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Land & Property Market

Business property prices

The office market in Plovdiv expanded significantly during 2007-2015, as many new office projects were started during that period. Currently there is new supply of modern office space which can be modified to meet the specific requirements of each business. There are offices located both in the city center and the industrial zones in the city. Despite the noticeable improvement in quality, buying business space in Plovdiv remains very affordable. There is a selection of quality office properties for sale, with asking prices of €700 per sq. m. There is land for industrial use for sale located both in the city itself and the industrial zones in the region. Prices of industrial land range from €25 to €40 per sq. m. in the industrial zones Maritza, Rakovski and Kuklen.
The prices for office and industrial space in Plovdiv are relatively low compared both to other major Bulgarian cities as well as other countries in Central and Eastern Europe.

PRICE OF BUSINESS PROPERTIES
in the region of Plovdiv


RENTS OF BUSINESS PROPERTIES
in the region of Plovdiv

EUR PER SQ.M.
land in organized industrial zone 25 – 40
price of office in the city 700 – 1200
EUR PER SQ.M. MONTHLY ORGANIZED INDUSTRIAL ZONES CITY OF PLOVDIV
rent of warehouse 4.25 4-5
rent of office (class A) - 9-10

Source: Real estate agencies

Office and industrial facilities rents

Renting office space (Class A) costs on average €9 per sq. m. for premium business properties currently available in Plovdiv. There is also substantial supply of non-premium office space which could be rented for €4 to €6 per sq. m. monthly. Renting office in Plovdiv is on average 30% cheaper than renting similar office space in the capital Sofia. Having an office in Plovdiv is more affordable compared to many other locations in Central and Eastern Europe. Premium office rents in Plovdiv are 2 times lower compared to rental rates for high-end office space in Prague (Czech Republic), Budapest (Hungary) and Bucharest (Romania). Renting a warehouse costs on average €4.25 monthly per sq. m. in the industrial zones Maritza and Rakovski. The rents of warehouses in the city range between €4 and €5 monthly per sq. m. Rents of industrial space in Plovdiv are at least 25% lower than rents of similar properties in the capital city Sofia. Renting a warehouse in Plovdiv costs less compared to other locations in Central and Eastern Europe. Rents of industrial space in Plovdiv are 10% lower than rents in Warsaw (Poland), and 22% lower than rents in Belgrade (Serbia), Budapest (Hungary) and Prague (Czech Republic). The relatively low rents of industrial space and the low operational costs altogether allow Plovdiv-based companies to achieve cost competitiveness which could hardly be matched by enterprises operating in other regions in Central and Eastern Europe.

Construction activity

Construction activity has been steadily increasing in the region of Plovdiv over the last 5 years. Building permits for 540,000 sq. m. of non-residential properties (office, industrial, logistics, agricultural, hospitality and commercial space) were granted in 2016 alone.The district of Plovdiv has been ranked first in approved non-residential construction since 2012, well ahead of all other areas in Bulgaria, including the capital city Sofia. During 2012-2016 construction permits for business properties in Plovdiv were 18% of all permits issued in Bulgaria. The construction of business properties with total built-up area of 2.2 million sq. m. has been permitted since 2012. New construction projects in the region of Plovdiv consist largely of industrial space and warehouses, which enhance the rapid development of Plovdiv as manufacturing leader and transportation hub.

Available land for business

There are over 3300 hectares of land for business development in the region of Plovdiv. The current city master plans of Plovdiv and the adjacent municipalities increased substantially the availability of industrial land which will stimulate the business activity in the region. About 745 hectares (or 22% of the land for industrial development) are located in organized industrial zones, close to 1400 hectares in the city of Plovdiv and 1200 hectares in neighboring municipalities.
The city master plans of the municipalities of both Plovdiv and Maritza envisage the development of mixed multifunctional industrial areas and modern industrial space which achieve the right balance between industrial growth and sustainable development.