BTA. Sofia's Vitosha Boulevard Is Europe's 47th Most Expensive Shopping Street

YEREVAN, NOVEMBER 24, ARMENPRESS.Sofia's Vitosha Boulevard is Europe's 47th most expensive commercial street in the traditional Main Streets across the World survey of Cushman & Wakefield Forton. The average monthly rent for a 100 sqm shop on the popular city location is just over USD50/sqm which is 10% cheaper from the 2019 level of USD56/sqm.

The decline is the result of the Covid pandemic but a recovery to the pre-pandemic levels has been observed since the beginning of 2022.

The report includes 47 countries in the world.

"Although rental levels of retail space in central Sofia were affected by the pandemic, the trend is towards a smooth increase and a return to the 2019 levels," said Krassimir Petrov, property and asset management manager at Cushman & Wakefield Forton.

He said that Vitosha continues to attract mostly restaurants and pubs. "Its transformation into a pedestrian zone years ago, the high rent levels and the move of retailers to malls and retail parks have gradually contributed to Vitosha's current image," he added.

Here are the regional highlights (for Europe, Middle East, Africa):

MOST EXPENSIVE RETAIL LOCATION: -Via Montenapoleone, Milan, Italy with rents of USD1,380/sq.ft/year

MOST AFFORDABLE RETAIL LOCATION: Makedonija Street, Skopje, Macedonia with rents of USD 31/sq.ft/year

STRONGEST RENTAL GROWTH (pre-COVID to present): Anexartisisas Avenue, Limassol, Cyprus +12% (USD 41/sq.ft/year)

BIGGEST RENTAL DECLINE (pre-COVID to present): Nowy Siat, Warsaw, Poland -33% (USD 62/sq.ft/year).

(This information is published based on the cooperation agreement between ARMENPRESS and BTA).