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Office Space Market Will Pick up in 2010

Tuesday, Apr 27, 2010

The market for office space will pick up in 2010, according to the forecast of the European Trade Center. As a whole, Bulgarian companies will contribute to about 5 per cent of the demand on the office space market next year. The energy efficiency of the buildings will be among the requirements of tenants in 2010.
According to the expert, the market will pick up thanks to the desire of international companies to streamline their costs and of Bulgarian companies - to move into nice offices, as well as to the emergence of the new quality office projects which will be completed over the coming months.
The initial shock from the onset of the crisis in local branches of the international companies has passed. Instead of constantly cutting capital expenses as they did in the beginning of the crisis, foreign companies have now opted for streamlining them. This has a direct impact on their attitude to their office space - they are ready to change their office if they receive an offer for a higher quality property at a better price, the expert commented.
Local companies are also becoming more active in respect to the opportunity to move into new offices. This is valid both for companies operating in sectors less touched by the crisis - for example IT or outsourcing of business processes - and for such that are aware of the advantages of modern and quality office space.

Source: BTA