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Market Research - Serbia

Serbia : Belgrade office market - March 2020

Persistent low vacancy is encouraging Belgrade’s expansion as a property market

New Belgrade’s attraction for technology occupiers is the focus for construction

 

Office take-up in Belgrade increased again in 2019, driven by expansionary lettings from growing business. Re-locations to more modern buildings was a particular feature of the market during H2 2019. Demand for office space is strongest from the IT sector and shared service centres. The largest lease in H1 2019 came from the leasing of one of newly built GTC Green Square buildings while the Serbi-an company Nordeus rented 6,000 sqm.


High demand has pushed down vacancy rate at 3% for the grade A office build-ings. Consequently, the city is seeing strong construction activity to meet occupier needs. The majority of stock remains in the CBD. New developments are underway predominantly in New Belgrade that is the most attractive part of town for occupiers. Completion of several office projects in 2020 will increase office stock at the level of almost 1m sqm compared to 800,000 sqm in 2018.  


Rental levels remained stable in 2019 compared to 2018.  Prime asking rents for grade A office buildings in CBD zone vary from €180 to 204/sqm/year, while grade B rental levels range between €108 to 144/sqm/year. Service charge vary from €3/sqm to €4.4/sqm monthly and the add on factor is between 5%-12%.
 

 

Belgrade EOM March 2020
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