Renting a Flexible Office Space in Bulgaria: 5 Important Steps
Starting a new business is a great idea. While you may already have rental spaces for your physical setup in mind, it’s important to do thorough research before renting a commercial space for your office. After all, it’s going to be the workspace for your managers and the team. It must be flexible and large enough to accommodate your employees while providing a comfortable seating space and furniture.
The office market in Bulgaria is growing. Especially the coworking space. The capital city, Sofia, is the hub of commercial rental spaces. Let’s see what the office market in Bulgaria looks like and how you can get the best flexible office space for rent.
Understanding the Bulgarian Office Space Market
The office market in Bulgaria, Sofia has reported an upswing in the first quarter of 2023. According to a report by Cushman & Wakefield, the industry reported the leasing space to be around 42,000 sqm. The most notable trend in the office space industry in Sofia is the increasing demand for coworking space. The flexibility of this rental commercial workspace combined with the comfort level and advanced amenities have made it an ideal place to rent for office purposes.
The first quarter of the year witnessed a whopping 62,000 sqm of coworking space supply with an additional 11,500 sqm under construction. This growing trend of coworking space and other rental offices in Sofia is expected to stay stable for the next few years.
Advantages of Renting Flexible Office Spaces
Renting a flexible office space comes with many advantages. To name a few, it offers:
- Cost-effective space
- No long-term commitments
- Adjustable to your requirements
- Offers networking and collaboration opportunities
- Focuses on team building
- Equipped with the latest technology
- Offers the best security tools
- Easy access to all amenities
- You get tons of location choices
Key Areas for Business in Sofia
Sofia is an IT hub and home to many venues that are perfect for corporate events. The capital city boasts an array of locations that have many rental office spaces available for startups and established organizations. As mentioned previously, it’s a perfect city for those considering a coworking space for their business.
Sofia City Center tops the list of the best business centers. You can look for rental spaces near Vitosha Boulevard mainly. Other locations ideal for office space in Sofia include Mladost District, Lozenets, Business Park Sofia, Borisova Gradina, Tsarigradsko Shose Boulevard, etc.
5 Important Tips for Renting Office Spaces
Assessing Space Requirements Based on Team Size
Identify your space requirements based on the type of event you are planning and the team size. Enterprise companies that are holding a special corporate meeting with 500+ people might look for suites that are spacious enough to accommodate a large workforce. Smaller businesses and startups with fewer members, on the other hand, might be okay with coworking spaces. You must also factor in your projected business growth to determine a suitable space.
Considering Additional Amenities—Meeting Rooms, Tech Support, etc.
Amenities in your workspace can make or break your business. It is these amenities that enhance your employees’ focus and increase their productivity and engagement. When comparing rental office space, pay special attention to the amenities, including seating area, layout, tech devices, kitchen, parking lot, boardrooms, conference rooms, and so on.
Identifying Your Budget and Lease Flexibility
Decide on your office budget before looking for a rental commercial space in Bulgaria. As mentioned before, you must add furniture, parking space, size & layout, technology, and other factors into consideration when setting a budget. Do not overspend on a luxury office that consumes a considerable capital. Always check the comfort level and amenities before booking. In addition, look for the leasing term. Sometimes, affordable rent means getting locked into a 2-3 year contract length, the termination of which can cost you an early cancellation fee.
Evaluating the Location: Access to Public Transport and Other Facilities
A perfect location for your office is close to public transport and is accessible to each employee in the city. Look for a place that has restaurants and coffee shops nearby. Your team will appreciate a location within the city, preferably close to their homes.
Arranging Utilities and Services – Internet, Cleaning, Security
Tech support should be your key consideration when renting an office space. It should have stable internet, audio and video conferencing technology, projectors, proper lighting, and other tools that facilitate seamless meetings. In addition, the coworking space owner should take care of the cleaning and hygiene. They should also have the best security measures in place, including a robust access control system that prevents unauthorized access to restricted areas.