After the share of vacant offices in the capital reached its lowest levels in the last 3.5 years at the beginning of the year, this volume continues to shrink in the second quarter. As of the end of July 2025, it is 12.9%, according to data from the commercial real estate consulting company Cushman & Wakefield | Forton.
“The decrease in the share of vacant offices in Sofia is valid for all subsegments, but the decline in the central part of the city was most noticeable. It is felt less in the wider center, and along the main roads we still observe above-average levels of vacant offices”, commented Yoanna Dimitrova, Manager “Office Space“ in the company.
Gross take-up in the second quarter of 2025 is 41,000 sq m – 11% less than at the beginning of the year.
“The trend is in line with the feedback from business building owners, many of whom reported fewer inquiries compared to the first quarter. Traditionally, nearly 2/3 of the leased space will serve companies in the IT, finance and professional services sectors”, says Yoanna Dimitrova.
According to her, there is a new positive trend in the second quarter of the year - the list of tenant industries during the period is visibly more diverse compared to the first quarter. It now includes tenants from the fields of education, healthcare, manufacturing, mining, as well as other sectors of the economy.
A change is reported in the structure of the total volume of newly signed contracts. While the share of renewals was half that of the previous quarter, that of expansions and relocations almost doubled its volume. About 4/5 of the total volume of newly leased areas was in the central part of the city and along the main roads - Tsarigradsko Shosse Blvd., Cherni Vrah Blvd., Bulgaria Blvd. The remaining 1/5 of the volume is located mainly in the suburbs along the Sofia Ring Road.
The dynamics of the office market from the point of view of supply remained without significant changes during the period. Office investors remain very cautious at the moment, partly due to the availability of around 300,000 sq m of vacant space on the market, but also due to the uncertainty caused by changes in world trade and their impact on the economies of EU countries.
The newly started construction of building A3, with a gross area of 18,600 sq m, in Sofia Airport Center perfectly illustrates the investors' reserve. The project was divided into 3 phases, so that the new office space would become available in parts, rather than all at once. The building is expected to be completed by the end of 2028 at the earliest.
The asking rents for Class A offices in the central city area reach 20 EUR/sq m, and this value applies to projects whose vacancy rate is in the single digits. Rents on major thoroughfares remain unchanged and range between 14 and 18 euros/sq m, depending on tenant preferences and availability in the specific area. Service fees also remain unchanged – 3.5 euros/sq m, regardless of location. The yield of prime offices in Sofia drops to 7.25%.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be found at imot.bg