According to Serbian Economist, Serbia’s commercial real estate market will develop around Belgrade and expressway and railway corridors over the next decade, with the most dynamic growth expected in the office and industrial-logistics segments, according to the analytical report “Serbia real estate & construction outlook 2025–2035.”
According to the document, by 2035, Belgrade’s high-quality office stock could increase to 1–1.2 million square meters. The main demand will be provided by IT companies, engineering centers, the financial sector, and international service centers, while in Novi Sad and Niš, more compact clusters of office space focused on technology and research are forming.
The report identifies industrial and logistics real estate as the fastest-growing segment. Experts predict that by 2035, the total volume of modern warehouse space in Serbia could double or triple, with key logistics hubs forming in the Belgrade–Pancevo–Simanovci, Novi Sad–Ruma–Inđija, Kragujevac–Kraljevo, and Niš–Leskovac, as well as along international corridors X and XI.
Individual industry reviews confirm the stability of the industrial segment: according to consulting company iO Partners, in the first quarter of 2025, there were more than 1.2 million square meters of Class A warehouse space on the Serbian market, with vacancy rates remaining at around 6.5% and base rental rates at €5 per sq m per month, indicating a balanced supply and demand structure.
The report identifies potential delays in infrastructure projects, high financing costs, and political cycles that could affect the timing of major development programs as risks for commercial real estate. As strategic recommendations, investors are advised to focus on energy-efficient offices and industrial parks linked to international transport corridors, while the authorities are advised to accelerate the harmonisation of building standards with EU requirements and the digitisation of procedures for commercial projects.
