Big business heads to Sofia; commercial and logistics property market soars

More and more international companies are moving to Bulgaria to set up regional headquarters and most of them are heading for the capital, Sofia.

These non-native corporations have been attracted by the country�s inexpensive, highly-skilled, multilingual workforce, growth economy, stable political environment and the relatively low 10 per cent corporate income tax rate. Now with EU membership, the doors are also open for free trade with fellow members, as well as over 20 other countries.

New, totally self-contained industrial zones, such as the Business Park Sofia, are cropping up all over the nation�s capital, complete with shops, fitness centres, restaurants, crèches, banks, hypermarkets and hairdressers. Huge multinationals such as Hewlett Packard, Unilever, Sony and Johnson & Johnson have already moved in to these ready-made business havens. Whilst other companies such as FedEx are going one step further and having their new building made-to-measure.

To house this influx of business more and more commercial and logistics buildings are being built and this increase in construction is due to continue, by as much as 300 per cent (in the next 3 to 5 years according to Colliers Bulgaria). The demand being further fuelled by companies moving to proper office premises out of old residential buildings due to legislation changes.