Land & Property Market
Business property market
The office space market in Plovdiv expanded significantly in 2011-2019, with many new office building projects being launched during this period. We now have a new supply for modern office spaces that can be modified to meet the specific requirements of each business. There are offices located both in the city center and in the industrial zones. Despite the noticeable improvement in quality, the purchase of office space in Plovdiv remains affordable.
There is also industrial land available for sale both in the city itself and in the industrial zones of the region. In general, industrial land prices in the region range from € 25 to € 50, depending on the location of the land and its characteristics. Prices for industrial land range from € 30 to € 50 per sq.m. in Plovdiv and from € 25 to € 40 per sq.m. in the industrial areas of Maritza, Rakovski and Kuklen.
Prices for industrial and office space in Plovdiv are relatively low compared to those in other major Bulgarian cities as well as those in other countries in Central and Eastern Europe.
Office and industrial facilities rents
Office space rent costs an average of € 9 to € 12 per square meter for first-class commercial properties currently available in Plovdiv. There is also a significant supply of first-class office space, which can be rented for € 4 to € 6 per square meter per month. Renting an office in Plovdiv is on average 30% cheaper than renting such an office space in the capital Sofia. Renting an office in Plovdiv is more affordable than many other places in Central and Eastern Europe. The rent of first-class offices in Plovdiv is 2-3 times lower than the rent for top-class office spaces in Prague (Czech Republic), Budapest (Hungary) and Bucharest (Romania).
Renting a warehouse in Plovdiv is less expensive than elsewhere in Central and Eastern Europe. Rents for industrial areas in Plovdiv are 10% lower than rents in Bucharest (Romania) and Warsaw (Poland) and 22% lower than rents in Belgrade (Serbia), Budapest (Hungary) and Prague (Czech Republic). The relatively low industrial rental rates and low operating costs collectively allow Plovdiv-based companies to achieve cost competitiveness that is difficult to achieve by businesses operating in other regions of Central and Eastern Europe.
Areas for business development
There are nearly 10 958 acres of land for business development in the Plovdiv region. The current urban development plans of Plovdiv and the neighboring municipalities have significantly increased the availability of industrial land, which stimulates business activity in the region. Most of these areas are organized in industrial zones, the rest are within the city of Plovdiv. The urban development plans of the municipalities of Plovdiv and Maritza envisage the development of mixed multifunctional industrial zones and modern industrial areas, which strike the right balance between industrial growth and sustainable development.
Plovdiv is one of the most dynamic regions in Bulgaria with the highest concentration of new residential and non-residential construction sites in the country. In the first quarter of 2019, Plovdiv District has the highest number of permits issued for the construction of new residential buildings and the construction of new buildings in the country. Over 220 permits for the construction of new residential buildings were issued during the period, with which Plovdiv even surpasses Sofia. The Plovdiv District has started construction of the largest number of new buildings – 153 residential and 101 other buildings. Non-residential construction includes the following buildings – industrial, logistic, commercial, office, hotel and restaurant buildings. As of the beginning of this year, the total area of non-residential construction in the Plovdiv region amounts to 99 827 sq.m. total area. The higher concentration of non-residential construction projects in the area is mainly due to the intensive industrial and economic development of the region, positioning Plovdiv as a competitive and attractive destination for starting and expanding business at national and international level.
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