The number of deals in commercial areas will increase.
Rents and office maintenance costs to be optimised by up to 25%
Commercial areas will be the most dynamic real
estate segment next year with 6 new malls under construction. Three of these
projects are well-advanced and will be completed next year. Two are in the
capital and a new shopping centre is going to be opened in Burgas, showed data
from the analysis of Forton International JSC for 2012.
According to experts, the "lifestyle" trend in such sites will continue to develop as more amenities and entertainment facilities, restaurants, cinemas and cafes will be offered. “The appearance of large volumes of new commercial areas in 2012 will create several options for tenants and strengthen their leading role in the negotiation process,” experts pointed out. The future of the sites from the so-called "first" wave of malls, which were opened in the period 2006 -2007, is not clear yet. “Tenants have become more active and the renegotiation of terms is underway in a large part of the sites,” commented real estate specialists.
A recovery is expected to be noticed on the office market as well, believe Forton’s specialists. The desire of businesses to optimise costs after their 5-7 year rental contracts expire will be the main reason for this. “The new contracts will continue to be signed after protracted negotiations and rigorous selection on the part of tenants, given the existence of several new buildings,” said Vladislav Kayzerov, Head of Office and Industrial Space Department at Forton International. The trend towards relocation, which has been noticeable during the last two years, is expected to continue. Companies are looking for better quality offices at more attractive prices. Office rents and maintenance costs are likely to be optimised by up to 25% and tenants will enjoy significantly better quality of the office areas in new, modern buildings, added Kayzerov.
According to experts, the "lifestyle" trend in such sites will continue to develop as more amenities and entertainment facilities, restaurants, cinemas and cafes will be offered. “The appearance of large volumes of new commercial areas in 2012 will create several options for tenants and strengthen their leading role in the negotiation process,” experts pointed out. The future of the sites from the so-called "first" wave of malls, which were opened in the period 2006 -2007, is not clear yet. “Tenants have become more active and the renegotiation of terms is underway in a large part of the sites,” commented real estate specialists.
A recovery is expected to be noticed on the office market as well, believe Forton’s specialists. The desire of businesses to optimise costs after their 5-7 year rental contracts expire will be the main reason for this. “The new contracts will continue to be signed after protracted negotiations and rigorous selection on the part of tenants, given the existence of several new buildings,” said Vladislav Kayzerov, Head of Office and Industrial Space Department at Forton International. The trend towards relocation, which has been noticeable during the last two years, is expected to continue. Companies are looking for better quality offices at more attractive prices. Office rents and maintenance costs are likely to be optimised by up to 25% and tenants will enjoy significantly better quality of the office areas in new, modern buildings, added Kayzerov.
