With annual rental costs of 205 euro a sq m, or a monthly 17.08 euro a sq m, Bulgaria was number 54 out of 63 worldwide cities by 2009 levels, dropping from 49th place in 2008.
The total renting cost includes the rent plus property management and maintenance costs.
Upscale office space in Bulgaria's capital city Sofia rented out for 13.5 euro a sq m monthly, VAT excluded.
"As the economy perks up in the second half of the year and some of the new projects are completed, I expect the market will see larger transactions in terms of volume," said Sergey Koinov, executive director of Forton International, the global company’s associated office for Bulgaria, Serbia and Macedonia.
In 2009, rents plunged deeper in North and South America, where they nosedived by eight per cent and five per cent, respectively, according to the consultancy.
Europe saw an 11 per cent decline, largely thanks to sharp drops in Central and Eastern Europe.
