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Lease agreements for just over 18 thousand sq m of warehouse space were concluded in Sofia in the first quarter of this year. Practically the entire volume was leased to companies in the retail and wholesale sectors, according to data from the commercial real estate consultancy Cushman & Wakefield | Forton. The largest deal was concluded by online retailer eBag, which leased 15 thousand sq m in a build-to-suit project (properties built to order for a specific tenant) for a logistics base in Hemus Tech Park. A key feature of the market is the lack of free space, which hinders dynamics and active leasing. Warehouse owners say that the majority of inquiries during the quarter were for smaller areas - up to 2,000 sq m. Construction activity in the first quarter remained stable, with 23 projects under construction. The volume of areas under construction reaches 227 thousand sq. m, which is comparable to the level of the fourth quarter of 2025. About 51% of this volume is intended for leasing. Among the more significant projects launched in this period is the production and warehouse base of the cosmetics company Biotrade in the Iskar industrial zone. Completed warehouse areas have reached 25,123 sq. m – the highest level for the last three quarters. Despite the seemingly satisfactory volume, it is distributed between five projects intended for own use. As a result of the newly completed projects, the total volume of warehouse areas has increased to 2.376 million sq. m, with speculative ones remaining unchanged – 805 thousand sq. m. The vacancy rate has remained critically low – below one percent, according to Forton data. Market conditions in the first months of 2026 in the capital were in favor of landlords. Rental rates for prime Class A logistics space (over 10 thousand sq m) increased to 5.8 euros per sq m, excluding service fees and other costs. Relatively small investment deals in industrial and warehouse space are common in the Bulgarian market, and the first quarter of 2026 was no exception. Three warehouses in Sofia, Plovdiv and Burgas with a total lettable area of ??6,800 sq m changed hands for a total of 6.73 million euros. All properties were acquired for own use. The yield on prime logistics assets (over 10 thousand sq m) remained unchanged at 7.25%.

 

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