Belgrade, Serbia

Rental levels in Belgrade have remained stable in shopping malls due to long leases with fixed terms, shows the latest research of Colliers International Serbia. Rental levels in primary and secondary zones generally have not experienced a decrease, whereas other less attractive streets outside the center have witnessed a decrease of 15-20%.

The Belgrade primary zone (which encompasses Knez Mihailova st, Terazije, Kralja Milana and surrounding streets) marks low vacancy levels which are close to zero, due to high foot-traffic and popularity of these streets, while the rental levels are still high. The primary zone records levels of EUR 100-200 per m2 depending on the location, visibility and size.

The secondary zone also records low vacancy rate. with rental levels of EUR 40-100 per m2 in Bulevar Kralja Aleksandra, while Pozeska and Glavna streets mark lower rents that reach levels of up to EUR 50-60 per m2.

Rents in other zones, such as New Belgrade and high streets in non-central areas of Belgrade, marked a decrease of 15-20%, ranging from EUR 15-50 per m2, with vacancy rates reaching higher values in this zone.

In the next few years Belgrade is expected to witness the opening of several othershopping malls, out of which the most attractive one is Rajiceva shopping mall, developed by an Israeli company A.B.D. This mixed-use project including a shopping center of20,000 m2 of GLA, overlooking the primary retail street in Belgrade, Kneza Mihaila, is scheduled for opening in 2011.

The shopping mall TQ City in Indjija, developed by a local company Tradeunique, features 11,000 m2 GLA and will open its doors to the public in November 2009.

The retail market is expected to start picking up in spring 2010 when investors will continue development plans of the announced shopping malls, and retailers will renew their expansion plans across Belgrade and Serbia.

About Colliers International

Colliers Macaulay Nicolls Inc. (CMN) operating as Colliers International is a leading global real estate services company that provides a full range of services to real estate users, owners and investors worldwide. Colliers operates in 294 offices in 61 countries.  Services include brokerage, property management, hotel investment sales and consulting, corporate services, valuation, consulting and appraisal services, mortgage banking and research.  Colliers International is a worldwide affiliation of independently owned and operated companies.  Locally, Colliers professionals serve clients throughout Serbia. Find out more at www.colliers.com/serbia.

Contact Information

serbia@colliers.com 

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