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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On April 26, 2025, Donald Trump Jr., the eldest son of US President Donald Trump, arrived in Belgrade. This is his second visit to Serbia in the last six months and part of a broader trip to Eastern Europe, which also includes Hungary and Romania.
Program of the visit to Belgrade
During his visit, Trump Jr. met with Serbian President Aleksandar Vučić. According to Vučić, they discussed bilateral relations, strategic cooperation, and joint projects for the coming years. The president emphasized the importance of strengthening political and economic ties between Serbia and the US.
In the afternoon, Trump Jr. spoke at a business forum organized by the Serbian Chamber of Commerce and Industry and the Entrepreneurs Club. The event was attended by representatives of construction companies, the banking sector, and other industries. The prospects for investment and the development of business ties between the US and Serbia were discussed.
The Trump family’s investment interests in Belgrade
The Trump family’s increased interest in Belgrade is linked to plans to rebuild the headquarters of the Yugoslav People’s Army, which was destroyed during the NATO bombing in 1999. In 2024, Affinity Global Development, owned by Jared Kushner, Donald Trump’s son-in-law, signed an agreement with the Serbian government to build a hotel complex on the site.
The project is expected to include a Trump-branded hotel, commercial space, and more than 1,500 residential apartments. This project is seen as part of a broader strategy to attract US investment to the Western Balkans.
Previous visits by Donald Trump Jr. to Belgrade
Trump Jr.’s first visit to Belgrade took place in September 2024, during his father’s election campaign. At that time, he held a closed-door dinner with a group of Serbian businessmen, including owners of construction companies and banks. The meeting was held without the participation of Serbian government officials and was aimed at discussing potential investment projects.
Significance of the visit for the region
Donald Trump Jr.’s visit to Belgrade demonstrates the growing interest of the US in investing in Serbia and the Western Balkans region. Discussions on joint projects and the strengthening of bilateral ties could contribute to the development of economic cooperation and attract new investment to the country.
In addition, the visit underscores Serbia’s desire to strengthen relations with the US, which is particularly important in the context of its aspirations for integration into the European Union and balancing between traditional allies and new partners.
Overall, Donald Trump Jr.’s visit to Belgrade can be seen as a step toward strengthening economic and political ties between Serbia and the US, as well as a signal of both sides’ readiness to implement joint projects in the future.
The office real estate market in Belgrade is expected to show steady growth in 2024, driven by a robust economy and increasing demand for quality office space. Demand for modern office space continues to exceed supply, which stimulates the active construction of new business centers and renovation of existing buildings.
Rental prices in different parts of Belgrade:
Trends and forecast until the end of 2025:
Demand for office space in Belgrade remains high, especially from foreign companies and banks. Active construction of new business centers is observed in the central districts and New Belgrade, but the supply still does not fully meet the market needs.
Rental rates are expected to remain stable until the end of 2025, with possible adjustments in the most sought-after locations. Infrastructure development and commissioning of new office space will continue, which may somewhat reduce the supply shortage in the market.
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In 2027, Belgrade will host the World Expo 2027, a large-scale international event that will take place from May 15 to August 15. For this event, the municipality of Surcin has already begun building infrastructure, including a national stadium, an exhibition center, and new transportation interchanges. One of the key projects in preparation for the exhibition will be the opening of the first metro line, which will significantly change the transport map of the Serbian capital.
The importance of the metro for the city and the real estate market
The first metro line, which has already started construction, will connect key areas of Belgrade, including the exhibition center in Surcin. This project will not only improve transportation, but will also have a significant impact on the cost of housing and land along the route.
Traditionally, real estate prices near metro stations have been on the rise, making this factor one of the main ones for investors. In the case of Belgrade, the impact of the new infrastructure may be even more noticeable given the growing interest in the city ahead of EXPO-2027.
Surcin – the center of events
Surčin, where the bulk of the EXPO-2027 facilities will be concentrated, is becoming the center of attention for both the authorities and developers. The construction of a national stadium, a new railway station and an exhibition complex is already underway. According to official data, the area of the future exhibition center will be 113 hectares, and the total construction area, including the accompanying infrastructure, will reach 167 hectares.
