Russians double demand for business space – renting prices sky high

The huge demand for renting/buying real estate in Belgrade has spilt over into the commercial space market, so much so that it has become difficult to find available office space in Belgrade, even at astronomical prices.

 The arrival of foreigners, primarily Russians and Ukrainians, among whom there are also those whose companies are moving their businesses to Serbia, has contributed to the fact that in Belgrade companies find it increasingly difficult to find available offices to rent.

Srđan Teofilović from CBS International says that, this year particularly impressive results were achieved in the office space sector, in which demand has doubled, and that there is a positive trend on the supply side as well. According to him, there are about 1.1 million square meters of office space in Belgrade, while there are still about 200,000 square metres of office space in various stages of construction.

“On the demand side, we have an exceptional increase. Years ago, there was an average demand for around 100,000 square metres of office space per year, while in 2022, for the first three quarters alone, the demand is 170,000 square metres, so we expect that, at the end of this year, the demand will grow to 200,000 square metres, which is double compared to previous years. This can also be seen from the available office space. Only 3 percent of the total office space is currently not rented out,” explains Teofilović.

The Real Estate Cluster told Euronews Serbia that a square metre of office space is usually rented for 10 to 70 euros, while if you want to purchase office space it costs from 2,000 to 7,000 euros per sqm. The Cluster adds that the arrival of Russians and Ukrainians in Serbia has significantly contributed to higher rent prices, which were high even before the war in Ukraine.

According to the data compiled by the State Geodetic Institute (RGZ), in the first three quarters of this year, 2,545 business premises were sold, which is about 170 more than in the same period last year, and 850 more than in 2018.

However, the office rental prices are too high for small companies, so some of them are forced to rent co-working spaces in Belgrade. Due to the accessibility of such workspace, entire companies are known to rent office space in co-working areas. Interest in this kind of space is quite high, so much so that there are even waiting lists.

(Euronews, 05.12.2022)

This post is also available in: Italiano

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