Q1 2025: Serbia Office Overview

Belgrade’s office market is showing quiet confidence amid a changing global real estate environment. In Q1 2025, vacancy in the CBD dropped to a low 3.1%, highlighting strong demand for top-tier space. With 71% of the total stock now classified as A-Class, Belgrade is clearly stepping up its game. Prime rents in the city center climbed to €19/sqm/month, and while vacancy in some zones ticked up due to new completions, the overall balance remains healthy. Technology and telecom tenants continued to dominate, shaping the direction of market growth. New supply is on the horizon, with 45,000 sqm expected by year’s end. The pipeline, combined with a resilient tenant base and solid leasing momentum, suggests Belgrade’s office market isn’t just surviving—it’s maturing.