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Market Research - Serbia

Serbia : Belgrade office market - March 2019

An active construction pipeline is matching much stronger demand

Fall in vacancy but stability in rental values


Current grade A and B office stock in Belgrade is close to 800,000 sq m with 90% of the total located in Belgrade’s Central Business District (CBD), while the Broad Centre is comprised of about 10%.

Built stock still remains modest compared to the cities of the similar size in the region even though construction activity remained strong during 2018. There is scope for considerable increase in new buildings if political conditions remain stable and the economy grows.

Leasing activity was strong in 2018 and activity is likely to stay this way in 2019. A measure of how much the market has improved is that the take up in the first half of 2018 was at the level of the whole of 2016. The strongest demand came from IT, followed by professional services, pharmaceuticals and co-working operators.

The vacancy rate continues to fall although this is not feeding through into rental increases. During 2018 rental levels remained stable in line with the previous period. Landlords continue to offer incentives including rent free periods, fit-out contributions and additional free parking spots.   Prime asking rents for Grade A office buildings in CBD zone vary from €15 to €17/sq m/month, while Grade B rental levels are ranging between €9 and €12/sq m/month.

Belgrade EOM March 2019
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