Belgrade’s office real estate market in H1 2025 showed multidirectional trends: office leasing continued to grow in price amid strong demand from the IT sector and outsourcing companies, while the buy/sell market remains relatively subdued.
Rental prices and demand
According to Serbian consulting agencies, the average rental rate in modern Class A business centers in Belgrade reached EUR 16.5-18.5 per sqm per month in Q2 2025, which is 7-9% higher than in the same period in 2024. For Class B properties, rents ranged between 11-13.5 euros per square meter.
Experts note that the key demand drivers remain international IT companies, customer service centers and service units of pharmaceutical corporations. “In Belgrade, more and more global companies are looking for offices with flexible layouts and energy-efficient solutions.
The rental segment is overheated and this is pushing the rates up,” Colliers Serbia consultant Ivana Markovic told Politika newspaper.
Buying and selling: cautious deals
The office real estate purchase market in the first half of 2025 was cautious.
The average purchase price in newly built business centers is 2,350-2,600 euros per square meter, while a year earlier the figure was closer to 2,200 euros.
At the same time, the volume of transactions decreased: according to CBRE Serbia, sales fell by about 15% compared to the first half of 2024. Buyers, mainly institutional investors, are showing interest in properties in the center and New Belgrade, but are postponing contracts due to the instability of the global economy and the rising cost of financing.
Vacancy and new projects
The office vacancy rate in Belgrade has fallen to 7.2% by July 2025 (vs. 9.1% a year earlier). New supply is limited, with only about 37,000 sqm of new office space commissioned in the first half of the year, which is below forecasts.
Projects under construction in New Belgrade and the Savamaja neighborhood are scheduled for completion in 2026, which may reduce tenant pressure in the future.
Forecasts
Analysts expect rental rates to continue to rise by 3-5% in the second half of 2025 due to a lack of supply. However, the buy/sell market is likely to remain stagnant: rising interest rates and high construction costs will deter investors from active transactions.
“Office rents in Belgrade will become more expensive until at least 2026, until new large complexes come out. The sales market will revive not earlier than the end of 2025, if the risks are reduced and more favorable credit conditions are available,” says the manager of JLL Serbia Milos Stankovic.
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