During the quarter, the second phase of the Hyde Park City project was completed, adding 26,100 square meters of new space. In total, more than 65,000 square meters of new offices were delivered during the first nine months of the year. New Belgrade continues to hold a dominant position on the market thanks to its developed infrastructure, proximity to major roads, and concentration of modern business complexes.
Demand in Q3 reached 43,000 square meters, across 48 transactions, with an average lease size of about 900 square meters. Cumulatively, more than 130,000 square meters of office space were leased in the first three quarters of the year. Interestingly, nearly half of all transactions were lease renewals, indicating that most companies are focusing on long-term stability rather than frequent relocations. New Belgrade remains the key submarket, accounting for around 85 percent of total leasing activity.
Rental levels remain stable. Prime Class A offices achieve rents between €16 and €18 per square meter per month, while top-tier, premium buildings reach up to €19. Class B office rents range between €11.5 and €14 per square meter. The overall vacancy rate stands at 6.4 percent, while for Class A buildings it is just 3.8 percent—reflecting strong demand for modern, high-quality office space and a relatively limited new supply in that segment.
Yields remain stable as well, between 7.5 and 8 percent, confirming Belgrade’s attractiveness for investors targeting commercial real estate in the region. Around 67,500 square meters of new office space are currently under construction, with an additional 7,500 square meters expected to be completed by the end of the year, including projects within Delta District and Airport City Belgrade.
Overall, the Belgrade office market enters the final quarter of the year in a stable and mature phase, with balanced supply and demand and moderate, sustainable growth. The low vacancy rate and steady rental levels indicate a healthy market without signs of oversupply or sudden fluctuations. For tenants, this means predictable costs and a solid selection of high-quality spaces, while for investors and property owners, the market continues to offer a reliable and sustainable environment for long-term investment.
