Q4 2025: Belgrade Office Market Overview
Despite increasing stock levels, the market recorded strong absorption, pushing vacancy to its lowest point since 2020. This was driven by elevated lease renewals and significant tenant expansions, with IT and Telecommunications emerging as the leading contributors to overall take-up.
The total office stock in Belgrade expanded by 86,900 sqm over the year, driven by the completion of several high-quality developments. Despite the increase in supply, prime headline rents remained stable across all submarkets, ranging between EUR 18–19/sqm/month, reflecting sustained occupier demand for well-located, modern office space.
Investment yields stood at approximately 7.75%, indicating continued investor interest amid a stable pricing environment. In 2025, the average size of new lease transactions reached 990 sqm, highlighting a preference for medium-sized, efficiency-driven office requirements.
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Head of Marketing and Market Research