Real estate prices in Surchyn have already started to rise. For example, the cost of apartments has increased several times over the past year. Land plots have also risen in price, especially those located near transportation hubs and future metro stations.
Impact of EXPO-2027 on the development of Belgrade
Preparations for the World Expo involve large-scale investments in the city’s infrastructure. In addition to Surcin, changes will affect other districts of the capital. Work is already underway on the construction of a new bus station, and the modernization of the Prokop railway station is nearing completion.
The subway will also be an important step in the development of Belgrade. The first line will connect key areas of the city, which will reduce the load on the road network and simplify the movement of residents and visitors to the capital.
Forecasts and prospects
Experts agree that EXPO-2027 will have a long-term impact on the real estate market in Belgrade. In addition to the price increase in Surcin, real estate is expected to rise in price along the routes of the future metro, as well as in the central and prestigious areas of the city.
The Serbian government states that EXPO-2027 will be a stimulus for economic growth, attracting foreign investment and improving infrastructure. These changes will make Belgrade even more attractive for tourists, residents and businessmen.
Thus, EXPO-2027 and related projects, including the metro, are opening a new chapter in Belgrade’s development, strengthening its position as one of the key centers of Southeast Europe.
Representatives of the Government of Serbia, the City of Belgrade and PowerChina today signed an agreement for the construction of the first phase of the Belgrade Metro Line 1 worth EUR 720 million.
The agreement for Lot 2 of the first phase of Line 1 of the Belgrade Metro covers the design and execution of works, including preparatory activities and the procurement of TBM machines for tunneling.
The preparatory and construction work is expected to last 45 months plus two years.
The document was signed in the Serbian government building by Minister of Public Investment Darko Glisic, Acting Minister of Construction, Transport and Infrastructure; Acting Deputy Head of the Belgrade City Administration – Secretary of the Public Transport Secretariat Radovan Kremić; Director of the Belgrade Metro and Train Company Andrej Mladenović, together with a representative of the Chinese company Power China Han Jiping.
As noted, the new agreement makes it possible to allocate a separate Lot 2, which will be financed from the Serbian budget and will enter into force immediately, which will facilitate the faster implementation of the construction of the first phase of Line 1 of the Belgrade Metro.
Ukraine International Airlines (UIA, Kyiv) has received an official message from insurance companies about the termination of aircraft insurance for flights in Ukraine’s airspace.
“Due to the foreign policy situation, Ukraine International Airlines has received an official notification from insurance companies to terminate the insurance of aircraft for flights in the airspace of Ukraine. In this regard, UIA, at the request of lessors, sends five Boeing 737-800 aircraft to Spain while retaining other aircraft in the company’s fleet. In addition, two aircraft of the airline are sent for scheduled engine maintenance in Belgrade,” the airline said in the official statement on Monday.
UIA also reported that negotiations are underway with insurance companies, the Ministry of Infrastructure of Ukraine and the State Aviation Service. The airline hopes for mutual understanding.
Earlier, on February 13, a working meeting was held at the Ministry of Infrastructure with the participation of the leadership of the President’s Office, the State Aviation Service of Ukraine, the state-owned enterprise UkSATSE, Boryspil International Airport and Ukrainian airlines on the situation in the air transportation market. As a result of the meeting, a solution was worked out to prevent further aggravation of the situation.
As a source of Interfax-Ukraine notes, Azur Air Ukraine and Windrose were not present at the meeting and did not request assistance with the insurance situation.
Then, also on February 13, the Cabinet of Ministers decided to allocate UAH 16.6 billion from the state budget’s reserve fund to the Ministry of Infrastructure to ensure the safety of aircraft flights in the country’s airspace. The allocated funds cover insured events for at least 23 aircraft.
According to information available to Interfax-Ukraine, SkyUp airline has submitted seven Boeing 737-800 aircraft to the list, Bees Airline – four of the same aircraft. Ukraine International Airlines (UIA) has submitted a list of 12 aircraft: four Embraer ERJ 190-100, six Boeing 737-800 and two Boeing 737-900ER.
The Verkhovna Rada Budget Committee on the evening of February 13 agreed on the redistribution of UAH 16.6 billion of state budget expenditures by reducing expenditures under the public debt service budget program to finance an additional state mechanism for flight safety insurance in Ukraine.
