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Tenant activity increases on the Belgrade office market
Tenant activity increases on the Belgrade office market
June 28, 2010Over Q1, the amount of office space rented in Serbian capital has increased by 85%, year-on-year.
The indicator has also climbed up in annual calculations. However, only a few large transactions were concluded on the market: more than 50% of tenants are still focused on relatively small offices (up to 300 sq m), according to a report by CB Richard Ellis.
Another negative sign is excess of supply, which has become more significant due to increased construction levels of January-March. Over Q1 2010 vacancy rate in Belgrade’s offices has climbed up to 28%, in comparison to 25% in Q4 2010.
Rental rates have remained stable in comparison with the end of 2009: €12-16 per a sq. m. per month, while the real value of office rents has declined by 10-15%.
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