Sofia

Space Measurement Standard

BOMA

Space Unit of Measure

Square Meters

Financial Data Below Reported In

EUR

10%-15%
Typical Loss Factor from Rentable to Useable Square Meters

Landlord Concessions

Fit-Out Concession

The Landlord typically provides a contribution or concession to fit-out as a part of the lease transaction.

Amount of Fit-Out Concession

€50/sm-€150/sm

Typical range of fit-out contribution.

Rent-Free Period

In addition to the fit-out contribution, the Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

1mo.-3mo.

Typical number of rent-free months.

Lease Provisions

Lease Term

3yrs.-10yrs.

Typical lease term in years.

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges

€1.5/sm-€3/sm

Estimated range for all additional charges per Square Meters.

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Lease Timeline: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Requirements Notes:

3-6 months deposit, bank guarantee

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Negotiated Subletting/Assignment Notes:

Most times, subject to landlord approval of the new parties (not to be unreasonably withheld)

Statutory Subletting/Assignment

This IS a statutory right.
Landlord Consent: The Landlord's consent is still required.

Statutory Subletting/Assignment Notes:

If not restricted by agreement

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This IS a statutory termination right.

Negotiated Early Termination

It IS typical for tenants to be able to negotiate an early termination right in the lease agreement.

Early Termination Notes:

Typical cost: The rent amount till the end of the brokerage agreement

Workplace

Regional Office Space

6sm-10sm

Typical Square Meters per employee (includes office square footage for employees and contractors).

Regional HQ Office Space

10sm-12sm

Typical Square Meters per employee (includes office square footage for employees and contractors).

Sofia market is behind.

Desk Sharing

Desk-sharing is a common practice in the market.

Desk Sharing Average

100:80

Average headcount per workstation.

Urbanization of the workforce is: A major factor driving location decisions

Landlord Concessions

Fit-Out Concession

The Landlord typically provides a contribution or concession to fit-out as a part of the lease transaction.

Amount of Fit-Out Concession

€0.5/sm-€2/sm

Typical range of fit-out contribution.

Rent-Free Period

In addition to the fit-out contribution, the Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

1mo.-6mo.

Typical number of rent-free months.

Lease Provisions

Lease Term

2yrs.-5yrs.

Typical lease term in years.

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges

€1.5/sm-€3/sm

Estimated range in total for all additional charges per Square Meters.

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Lease Timeline: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Requirements Notes:

3-6 months deposit, bank guarantee

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Negotiated Subletting/Assignment Notes:

Most times, subject to landlord approval of the new parties (not to be unreasonably withheld)

Statutory Subletting/Assignment

This IS a statutory right.
Landlord Consent: The Landlord's consent is still required.

Statutory Subletting/Assignment Notes:

If not restricted by agreement

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This IS a statutory termination right.

Negotiated Early Termination

It IS typical for tenants to be able to negotiate an early termination right in the lease agreement.

Early Termination Notes:

Typical cost: The rent amount till the end of the brokerage agreement

Section 1. Fit Cost Data

Total Fit-Out Cost

€300/sm

Class A Office

€200/sm

Class B Office

€150/sm

Class C Office

Furniture Cost

Furniture Cost Notes:

These costs are typically paid by the client.

Floor Covering Cost

Floor Covering Cost Notes:

These costs are typically paid by the landlord up to a certain standard.

Partitioning Walls Cost

Partitioning Walls Cost Notes:

These costs are typically paid by the landlord up to a certain standard.

Other (IT/etc) Cost

Other Cost Notes:

These costs are typically paid by the landlord up to a certain standard.

Construction to Move-in Cycle Time

75wks-100wks

Class A Office

75wks-100wks

Class B Office

75wks-100wks

Class C Office

35wks-52wks

Flex Office / Warehouse

Typical Manpower Hourly Rates

€70/hr

Project Manager

€40/hr

Project Assistant

€60/hr

Workplace Consultant

Project Management Base Fee

3%

Base fee [%] for the fitout of above office of 1000 m2.

