H22025

SEEMIarketFigures

FIGURES

CBRE

sofa

KEYPERFORMANCEINDICATORS(H22025)

primeRent

17.5

Monthly,persq.m

secondaryAssetsRent

Monthly,persq.m

primeyield

7.50%

changeyony:1bps

vacancyRateTotalspeculativestocksa,munderconstruction

v13%1,886K▲442K

classAandBClassAandBofficespaceThousandofsq.m

SPECULATIVESTOCKANDSUPPLYISOFIA

Thesecondlhalfof2025recordedonenotableofficecompletion,increasingsofia'sofficestocktonearly1.9mlnsq,mofspeculativespacc.

Bulgarianofficemarketdemonstratedmoderateactivity,withvacancyratesdecreasing,supportedbysustaineddemandforhigh-qualityspaces·Leasingactivitywasprimarilydrivenbyrelocationsandexpansions·Furthermore,thecountryhasadoptedtheeuroatthebeginningof2026aftersuccessfullymeetingallconvergencecriteriaoutlinedintheEuropeancentralBank'sJune2025report·Thetransitionisexpectedtohaveapositivelong-termeconomicimpactandtoreshaperegionaldevelopment·

FIGURES|OFFICE|H22025

CBRERESEARCH?2026CBRE,INC.

CBRE

CLASSAandcLASSBRENTS,SOFIA(Eurpersq.m.monthly)

Totalnewdeliveredofficespacein2025wasaround30,000sq.m,withastockgrowthrateof1%,similartothe2024levels·Additionally,thetotalstockwasimpactedbytheacquisitionofseveralbuildingsforowner-occupancypurposesandthedelayedcompletionofseveralprojects,

whichareexpectedtobefinalizedinthefirstquarterof2026·

Duringthesecondhalfof2025,themajorhighlightwasthecompletionofthefirstphaseofLozenTechpark,whichintroducedmorethan6,000sq.m.ofpremiumofficespacetothemarket·Thisprojectrepresentsthedeliveryofthepark'sinauguralofficebuilding,locatednexttotheResidentialparkLozencomplex·positionedtosetanewstandardforbusinessinfrastructureinBulgaria,LozenTechparkoffersastrategiclocationthatcombinesurbanaccessibilitywithanaturalsetting·priortothis,twomid-scaleofficebuildingshavebeencompleted,namelyAtanaandsmarttower,bothinbroadcenter·

Goingforward,itisanticipatedthatsofia'sofficestockwillbeenrichedwithnotablenewsupply,withover442,000sq.mbeingunderconstructionatthemoment,ofwhichover180,000sq.misexpectedbytheendof2026,whichwillrepresenta10%stockgrowth·

Thebroadcentercontinuestobethemostactiveconstructionzone,withover200,000sq.mcurrentlyunderdevelopment·NotableprojectsinprogressincludeAvalonTower,whichisscheduledforcompletioninthefirsthalfof2026andwilladd16,700sq.mofofficespace·parkLaneDevelopmentisalsoadvancingthelong-anticipatedAyaBusinesscenter,spanning13,400sq.m.Insofia'ssuburbanarea,oneofthemostsignificantdevelopmentssettoreshapetheofficelandscapeisskyFortoneofthelargestongoingprojects,offeringapproximately45,000sq.mofspaceunderconstruction·Amongthemostrecentannouncements,severalmajorschemeshavebrokengroundsincethebeginningoftheyear.TheseincludeEXPOForestpark,sofiaAirportcenterBuildingA3andBravoskyBuilding1,whichwillbring14,000sq.m,18,000sq.m,and44,000sq.mofnewspacetothemarket,respectively·

2468101214161820

Eurpersqmmonthly

201720182019202020212022202320242025primerentsclassBrent

VACANCYRATEINSOFIA

source:CBRE,2026

CBRE

sincethebeginningoftheyear,demandinthesofiaofficemarkethasremainedstable,withrobustleasingactivityduetoalargenumberofrenewalsandrelocations·othernotabletrendsincludethecontinuedpopularityofthehybridworkmodel·Thevacancyratedroppedslightlyto13%,drivenbyanincreaseinrelocationsandexpansions·Marketactivityhasthereforebeenshapedbymoredynamictenantmovement,drivenbythesearchformodernoffices,efficientworkspaces,andcentral,well-connectedlocations·Additionally,limitednewconstructioncontributedtothedropinthevacancyrate.

RentallevelsforclassAOfficesarestableinthesecondhalfof2025,nowstandingatEUR17.5persq.m.monthly·RatesdependonthespecificbusinessareaandincertainlocationstheyrangebetweenEUR14andEUR19.whenitcomestoclassBbuildings,rentallevelshavepreservedtheirstability,amountingtoaroundEUR12persq.mmonthly·Additionally,askingrentalrateswithinhotspotszoncs,suchas theparadise/HladilnikaareaandBusinessparksofia,exceedthese「angesandreachuptoaroundEUR19persq.mmonthly·Thisdemonstratestheongoingupwardpressureonrentallevels,especiallywithinnewprojects,whichoftenexceedtheachievedrents·Theadoptionoftheeuroisexpectedtoactasadriverofgrowthaswell,whichiswhyrentallevelswillremainunderclosemonitoring throughout2026·

NOTABLEPROJECTSUNDER-CONSTRUCTION

GaritageparkTower

SKYFort

BravoskyvitoshaArt

RodinaResidence

EXPOForestofficeparkphaseAyaBusinesscenter

source:CBRE,2026

104,000

45,300

44.000

21,00020,000

14,700

13,400

BOKOTomaevid

ManagingDirector

boskotomasevic@

verkapetkova-shekerova

countryHeadBulgariaverka.petkova@

JanaJovanovid

HeadofResearchsEE

janajovanovic@

?Copyright2026.Allrightsreserved.Thisreporthasbeenpreparedingoodfaith,basedonCBRE’scurrentanecdotalandevidence-basedviewsofthecommercialrealestatemarket.AlthoughCBREbelievesitsviewsreflectmarketconditionsonthedateofthispresentation,theyaresubjecttosignificantuncertaintiesandcontingencies,manyofwhicharebeyondCBRE’scontrol.Inaddition,manyofCBRE’sviewsareopinionand/orprojectionsbasedonCBRE’ssubjectiveanalysesofcurrentmarketcircumstances.Otherfirmsmayhavedifferentopinions,projectionsandanalyses,andactualmarketconditionsinthefuturemaycauseCBRE’scurrentviewstolater