Sunday 25 November 2012

the time for green shoots to spring through the cracked pavements of Sofia's city streets! (Sofia Architecture Week)

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I was strolling back from South Park towards the NDK (Palace of Culture) and I saw huge banners out on the lower levels of the South facing elevation promoting the 'Culture of Architecture' and Sofia Architecture Week (SAW).  It felt refreshing and exiting after the blight of the boom years, with lowest common denominator construction thrown up in haste, off-plan, to flip to foreign investors on a gravy train to a Terminus names Station 'urban chaos'!  Little thought given to end-users, the urban landscape, nor indeed infrastructure and local amenities that make community and good places to live ...let alone raise a family! 
So one hopes that from small beginnings a new consciousness within the Balkans can CEE can emerge with Architects leading the way to more sustainable passive construction that respects heritage innovation and energy conservation! ...at least the conversation has started and now is the time for green shoots to spring through the cracked pavements of Sofia's city streets!
http://edno.bg/en/sofia-architecture-week-2012/program

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'Bulgaria Mall' Near Completion Will Have A Debenhams!

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The latest of the Malls 'Bulgaria Mall' on Blvd.Bulgaria near to the Billa Metro stop opens soon and it will have a Debenhams Department store.  I think the British chain might have better luck than Marks & Spencer in Bulgaria as it will offer more stylish clothing and mid-upscale products.  Of course it will depend on how they chose to enter the market if a Franchise like M&S it might add to prices of items and therefore affect sales volumes and viability.  Check out the publicists link for more info:
Debenhams coming 1st Dec 2012

In the UK at least Debenhams offer men's clothing in large sizes with good choice of style and fashion, which for anyone over 6ft in BG is welcome news as the only other place to get jeans is M&S!

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Dynamic Space (Commercial Property) New website coming soon

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Thursday 4 October 2012

Bulgarian Labour Market

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Bulgaria has registered the highest decline in employment among all 27 countries in the European Union in the second quarter of 2012, latest Eurostat data indicates.
Thus, in April-June 2012, Bulgaria's employment went down by 1.3% compared with the first quarter of the year.
Bulgaria's employment fares even worse in Q2 of 2012 on annual basis, registering a 2.8% decline year-on-year.
Other EU members – Denmark, Spain, Cyprus, Malta, Portugal, and Slovenia – have also seen declines in their employment levels in the second quarter of 2012 but their drops are all below 0.5%. No Eurostat data is available about Greece and Romania.
The number of persons employed remained stable in the euro area1 (EA17) and increased by 0.1% in the EU27 in the second quarter of 2012 compared with the previous quarter, according to national accounts estimates published by Eurostat, the statistical office of the European Union.
In the first quarter of 2012, employment fell by 0.3% in the euro area and by 0.1% in the EU27. These figures are seasonally adjusted.
The highest increase in employment was recorded in real estate activities (+0.7% in the euro area and +1.4% in the EU27), and the largest fall in financial and insurance activities (-0.8% and -0.7% respectively).
Compared with the same quarter of the previous year, employment fell by 0.6% in the euro area and by 0.2% in the EU27 in the second quarter of 2012 (after -0.5% and -0.2% respectively in the first quarter of 2012).
Eurostat estimates that, in the second quarter of 2012, 223.4 million men and women were employed in the EU27, of which 146.4 million were in the euro area.

Article courtesy of: www.novinite.com 
Image courtesy of: http://www.freedigitalphotos.net image by 'xedos4'

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BNB Reports EUR 846.2 M FDI Jan-Jul 2012

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According to preliminary data of the Bulgarian National Bank (BNB), foreign direct investments (FDI) in Bulgaria in the period January – July 2012 amounted to EUR 846.2 M (2.1% of GDP) as compared to EUR 376.5 M (1.0% of GDP) for January – July 2011.
The attracted Equity Capital (acquisition/disposal of shares and equities in cash and contributions in kind by non-residents in/from the capital and reserves of Bulgarian enterprises and receipts/payments from/for real estate deals in the country) for the period January - July 2012 amounted to EUR 495.8 M. It increased by EUR 68.5 M compared to that attracted in the same period of 2011 (EUR 427.2 M). The receipts from real estate investments of non-residents amounted to EUR 141 M, compared to EUR 122 M attracted in January – July 2011.
The other capital, net (the change in the net liabilities of the direct investment enterprise to the direct investor on financial loans, suppliers' credits and debt securities) was positive, amounting to EUR 290.2 M in January - July 2011, compared to a negative other capital, net of EUR -130.1 M in January - July 2011.
Based on preliminary data on profit/loss, the Reinvested Earnings2 (the share of non-residents in the undistributed earnings/ loss of the enterprise) in January - July 2012 were estimated at EUR 60.3 M, against EUR 79.4 M in the same period of 2011.
By country, the largest direct investments in Bulgaria for the period January - July 2012 were those of the Netherlands (EUR 498.9 M), Switzerland (EUR 104.9 M) and Russia (EUR 85.7 M). The largest net negative flows for the period were towards Germany (EUR -118.8 M) and towards Greece (EUR -65.1 M).
According to preliminary data, Direct investment abroad increased by EUR 103.3 M in the period January - July 2012, compared to an increase of EUR 88.5 M in January - July 2011.

