The total supply of speculative office space in Belgrade has increased by 40% since the end of 2005, according to new Colliers International Serbia research. The total inventory of quality (Class A and B) speculative office space in the Serbian capital is now 270,000 m². Of that most is Class A office space, 145,000 m² in total.
Most office space - some 200,000 m² - is available in Belgrade's Central Business District. New Belgrade is the main choice for new office development, accounting in the last year for almost 90% of Class A office development and 80% of Class B development. New offices in the downtown city centre remain rare.
Available Class A and Class B office space for rent at the end of 2006 was 20,000 m², say Colliers International Serbia in their Belgrade Office Market Overview for the first half of 2007. The vacancy rate for Class A office space was 9%, although it was only 7% in the Central Business District.
Actual average weighted rent fell 7.5% in 2006 for Class A office space. But office yields overall remained approximately 9%, relatively high by comparison with other Central and Eastern European countries.
Jovica Jakovac, General Manager of Colliers International Serbia, said, "With total office space increasing and the economic recovery continuing, this is an exciting and dynamic market and one that we are the clear market leaders in. Our clients know that they get the most professional services from Colliers International Serbia."
Jovan Tatoloviæ, Commercial Property Consultant at Colliers International Serbia, added, "With projects like Airport City Belgrade, Grawe, Block 40 and the recently opened mixed use properties in Block 24 by the Arena, we are working with our clients on a wonderful range of new office properties in Belgrade."
Philip Bay, Regional Director, Colliers International Southeast Europe, concluded, "I am very proud of the excellent market research that we produce free of charge for everyone. It is an extremely valuable tool for executives, journalists and analysts. It's just another reason why Colliers International Southeast is the leading property consultants in the region."
The new research appears in the Belgrade Office Market Overview for the first half of 2007 is available free of charge on the Colliers website.
Colliers International Southeast Europe was recently named Property Consultant of the Year for the region for the second straight year.