private consumption, investments and exports have dampened growth expectations for 2022. The Spring forecast of the Ministry of Finance projects 2.6% GDP growth in 2022 and 2.8% in 2023. Inflation, that rose by 12.4% y-o-y in March, will continue to accelerate and is expected to exceed 10% on average. 


Office Space in Sofia, Bulgaria

The office market in Sofia registered impressive growth, with 44,032 sqm lease contracts and renewals signed in the first quarter of 2022. The activity is significantly above the five-year average, reflecting the occupiers’ desire to improve or consolidate their office space. Most companies move towards higher-end office buildings and new projects. Despite the impressive leasing volume, net office absorption is modest – 8,600 sqm, since the market is driven by relocations and renewals, rather than expansions. Main road locations continue to attract the largest portion of the leasing volume, due to the concentration of large projects and available space. 


Industrial Real Estate in Bulgaria 

The logistics property market in Sofia registered relatively high leasing activity, with 34,204 sqm take-up in the first quarter of 2022. The main drivers were expansions of retailers, logistics and distribution companies. The only completion for the period was a new logistics center in the airport area. Most occupier requests are for mid-size logistics space in the ring road area or in the emerging  industrial zones on the outskirts of Sofia. The facilities within the city boundaries are in demand for last-mile logistics.


Retail Real Estate in Bulgaria 

The retail property market kept stable performance in the first quarter of 2022, with the big-box segment and retail parks in focus. 
The main drivers are FMCG, drugstores and sports retailers which continue their expansion in Sofia and the regional cities. 
Discount stores and budget clothing brands, that entered the market in the recent years, are also adding new stores.
On the supply side, the market is driven by retail parks, with total amount of these projects at 219,000 sqm countrywide as of the beginning of 2022. Another 153,000 sqm are under construction or in planning phase. Although still emerging, this market segment is witnessing early signs of consolidation. Some of the big players develop their own portfolios of projects, while others rely on acquisitions. 

Current Marketbeats

By Business Park Sofia (BPS) - Own work, CC BY-SA 4.0,
Bulgaria Office Data

Office Marketbeat is a summary of the Bulgaria office property sector providing comment on recent trends as well as market data and analysis.


By Bin im Garten - Own work, CC BY-SA 3.0,
Bulgaria Retail Data

Retail Marketbeat is a summary of the Bulgaria retail property sector providing comment on recent trends as well as market data and analysis.


loading bay, Vienna, Austria
Bulgaria Industrial Data

Industrial Marketbeat is a summary of the Bulgaria industrial property sector providing comment on recent trends as well as market data and analysis.


With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All


Get in touch with one of our professionals.