Belgrade's office vacancy rates fall slightly in Q4 of 2017

The office market in Serbia's capital city continues to strengthen, falling somewhat by the end of 2017 to just 5.4 percent. In a new reports, JLL writes that the figure from the previous quarter was 5.6 percent, with class A building dropping to 4.9 percent and class B building vacancy heading the other direction to 5.9 percent. Lack of new suppy is one of the factors in the improvement as no new office buildings came on line in the last three months of the year. The first stage of Erste Group Immorent's Sirius Offices scheme finished last year in New Belgrade and work should get underway soon on its second phase, a 10,000 sqm building. Others will follow soon. MPC announced that construction is set to begin on its project Usce Tower 2, a 22,000 sqm building, with completion planned for 2019.
In late 2017 prime office rents dropped slightly, standing currently at between €15 to €16.5 per sqm. In New Belgrade, Class B office premises are stable at between €10 and €13 per sqm while they're lower in the city center (€10 to €12).