In the first half of 2025 the office market in Zagreb maintained a severe shortage of quality space and stable growth of rental rates. This is evidenced by the data processed by the project relocation.com.ua. Thus, according to CBRE, the modern stock is estimated at ≈1.18 million sq. m., total vacancy – 2.96%, and prime rent – €17/sq. m/month; for the half-year 26 thousand sq. m. of transactions were recorded (in Q2 – 7 thousand sq. m.). Prime yield decreased to 7.25% (-75 bps YoY).
According to Cushman & Wakefield/CBS International estimates, total vacancy in Zagreb in Q2 was 2.63%, prime asking rate – €18.50/sqm/month, volume of concluded leases – 15.1 thousand sqm for the quarter; the most active tenants were manufacturing and consumer companies, as well as IT sector. The agency points to the total modern stock of ≈1.58 mln sq. m. GLA (including A and B) and stable demand outside CBD on the background of portfolio renewal.
Supply and projects. No new speculative buildings were completed in Q2; the market was replenished with space following refurbishments. On the 2025-2027 horizon, ≈77k sqm is expected to be commissioned (about 5k in 2025, 42k in 2026, 30k in 2027): among the projects are Matrix D (GTC, 10.5k sqm, 2026), VMD Business Tower (≈21k. sq. m, beginning of 2027), Park Avenue V, Paromlinska (12 thousand sq. m, end of 2026), Business Center Arena (9,5 thousand sq. m, 2026), the final phase of Buzin City Island (15 thousand sq. m, 2027) and Supernova Office Towers (≈15,4 thousand sq. m). CBRE expects that with the commissioning of new space vacancy may slightly increase, but rates will remain stable, and in prime locations additional growth is possible due to stable demand.
Investments. Office transactions in Zagreb amounted to ~€69m in the last 12 months; with lower yields reflecting competition for quality assets.
The Zagreb office market in H1 2025 remains a “landlord’s market”: vacancy <3%, rental rates in the €17-18.5/sqm/month corridor, with limited new supply and gradual yield compression. For tenants, this means early booking in projects under construction, for investors – focus on prime properties and renovation projects.
