The total industrial space stock in Sofia reached 2,509 million m2 in the second half of 2015th (H2 2015). Construction starts in H2 2015 are ca. 22,700 m2, 44% of the construction starts are speculative developments. New deliveries in H2 2015 are ca. 25,000 m2. Prime rents are stable at €4.00 – €4.50 per m2 per month. Vacancy rate decreased to 3.50% in H2 2015 from 3.94% in H1 2015. Land plots for residential developments increase their prices.
Less than a dozen buildings were delivered in the second half of 2015. Some of the new deliveries include – 3rd phase of Logistika Universal at Trakia Highway, Volakom factory in Bozhurishte Industrial Zone, and EMA warehouse and manufacturing facility near the Airport.
Some other construction starts worth mentioning are: Climbmat R&D facility, located in Industrial Zone Bozhurishte, BPD warehouse development in Kazichene area, MD Engineering flex building in Vrazhdebna and Forest furniture factory extension in Gara Iskar area.
The airport area remains the most popular area among businesses, with vacancy rate almost close to 0%. It is interesting to monitor the development of the North and West submarkets once the North Tangent is finished. This will make these areas much more accessible and might make them more attractive.
For further market highlights review MBL Industrial Market Overview H2 2015: