In the past couple of years, after the Covid-19 pandemic redefined the ways in which we work, shop, relax and live, the fate of commercial real estate has been hotly debated
Are they a thing of the past? Are they here to stay? Tanya Kosseva-Boshova knows the answer. The Managing Partner at Lion's Head Investments and Park Lane Developments, both respected commercial real estate companies, has over 20 years of experience in the field. She is ready and excited about new projects – here is why.
What are the main trends in the current commercial real estate market in Bulgaria?
If I can paraphrase Mark Twain, the "death" of offices was grossly exaggerated. Global companies have started to return employees to the offices en masse and invest more money and efforts to make these spaces irresistible. This is why Lion's Head invested over 3 million euros in the shared spaces and offices in Megapark and Polygraphia Office Centre.
Logistics remains a strong sector and our company is working on such projects in Bulgaria and Romania.
The challenge of the Bulgarian market is its small scale and the lack of quality products on sale. This is why we have to create them.
We expect interest rates to start decreasing and Bulgaria to join the Eurozone to see more investments in commercial real estate and more deals.
Can you recognise something like a female approach in the way you run Lion's Head and the properties it manages?
The business property sector requires a lot of capital, but the team is the most important factor for an investment's success. Because, in this industry, when mistakes are made, they are always significant, costly and hard to fix. This is why I believe that female intuition, empathy and understanding are very helpful when working with the team and the commercial real estate that it manages.
What is the boldest project you have worked on in your current position?
Last year we sold a building that we had not built yet; we hadn't even purchased the land. However, our clients trusted our reputation and years of experience on the market.
The project, Aya Business Center, will bring the team of the buyer, MFG, under a single roof. The advantage of this sale even before construction has started is to personalise the building's functions and interior to fit the company's needs. The building not only meets all requirements of the buyer but will meet the highest standards for offices at the moment – with care and responsibility towards the environment and people's health.
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