According to the latest report from the Republic Geodetic Authority (RGZ), the real estate market in Serbia in the second quarter of 2024 shows a slight increase in activity, with a total transaction value of 1.8 billion euros, which represents an 8.2% growth compared to the second quarter of 2023.

The largest share of the total real estate transaction value is traditionally held by apartment sales – 979.5 million euros, accounting for 56% of the total value transacted, while 77 million euros were spent on commercial spaces in the second quarter of this year, representing only 4% of the total funds.

Real estate agent and agency owner Kaća Lazarević, in an interview with Biznis.rs, points out that prices, when it comes to commercial space, have not changed, and there is greater demand for renting than for buying.

"The RGZ data applies to all of Serbia, and when we look at commercial space prices in Belgrade, we can see that they are aligned with new construction, which dictates the prices. Nothing has become more expensive, we have been in a serious stagnation for quite some time. Simply, nothing is being sold. The offer is varied, but commercial space is primarily rented out well – it is not being bought," says our interviewee.

According to her, commercial space is a broad term, and so is the offering in the capital. It often includes offices in apartments or spaces in popular business buildings, as well as production facilities and factories.

"Interest in rentals is good. Most people are looking for commercial space in New Belgrade, mainly in business buildings with parking. Also, apartments in the Belgrade Waterfront are often rented out as office space because they are centrally located, have garages, and people rent them as business premises," Lazarević adds.

Office rent can go up to 40 euros per square meter
When asked about the prices of commercial space, Lazarević says it all depends on the location, access, and the type of space being sought.

"Office space rentals range from 15 to 30 euros per square meter. Of course, parking spaces are charged extra. When it comes to sales, the prices of apartments and commercial spaces are equal. I would exclude retail spaces in new construction, which are predominantly rented out by investors rather than sold, and for a significant amount when in good locations – these are usually spaces between 50 and 100 square meters. The rent for these can go up to 40 euros per square meter in new buildings at prime locations," emphasizes Kaća Lazarević.

Our interviewee notes that there is huge demand for warehouses and that there are very few available spaces of this kind, despite the fact that people are willing to pay a significant amount of money for them.

"People are willing to pay a million euros just to get the right warehouse, a good facility with proper access, parking, and compliance with necessary standards. These are hard to come by, and anything that appears is immediately sold," she says.

As for the suburban municipalities, where it's often seen that someone is renting or selling commercial space at more affordable prices, Lazarević notes that many of them lack proper documentation.

"This is mostly some kind of 'illegal' construction, and therefore it cannot be sold. It can be rented, but not sold," she concludes.