April 17 (SeeNews) - Some 70,000 sq. m. of Class A and B office space have been completed in the Bulgarian capital Sofia in the first quarter of 2019, marking a record high for the past 8 years on a quarterly basis, full-service real estate company MBL said on Wednesday.
Thе new completions increase the total inventory of modern office space in Sofia to 2.03 million sq. m., MBL said in a quarterly office space market overview.
A further 420,000 sq. m. are currently under construction, of which 375,000 sq.m. are scheduled for completion between 2019 and 2021.
Additionally, office buildings offering a further 275,000 sq. m. of office space are planned to break ground by the end of 2021, MBL said.
The overall office space vacancy rate in Sofia was 9.5% during the first quarter.
Average rental rates remained stable in the first quarter at 12-14 euro ($13.8-16.1) for Class A offices and 8-11 euro for Class B and are expected to remain generally stable throughout 2019.
($ = 0.8679 euro)