Home >
Real Estate > News
|
About Us | Advertise | Expat Games |
News |
 |
Bulgaria property market faces shortage of storage space
Demand for warehouse facilities across Bulgaria vastly outstrips supply and the leasing of contemporary storage facilities is almost impossible, say local realtors.
Most of the inventory was made up of modified pre-existing facilities while there is virtually no supply of new warehouse space, Dnevnik daily said
Market watchers attribute the dearth to a pick-up in land prices in the past couple of years. This has substantially inflated the cost of developing warehousing schemes. Another problem is finding a large enough land plot with the right location. Developers are instead opting to build up their land with office or residential properties that generate bigger returns.
The surge in demand for storage space over the last two years was not matched by supply growth, says Krasimir Dimitrov from Source. The under-supply has pushed rental rates to 4-5 euro a sq m.
There is growing demand for mixed office and warehousing schemes where companies can house both staff and logistics. Most of the contemporary warehouses coming to the market are already owner-occupied, said Hristo Asenov from MBL.
The company estimates the supply of contemporary industrial space in Sofia at 1.3 million sq m, including warehouses (50 per cent), manufacturing (20 per cent) and flexible space (30 per cent).
February 6 2008, source: www.propertywisebulgaria.com
Most of the inventory was made up of modified pre-existing facilities while there is virtually no supply of new warehouse space, Dnevnik daily said
Market watchers attribute the dearth to a pick-up in land prices in the past couple of years. This has substantially inflated the cost of developing warehousing schemes. Another problem is finding a large enough land plot with the right location. Developers are instead opting to build up their land with office or residential properties that generate bigger returns.
The surge in demand for storage space over the last two years was not matched by supply growth, says Krasimir Dimitrov from Source. The under-supply has pushed rental rates to 4-5 euro a sq m.
There is growing demand for mixed office and warehousing schemes where companies can house both staff and logistics. Most of the contemporary warehouses coming to the market are already owner-occupied, said Hristo Asenov from MBL.
The company estimates the supply of contemporary industrial space in Sofia at 1.3 million sq m, including warehouses (50 per cent), manufacturing (20 per cent) and flexible space (30 per cent).
February 6 2008, source: www.propertywisebulgaria.com
Sofia lacks exhibition space..
Construction in Irakli launched again..
Multifunctional centre to be built close to Plovdiv's International Fair..
Construction on the site of the former Serdika cinema starts this summer..
Seven golf courses under construction in Razlog area..
Art
Live Music