May 21 (SeeNews) - Demand for office space in the Bulgarian capital Sofia weakened year-on-year as the net absorption fell to 26,500 sq.m. from 43,900 sq.m. in the first quarter of 2019, as the average rents for modern office space remained unchanged, real estate consultancy MBL said.
Rental rates for class A space remained within the 12-14 euro per sq.m. range, while class B rents stayed in the 8-11 euro per sq.m. zone, MBL said in a quarterly study, published on Wednesday.
The overall vacancy rate remained unchanged at 9.8% in the first quarter, but vacant space in class A and B offices increased to 213,000 sq.m. with the completion of Building C in Garitage Park.
The stock of modern office space in Sofia increased by 23,000 sq.m. to 2.18 million sq.m. in the first quarter. The total volume of office buildings under construction was 400,000 sq.m., of which 65,000 sq.m. are planed to be completed until the end of this year, while 190,000 sq.m. are scheduled for delivery by the end of 2021.
The pipeline of planned projects in Sofia includes a further 300,000 sq.m.