At the moment, the supply of business areas in Bulgaria is larger than the demand, and this will definitely lead to lower rent prices, prognosticated Marin Zgurev – manager of the project “Varna Towers”. The financial situation is normal, since bigger cities with at least one major trade center have several new centers on the way. A new awakening of the demand in the sector can be expected when banks begin crediting smaller businesses properly. This will happen within 3 to 5 years, stated he.

The average rent price in malls in Sofia will decrease to levels of 20-25 euro per square meter, prognosticated Zgurev. For the trade centers in Varna, the price levels will be about 20 euro per square meter, and in the smaller cities like Ruse and Stara Zagora the price will be about 18 euro per sq.m., added the businessman.

The prognosis for the price of business grounds in Bulgaria of Ozgur Yavuz, board member of the International Council of Shopping Centers (ICSC) in Europe and representative of Bulgaria in the organization, was more optimistic. According to him, the market of Europe is lively once again, and this will be beneficial to Bulgaria.

During the second quarter of 2009, the registered profits in this business sector is 13 billion EUR,marking a 12% growth in comparison to the 11,6 billion in the first quarter of the year. It is no coincidence that shopping centers with a total area of 660 000 square meters are constructed in Bulgaria right now, and are expected to open within two years. It should be noted that for each 1000 Bulgarian citizens there’s only 30 sq.m. of mall ground, which is ten times less than the ratio in Western Europe, added Yavuz.

According to ICSC, the Bulgarian economic will have a minimal, and in the worst case – negative growth, but despite that the market for rent space will continue to develop in a positive direction due to the stable supply and demand of high quality business grounds. The international organization states that both investors and leaseholders can only benefit from well-planned and executed investments.

By the end of the year, one of the biggest trade center projects in Bulgaria – “Varna towers” – should be completed in the the seaside capital of the country. 30 000 square meters will be dedicated to shopping grounds and 17 000 sq.m. – to “A” class offices. The owners of the mall will offer flexible plans to attract the highest possible number of leaseholders. For the first year of the contract, the rent will be a percentage of the income. For the food stores it will be 2-3%, for tech stores – 3,5 – 4%, for fashion stores – 7-8%, and for shops with more expensive goods – 12-15%. These plans will not be offered to restaurants, mobile centers, etc. – they are reserved for respectable foreign companies.