Cushman & Wakefield

Istanbul's İstiklal Street, known for its vibrant atmosphere and bustling shops, has ranked as the 40th most expensive retail street in the world, according to a recent survey by global real estate consultancy Cushman & Wakefield.

According to the latest report from Cushman & Wakefield, Vitosha Boulevard in Sofia, also known as Vitoshka, ranks 51st among the world's most prestigious shopping streets in its Main Streets Across the World 2024 report.

In the initial quarter of the year, the office market in Sofia maintains a relatively subdued pace. Occupancy rates linger around 15-16%, with finalized transactions declining by 10-15% compared to the same periods in the preceding years.

The increase in new leases for business premises, offices and shops, for both individual businesses and retail chains in Greece's two largest urban centers and other cities, has been steep this year.

Modern office lease contracts in Athens have seen rental hikes of up to 11 percent in the last 12 months as a result of the steadily high demand by corporations and mainly the considerable shortage in new developments, forcing businesses to seek spaces in the existing stock of commercial properties.

64,000 square meters of new offices were put into operation in Sofia in the first quarter of the current year. Thus, the percentage of vacant areas is slightly higher - from 9.5% to 9.8%. Major clients continue to be IT and BPO companies.

Office building sale prices in Greece are growing at the fastest pace of the last 10 years, as competition among institutional investors sends rates ever higher.

Rentals of first class office space in Sofia has grown steadily in the first quarter of 2018 as a result of the active market. This shows the data
the consulting firm Forton, which is an exclusive representative of the "Cushman & Wakefield" for Bulgaria and Macedonia.

Ermou in the center of Athens has climbed six spots in the global rankings of main streets based on their prime rental value over the course of the last 12 months.

2017 is expected to be record for the retail market in Bulgaria, predicts Forton, a strategic partner of Cushman & Wakefield for Bulgaria.

In the first eight months of this year, transactions for over EUR 400 million were made, the company reports.