Overview of Office Market Resilience
The recent Colliers report, extracted and published by Bulgaria’s national news agency BTA and authored by analyst Petya Petrova, examines office‑space dynamics across Bulgaria’s major regional cities—Plovdiv, Varna and Burgas—through 2025 and early 2026. The analysis highlights a broadly resilient market, driven by strong demand in the IT, outsourcing, industrial and energy sectors, and a notable decline in vacancy rates.
Plovdiv: Strong Demand, Low Vacancy
Plovdiv’s total Class A and B office stock reached 290,300 sq m. Vacancy fell to 7.8 %, the lowest level since 2019, as more than 70 % of take‑up originated from IT and outsourcing firms. Rental levels rose to €11 / sq m for Class A and €6 / sq m for Class B. Construction activity remains robust, with 43,200 sq m—predominantly Class A—currently under development, underscoring investor confidence.
Varna: Record‑Low Vacancy and Rent Growth
Varna’s office stock grew to 277,100 sq m, supported by two new completions in 2025 and early 2026. Vacancy dropped to a record 4.2 %, down from 10.6 % at the end of 2024. Demand is split roughly equally between industrial/energy firms and professional services, IT and logistics operators. Rents increased to €10 / sq m for Class A and around €6 / sq m for Class B. Ongoing construction adds 17,200 sq m of new space, with further projects slated for 2026.
Burgas: Lagging Supply, Higher Vacancy
Burgas lags behind its peers, offering 92,000 sq m of office space and reporting no new completions in 2025‑early 2026. Vacancy remains high at 15 %, concentrated in a single project. Outsourcing companies account for 53 % of demand, followed by professional services and telecommunications. Rental rates are modest, at €9 / sq m for Class A and €5.5 / sq m for Class B, reflecting national trends.
Short‑Term Outlook and Sustainable Growth Potential
Colliers foresees stable rental levels in the main regional markets, with potential growth in prime projects where vacancy is minimal. Older buildings may face pressure from newer, higher‑quality developments. Interest is gradually expanding to smaller cities, which could evolve into new office hubs if local authorities provide incentives for sustainable investment and tenant attraction. The report suggests that continued emphasis on energy‑efficient design and adaptive reuse—particularly in cities like Plovdiv—will support long‑term resilience and align with broader European sustainability goals.