Article courtesy of: www.novinite.com 
Image courtesy of: http://www.freedigitalphotos.net image by 'sheelamohan

To rent offices with a service you can trust, in Bulgaria, contact the Dynamic Space property experts:

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Bulgarian State Construction Company Privatized For BGN 51 M

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Bulgarian state construction company Technoexportstroy was privatized Wednesday against BGN 51 M given by Bulgarian firm AT Engineering 2000.
AT Engineering was the sole bidder in the privatization tender, and acquired 100% of the company's 103,970 shares.
This is the biggest yet privatization deal in Bulgaria for 2012, but came to be finalized only after the third try.
At the first listing of Technoexportstroy, Bulgaria's Privatization Agency had set a BGN 68 M minimum limit, dropping to BGN 60 M at the second, and then dropping off at the third.
The privatization contract obliges the buyer to keep the principal field of operation of the company unchanged for the next 3 years.
The buyer is also obliged to not initiate or support a liquidation or transformation of the company for the same period.
AT Engineering 2000 engages in construction and repair of industrial, administrative and residential buildings.
Its last major project involves taking part in building composting facilities at the future Sofia recycling plant, as a part of the Eggersmann & Co. consortium.
The company has received a significant drop of income from BGN 78 M in 2009 to BGN 16 M in 2011, which has resulted in some 120 employees being laid off.
Technoexportstroy's financial situation is not good either, with a small profit of BGN 119,000, but also uncovered losses of BGN 175 M, given a capital of BGN 82.6 M and blocked bank accounts.
The company is however known to own attractive real estate and facilities, as well as a network of units abroad.

Article courtesy of www.novinite.com 
Image courtesy of: http://www.freedigitalphotos.net image by 'Stuart Miles

To rent offices with a service you can trust, in Bulgaria, contact the Dynamic Space property experts:

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Friday 21 September 2012

Mall-ology or Mall-itus in Bulgaria?!!! (Sofia Ring Mall next to IKEA, coming soon!)

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The future Sofia Ring Mall – which is to become Bulgaria's largest retail and entertainment destination together with the closely located store of IKEA Bulgaria – is to be completed by July 2013.
The EUR 120 M shopping center will provide to its customers views towards the city and Vitosha Mountain and a lot of green areas.
This has been announced at a news conference in the Bulgarian capital Tuesday featuring represenatives of the two Greek investors Fourlis Group and Danaos Group as well as the project consultants Colliers International.
They have pointed out that the expansion of Sofia ring road, which is scheduled for the fall of 2012, will provide safe and easy access for the some 1.5 million residents of Sofia.
Sofia Ring Mall is scheduled to be completed by July 2013 and its opening is planned for the fall 2013.
It will feature a tenant mix of over 200 stores, including fashion and sport stores, entertainment facilities, a 10-screen cinema multiplex. More than 25 000 sq meters of gross leasable area are slated to anchor tenants and more than 20 000 sq meters to fashion brands. In total Sofia Ring Mall will have 69 000 square meters of gross leasable area, and 172 000 square meters of gross building area on 3 retail floors.
One of the biggest advantages of Sofia Ring Mall is that it's a unique cluster of "big box" operators working in synergy with a classical "shopping mall" mix, making it and all-in-one offer catering all needs of visitors, the investors say.
The total investment of the project, including the land and the infrastructure which involves green spaces and assisting roads on the side, is exceeding 120 million EUR.
Some of the tenants that have already made contracts for retail space at the Sofia Ring Mall include Piccadilly; Yavor Furniture; Mr.Bricolage; Cine'Grand; Technomarket; Public.
During the presentation of the project Liberis Moschovitis, General Manager of Sofia Ring Mall, highlighted the regional character of the development and the new experience that will be offered to the visitors.
He noted that "the new retail destination in Sofia has been created to provide the important tenants mix, especially with the combination with IKEA making it a new retail destination in the country."
"One of the strategic advantages of Sofia Ring Mall is its strategic location, convenient and easy access. Moreover, the successful concept "all under one roof" makes the classic shopping in the city very special experience among the big open spaces, a lot of green area and entertainment places", said Iglika Yordanova, manager "Commercial area" in Colliers International.
Sofia South Ring Mall EAD, a joint stock company owned by two major investors Fourlis Group & Danaos Group, is a company, active in the investment, lease and management of the commercial center Sofia Ring Mall.

Courtesy of Novinite

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Thursday 20 September 2012

COMMERCIAL PROPERTY MARKET IN BULGARIA – 2012

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According to analysts, there are three main tendencies concerning the commercial property market in Bulgaria for 2012.

The first one is that the number of purpose built industrial facilities has increased due to the increased volume of outsourcing of light industrial production from Western Europe to Bulgaria. Bulgaria is attractive with low taxation and low labour costs.


The second tendency is that the relocation of companies into newly build offices has intensified due to the fact that the owners offer 5 to 7 year leases at attractive prices, allowing firms to cut costs during the economic downturn.

The third tendency is that six new giant shopping malls are under construction throughout Bulgaria, three of which are opening in 2012 – Bulgaria Mall, Paradise Centre and a new mall in Bourgas


Source:
http://lmlegalservices.com/blog/archives/818

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To rent offices with a service you can trust, in Bulgaria, contact the Dynamic Space property experts:

Website: www.dynamicspacebg.com

Mobile: +359 (0) 896670507 +359 (0) 897036030
Office/Fax: +359 (0) 2 953 01 16
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Office Address: Ul.Vladayska 42, Sofia, Bulgaria

Twitter: @dynamicspacebg