The industrial market across Bulgaria was driven mostly by the automotive and light industry as well as by the country’s booming retail and courier services sectors according to Forton, the Bulgarian partner of the global consulting company Cushman & Wakefield. Strong development activity has meant that the land market remained strong throughout the year.
Although Sofia’s industrial stock reached 865,000 sqm, the market remains dominated by owner-occupied schemes and is not producing enough to meet the demand for quality retnal space for rent. Just 39,000 sqm of new space was added in 2015, but this was still a 34 percent increase from 2014. This year’s pipeline, however, should double that of last year’s and 41,000 sqm of speculative space is now under construction around Sofia. Most is located in the city’s existing parks, like East Ring Logistics Park, Industrial Park Sofia-East, ZMM Logo Center and Sofia Ring Logistics Park.
