Bulgaria Real Estate Report Q4 2014 - New Market Research Report

From: Fast Market Research, Inc.
Published: Thu Nov 06 2014

We are expecting short-term stability in Bulgaria's commercial real estate market, with stable rental rates and yields over the rest of 2014 and 2015. M acroeconomic stability and steadily growing GDP, fixed investment and consumer spending will bode well for the future development of the sector, both in terms of rental rates and new projects.

GDP growth is expected to increase steadily over our forecast period, reaching 4.1% by 2018. This will provide a backdrop for increased investment by companies and spending by individuals, supporting growth in the commercial real estate market in general. Increased industrial activity and exports will be a positive for industrial real estate, while falling unemployment will boost consumer spending, and demand for retail space.

The office real estate market will be driven by company expansions as the economy improves. Bulgaria's business process outsourcing (BPO) industry has been growing rapidly, and the country's BPO association is hoping to expand the industry outside Sofia to other areas of the country, which should boost demand for office space.

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Organised retail is increasingly important in Bulgaria, and as household incomes and spending rise, we see significant opportunities in this area. Meanwhile, international retailers, including mass grocery retailers, are taking a growing interest in the market and should provide significant demand for high quality retail space.

The growth of organised retail in Bulgaria also will boost demand for warehousing and industrial space. In the longer term we also see demand for more specialised industrial space as European manufacturers outsource some of their production to Bulgaria.

Sofia is currently the focal point for international firms operating in Bulgaria, as well as home to many domestic firms and the country's outsourcing industry. We see commercial real estate opportunities remaining strong there, although we do caution that oversupply, particularly in terms of...

The Bulgaria Real Estate Report features Business Monitor International (BMI)'s market assessment and independent forecasts of major construction projects in the residential and commercial markets, plus rental prices and yields in major cities. The report critically analyses the prospects for real estate within the broader economic and financial context - both domestic and global - via our econometrically-modelled and clearly explained banking and economic forecasts and follows this through to evaluate the implications for REITs.

BMI's Bulgaria Real Estate Report provides industry professionals and strategists, sector analysts, business investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the real estate industry in Bulgaria.

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