ARTICLES LABELLED WITH TAG Sofia

Sofia's office market faces shifting demand and moderating construction, according to a report by the real estate company MBL for the second quarter of 2023. Changing work patterns and preferences for hybrid models have raised concerns about the future demand for office space. The capital's vacancy rates decreased slightly, while rental rates remained stable. Investors are approaching the market with caution due to inflation and remote work practices. Despite the moderate activity, there is a potential for modern, well-located office spaces to attract higher occupancy and investment interest.

The first smart hotel of the chain Introvert will open this month in Sofia. The venue will be able to operate without staff. By the end of the year, two more will follow - one on Lege Street in Sofia and another in Cyprus.

Local company Glavbolgarstroy is building a new residential project named Ѕmаrt Тоwеr іn thе nеw buѕіnеѕѕ сеntre оf Ѕоfіа, іn thе аrеа оf Нlаdіlnіkа, nехt tо Раrаdіѕе Mall аnd Ѕоuth Раrk.

Brokers report a 30% drop in inquiries for purchasing a new home in Sofia. On an annual basis, the decrease in concluded deals is 15 %.

Slight growth in logistics and retail space rents, despite no new mall expansion or openings being planned. These are the trends for the beginning of 2023, according to the latest report from Cushman & Wakefield Forton.

The first hostel with sleeping capsules has opened in Sofia. Green Cube is a low-budget hostel, which design follows the model of the unique Japanese lodgings with miniature rooms with individual sleeping capsules. The hostel is located next to the central railway and bus station of Sofia.

Hyatt Hotels Corporation announced the opening of Secrets Sunny Beach Resort & Spa, Dreams Sunny Beach Resort & Spa, AluaSun Helios Beach and Alua Helios Bay, representing the entry of the Inclusive Collection, part of World of Hyatt, into a third European country, complementing the existing presence of Hyatt’s all-inclusive resort brands in Spain and Greece. 

SOF Connect, the operator of Sofia Airport, announced its plans for accelerated investment in Sofia Airport by the end of 2025. More than €50 million annually will be invested in the expansion of the airport in the next three years. This will increase to €60 million or two-thirds more than what is stipulated in the concession contract.

The largest office complex in Central and Eastern Europe – Business Park Sofia, started its long-term transformation into a greener and more active urban space that offers complete experiences, recreation, and culture to its residents and guests.

Sofia's office market is moving at two speeds, with projects in the prime segment performing distinctly better than the rest of the market. These are the main insights of the latest report by Cushman & Wakefield Forton. The hybrid model of work is permanently imposed and breaks the link between business growth and hiring new space, especially in the segment of IT and BPO companies