Section 2. Scope of Work Description

Phase 1: Services Before and During the Transaction

Review the LOI and work letter portion of the Lease to ensure that the clients interests are protected during the build-out of the project.
Typically included in "Project Management" scope of work.
Develop high-level project estimate and timeline based on test fit and Client standards
Typically included in "Project Management" scope of work.
Define workplace strategy for client, research what kind of location, office / work environment accelerates business
Not typically included at all, but available for an additional fee.
Engage with the Client Facilities Management (FM) Operations team to ensure alignment with Client standards
Typically included in "Project Management" scope of work.
Phase 1 Notes:
Develop high-level project estimate and timeline based on test fit and Client standards: timeline only.

Phase 2: Service Before and During the Design Process

Develop preliminary project budget and schedule.
Typically included in "Project Management" scope of work.
Develop the RFP for selection of a space planner/architect and any other consultants identified and required
Typically included in "Project Management" scope of work.
Analyze, compare and evaluate responses to the RFP.
Typically included in "Project Management" scope of work.
Monitor the design team’s schedule of deadlines and deliverables. Coordinate meetings with the design team and the client. Manage the design process on behalf of the client.
Typically included in "Project Management" scope of work.
Review and recommend payment of the invoices for services. Submit invoices for payment to landlord or client and prepare monthly reports of project costs versus project budget.
Typically included in "Project Management" scope of work.
Negotiate all client-vendor contractors (IT, AV, Security/Access Control, Signage, High Density Filing) on behalf of client.
Typically included in "Project Management" scope of work.
Schedule and chair weekly design review meetings/conference calls
Typically included in "Project Management" scope of work.
Control workplace strategy and functionality and during design process
Typically included in "Project Management" scope of work.
Phase 2 Notes:
Develop preliminary project budget and schedule: schedule only.

Phase 3: Services Before Construction

Liaise with the Landlord’s Representative.
Typically included in "Project Management" scope of work.
Prequalify a list of general contractors to be interviewed (consult lease to confirm any Landlord required GCs).
Typically included in "Project Management" scope of work.
Monitor the general contractor’s schedule of deadlines and deliverables. Coordinate meetings between the design team, general contractor, client and appropriate vendors.
Typically included in "Project Management" scope of work.
Negotiate, on client's behalf, the General Contractor agreement for Client approval
Typically included in "Project Management" scope of work.

Phase 4: Services During Construction

Coordinate with the Landlord’s Representative.
Typically included in "Project Management" scope of work.
Conduct weekly construction meetings to assess progress, quality and conformance with the Contract Documents and distribute minutes of meetings.
Typically included in "Project Management" scope of work.
Monitor the general contractor’s schedule.
Typically included in "Project Management" scope of work.
Monitor the construction budget.
Typically included in "Project Management" scope of work.
Act at all times as client’s liaison to vendors contracted directly by Client (IT, AV, Security/Access Control, Signage).
Typically included in "Project Management" scope of work.
Oversee the punch list process to ensure acceptable completion of all items.
Typically included in "Project Management" scope of work.
Close out all consultant, contractor and vendor contracts.
Typically included in "Project Management" scope of work.
Submit General Contractor, vendor, and consultant invoices to Landlord for reimbursement per the Lease Workletter
Typically included in "Project Management" scope of work.
Review and recommend for payment all General Contractor, vendor, and consultant invoices; submit to Client for approval
Typically included in "Project Management" scope of work.

Additional Services: Services During Relocation

Develop RFP for moving companies, evaluate responses and recommend selection of moving company or identify, interview and review proposal for services from relocation consultants.
Typically included in "Project Management" scope of work.
Represent Client in development of move strategy.
Typically included in "Project Management" scope of work.
Monitor development of move activity checklist.
Typically included in "Project Management" scope of work.
Represent client on site during move process.
Typically included in "Project Management" scope of work.

Additional Services: Project Management Services Related to Furniture/Workstation Procurement

Conduct bid process for all furniture (workstations, case goods, seating, filing) purchases specified by the architect and/or client.
Typically included in "Project Management" scope of work.
Conduct bid process for refurbishment of existing furniture and/or workstations.
Typically included in "Project Management" scope of work.
Evaluate bids and negotiate purchase order with manufacturer(s).
Typically included in "Project Management" scope of work.
Change management before, during and after moving to the new work environment
Typically included in "Project Management" scope of work.
Measuring/monitoring (KPI's) how the way of working and building accelerates business and goals of the client
Typically included in "Project Management" scope of work.

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