Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Serbia MarketBeat

Tamara Kostadinovic • 2/5/2024
Cushman & Wakefield MarketBeat reports analyse quarterly Serbia commercial property activity across office sector including supply, demand and pricing trends across the occupational markets.

In Q3 2023, real GDP growth stood at 3.6% year-onyear, and expectations for the entire year of 2023 is 2.5%. The projected GDP growth for 2024 ranges from 3% to 4%, with a medium-term expectation of returning to pre-crisis growth rates of 4% annually. Inflation returned to a single-digit level in October and further reduced to 7.6% year-on-year in December. 

Offices  

The fourth quarter of 2023 saw robust demand, resulting in approximately 64,000 sqm being recorded through 83 transactions. 2023 annual take-up surpassed 220,000 sqm, which represents a decrease of 4% compared to 2022. Nearly 60,000 sqm of new space is projected to be finalized in 2024, followed by an additional 120,000 sqm later on. As a result of strong demand, the overall vacancy rate declined to 7.25% at the year end, with the vacancy rate for Class A at 6.09%. Prime office yields now range between 8.25% - 8.75%, while the average asking rental values for Class A buildings stood between €15.5-17.5/sqm/month in Q4. 

Retail 

The retail market in Belgrade is currently undergoing rather limited development activity, marked by the construction of only two retail parks. This construction will result in a 40,000 sqm increase in the retail supply in 2024. The absence of new completions in Q4 2023 has kept the modern retail stock in Belgrade at the same level, maintaining a total of 580,000 sq m of GLA. The prominent shopping centres in Belgrade have maintained stable average rent levels throughout 2023, ranging from €23 - 28/sqm/month. The prime rents for the most appealing schemes have remained in the range of €48 - 50/sqm/month. In the Retail Parks segment, prime rents have remained steady in 2023, ranging from €8.5-12.0/sqm/month. Yields for premium Shopping Centres have contracted to the range of 8.00-8.50%, while Retail Park yields are in the range of 8.25-9.00%, while Retail Warehouse/Big Box format yields are in the range of 8.50-9.00%. 

Industrial

While there has been progress in Serbia's industrial sector, the market still lags in terms of the modern offer designed for speculative purposes - most existing facilities are constructed either to suit the preferences of the property owner or are built to cater to specific tenant needs. In terms of the demand, new leases (excluding owner-occupation deals) in 2023 in Belgrade industrial zones amount to 200,000 sqm, representing a decrease of 7% compared to 2022. Rents of modern logistics space in Belgrade and neighbouring industrial zones remained stable in 2023, in the range of EUR 4.0-5.5/sq m/month. The vacancy rate in the wider Belgrade industrial area stands below 5%. Prime yields for modern logistics facilities (prime assets with blue chip tenants) in the Belgrade industrial zone stand at 8.25-9.00%, while modern production complexes command yields of 8.50-9.50%. 

Current MarketBeat

Europa office building, Brussels
Belgrade Office data

Office Marketbeat is a summary of the Serbia office property sector providing comment on recent trends as well as market data and analysis.

DOWNLOAD

Nice, France
Serbia Retail data

Retail Marketbeat is a summary of the Serbia retail property sector providing comment on recent trends as well as market data and analysis.

DOWNLOAD

loading bay, Vienna, Austria
Serbia Industrial data

Industrial Marketbeat is a summary of the Serbia industrial property sector providing comment on recent trends as well as market data and analysis.

DOWNLOAD

More Insights

main streets across the world 2023
Research

Main Streets Across the World 2023

In this 33rd edition of Main Streets Across the World, we’ll explore the near-term outlook for the retail sector; headline rent and ranking changes for best-in-class urban locations across the world; key indicators and global main street rankings; and key trends to watch such as the cost-of-living crunch, e-commerce and more.
11/21/2023
main streets across the world 2023
Research • Economy

Main Streets Across The World 2023

In this 33rd edition of Main Streets Across the World, we’ll explore the near-term outlook for the retail sector; headline rent and ranking changes for best-in-class urban locations across the world; key indicators and global main street rankings; and key trends to watch such as the cost-of-living crunch, e-commerce and more.
Dominic Brown • 11/21/2023
Retail-Nederland
Research

European Retail Radar

A comprehensive overview of the retail industry across Europe, backed by thorough research conducted on transactions in 13 European countries and 231 cities.
Sally Bruer • 11/7/2023
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
MORE OPTIONS
AGREE AND CLOSE
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS

CAN'T FIND WHAT YOU'RE LOOKING FOR?

Get in touch with one of our professionals.