Q3 2026: Belgrade Office Market REcap
Belgrade’s office market is entering a period of exceptionally tight availability, characterized by declining vacancy, rising prime rents and resilient occupier demand. Limited new supply is expected to sustain landlord-favourable conditions through the end of 2026, while the expanding 2027 development pipeline could gradually rebalance market dynamics.
Tightening supply reinforces landlord-favourable market conditions.
Overall vacancy declined to 3.9% (-125 bps y/y), with Class A vacancy at just 3.2% and CBD vacancy at 2.4%. Limited new completions continue to constrain availability, particularly in prime locations.
Rental growth reflects sustained demand for quality office space.
Prime rents increased 5.6% y/y to €19/sqm/month, supported by tightening availability and resilient occupier demand. Q3 take-up reached 35,880 sqm, with renewals accounting for nearly half of leasing activity.
The 2027 development pipeline could gradually rebalance the market.
With approximately 128,000 sqm under construction, new deliveries are expected to ease supply constraints and expand occupier choice in 2027, potentially moderating rental growth
Head of Marketing and Market Research
