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Montenegro MarketBeat

Tamara Kostadinovic • 8/22/2023

Podgorica Office H1 2023 


Montenegro’s economy grew faster than expected in 2022 owing to strong private consumption and a good tourism season After the decline
of 15.3% in 2020 the economy picked up strongly in 2021 recording the overall GDP growth of 13%.

In the recent years, with a few new developments, Podgorica has been able to offer modern office space to the potential tenants In addition to the few modern office buildings located along Boulevards of Dzordza Vasingtona and Sveti Petar Cetinjski the market has also witnessed the development of several large mixed use projects, with significant share of commercial space dedicated for office use.

In the first quarter of 2022 the rental levels in Podgorica slightly increased and further stabiilizedilized. Currentlntly, the asking rental levels for the modern office premises in the centre of Podgorica range between EUR 13.5-15.5 per sq m/month, while rents for the prime office premises at top locations may go up to EUR 17 per sq m/month.

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