site.btaSofia's Vitosha Boulevard Ranked 51st for High Rents out of 57 Retail Streets in Europe

Sofia's Vitosha Boulevard ranks 51st out of 57 retail streets in Europe for high rents in the latest Main Streets Across the World rankings by Cushman & Wakefield, said the global real estate's representative in Bulgaria, Forton. In 2022, Sofia's main street was in 47th place. 

This year is characterized by ongoing recovery of commercial real estate rent levels following the drop observed due to the COVID-19 pandemic, with Bulgaria's main retail street in Sofia registering a slight increase of 4% year-on-year. The average monthly rent is currently EUR 54 per sq m, compared to EUR 56 per sq m in the pre-pandemic 2019. Despite the noticeable trend of change in the tenants' profile, Vitosha Boulevard kept its stable position in 2023. 

Yavor Kostov, Managing Partner in Cushman & Wakefield Forton, commented: "The slight increase in rent is a natural result of the economic changes during the year, but we are heading towards the peak values in rent levels for retail spaces in Sofia in 2019." 

Georgi Muhovski, Managing Partner at Cushman & Wakefield Forton, said that as a key location in Sofia, Vitosha Boulevard continues to develop and attract new tenants, mostly for food and drink establishments in the last several years. For various reasons, fashion brands and other retailers prefer malls and retail parks, he specified. In the retail trade sector, particularly for fashion brands, the high inflation rate, the slight increase in interest rates, and the slowing down of the economic growth globally are key factors posing a challenge.

According to the rankings, the most expensive retail street in the world continues to be New York's Fifth Avenue, with a monthly rate of EUR 1,700 per sq m in 2023, up by 14% from the pre-pandemic level. In Europe, the most expensive street is Milan's Via Monte Napoleone.