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Sofia is Becoming a Major European Logistic Hub

The trends were established at the international online forum for real estate and investments RINFOR
The trends were established at the international online forum for real estate and investments RINFOR

June 20, 2013, 9:19 (PX Newswire)

Julian Edwards, Managing Director of Tishman International for Europe took part in the first RINFOR video conference – an International forum for real estate and investments, organized by the specialized media PropertyXpress.com. The trends on the market were established during the discussions with leading experts in the sector of real estate in Eastern Europe.

More and more companies are looking for the opportunity to expand their investments in countries like Bulgaria and Romania. Because of the low taxes and the well-educated labor force the search for office space is higher compared to other countries, and the experts are positive about this trend. The subject of the discussion was also the real estate market in Serbia, Greece, Hungary, and Croatia. The investments in these countries are still low.

“The demand has improved this year. International tenants have come to Bulgaria and the region. Companies are attracted by the 10% corporate and personal tax rates, the well-educated labor force, multilingual work force, wages and cost living are one of the lowest in Europe and it is a country keen to attract further foreign direct investment” said Julian Edwards.

Other taking part in the online forum were Luke Dawson, Managing Director, South East Europe, Colliers International, Alexander Flatz, Managing Partner, Head of Investments CEE Urban Red (Soravia) Markus Leininger, Principal, SIMRES. During the forum the experts discussed the forecasts for the market in Serbia and Croatia for the next 12-18 months. It is expected that rents will increase and the vacancy to decrease. In spite of this, the levels of interest is lower than in Bulgaria and Romania. Actually the free offices class A in Bulgaria are less than 10%, said Mr. Dawson.

In Eastern Europe, Macedonia stands out as a very emerging market.

“International companies are increasingly interested in investments in Bulgaria. We see interest from global financial companies looking for back-offices, outsourcing and call centers, pharmaceutical companies, insurance companies, manufacturers. Sofia is beginning seeing well known major tenants from around the world”, said Julian Edwards, Managing Director of Tishman International for Europe. Most of the companies want to enter LEED buildings. It is cheaper for energy costs. Despite the political uncertainty and the political risks people are still looking at Bulgaria. The logistics sector is growing in Bulgaria which will be positive for the next 5 years.


About Tishman International - Tishman International Companies is currently active in the United States, United Kingdom and Central & Eastern Europe including Bulgaria, Hungary, Czech Republic, Slovakia and Romania. The firm specializes, in the acquisition, development, management and financing of commercial real estate. Tishman has been a consultant and joint venture partner to some of the world’s leading institutions and private investors and has recently been appointed by a UK Fund to provide asset and development management services for a portfolio of 12 properties located in Romania, Hungary, and Slovakia.

About Tishman International in Europe - In 1986, Tishman International established its European headquarters in London, England. Since then, the company has developed and managed in excess of six million square feet of premier office and commercial space in the United Kingdom. Additionally, Tishman has provided acquisition and management expertise for millions of square feet of prime real estate assets in Europe, including several Supermarket Centres in the Czech Republic for an International Supermarket Company. Its prestigious roster of clients and partners has included Metropolitan Life, New York Life, Teachers Insurance, Bank of America, Grosvenor International, Citibank, American Express, Fidelity Investments, Lend Lease, HVB Real Estate, and many others.

For further information:
Albena Milosheva
All Channels | PR,
E-mail: amilosheva@all-channels.com
Direct Line: +359 2 43 40 348
Mobile: +359 882 34 22 33

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