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Croatia Marketbeat

Dragan Radulovic • 3/4/2024

Croatia experienced economic growth throughout 2023, surpassing both the EU and the euro area averages. This growth was driven by various factors, prominently including a resilient demand for tourist services, heightened utilization of EU funds, and an expansionary fiscal policy. Real economic activity in 2023 is anticipated to be 2.6% higher than the previous year, reflecting the strength of domestic demand and service exports. Inflation is expected to decelerate to 8.4% in 2023, down from 10.7% in 2022.

CURRENT MARKETBEATS

Europa office building, Brussels
CROATIA Q4 2023 OFFICE DATA

Positive market activity continued in Q4 2023, with a total take-up of 12,900 sqm, resulting in a cumulative take-up of 68,900 sqm in 2023. This signifies an 11% increase in demand compared to 2022. The average deal size for the year 2023 was 610 sqm. Current rents for prime A office projects are in the range of EUR 16-17.50/sqm/month.

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People walking in shopping mall, blurry
CROATIA H2 2023 RETAIL DATA

12 Retail parks were opened across Croatia in 2023, comprising 136,740 sqm GLA of retail space. However, there were no changes in shopping centre stock in 2023. Leasing activity in general was slow, with retail parks emerging as the main choice for retailers. Rental Levels in the leading Zagreb shopping centres maintain a rather stable level during the 2023, ranging between EUR 30-45/sqm/month. Prime yields for retail properties in Zagreb also remained at the similar level, i.e., 7.25% for modern shopping centres and 8.00-8.50% for retail parks, while the prime yields for high-street locations stayed at the level of 7.00%.

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