The past 12 months have certainly been a testing time for the Bulgarian market. We have witnessed a huge amount of new office stock brought to the Sofia market, whilst the retail market has suffered from a slowdown in leasing that has led to a number of projects in the key regional cities freezing construction.

That said, the industrial market is still under-supplied and we are also starting to witness stability and even some positive movement in values within the residential sector.

In terms of the investment market, 2009 was extremely quiet but we do expect to see things start moving in 2010. There is liquidity in the market and a number of funds have already announced large amounts of capital destined for South Eastern Europe.

On a more corporate note, 2009 was our first year in the Bulgarian market and we hope that 2010 will bring us even more success. We have already formed close ties with a number of key clients and we hope to expand on these in the years to come.