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Serbia MarketBeat

Tamara Kostadinovic • 7/25/2022
Cushman & Wakefield MarketBeat reports analyse quarterly Serbia commercial property activity across office sector including supply, demand and pricing trends across the occupational markets.
The Serbian economy remains in good shape recovering from the pandemic, with Q2 GDP growth of 3.9%. Headwinds remain with rising inflation and the National Bank raising interest rates which is likely to lead to a slowing in growth.
 

Office Supply & Demand 

Office occupier demand remains strong with over 170,000 sqm leased this year, more than the level seen in 2021 as a whole, supported by larger lettings. The vacancy rate has fallen to 3.29% with rents under upward pressure reflecting a combination of stronger demand, rising inflation pushing construction and fit-out costs higher. 
 

Retail Supply & Demand

In the retail sector many retailers are truing to opening in new shopping centres which are attracting a higher level of footfall and had led to reduced demand for space in less attractive locations in Belgrade, although demand on prime high street remains stable, which is maintain stable rent levels, although I some locations cost pressures is leading to a modest reduction in effective rents.

Retail Pricing

The Croatian economy entered 2022 strongly, with real GDP growth in the first quarter of 7.0% compared to the corresponding period of the previous year. According to the European Commission predictions from May 2022, Croatia's GDP is expected to expand by a real 3.4% this year, hence lowering projection for a 4.8% growth made in February, due to the exposure of the Croatian economy to the ongoing Russia-Ukraine conflict.

 

Industrial Property, Belgrade 

The rents of modern logistics space in Belgrade and industrial zones in its close proximity (Pecinci and Stara Pazova) amount to EUR 3.5-5/sqm/month. Land prices for industrial land in Belgrade surrounding area vary between EUR 20-50/sq m, while the land suitable for commercial/retail development in Belgrade vicinity range between EUR 50-100/sq m, depending on the location, access, infrastructural amenities and development efficiency. The prime yield for modern logistics facilities in Belgrade industrial zones range between 8.00-9.00%, while the yields for modern production complexes amount to 8.50-9.50%

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