The most active sector in the commercial real estate investment market was retail, accounting for 60% of total transactions, followed by the hotel sector with over 30% share, amounting to around €100 million.
The sale of Promenada shopping center in Novi Sad for €177 million was the largest single transaction not only in Serbia but in the entire Southeast European region last year.
According to a report by real estate consultancy CBRE SEE, presented at the SEE Region Market Outlook 2025 conference, Serbia’s retail real estate market continued to grow throughout 2024, following strong activity in 2023.
“The retail park development cycle has peaked, with 10 new parks opening across Serbia. This represents an annual growth of nearly 20%. Meanwhile, the shopping mall market remained stable last year, with investors focusing on refreshing and expanding existing offerings, as well as renovations. Special attention was given to the entertainment segment in shopping centers, while food and restaurants have become increasingly important elements of the offer,” the report states.
New Year, Same PricesAnother trend in this sector is the reduction of sales spaces, with some areas being repurposed for entertainment content. The construction of retail parks is expected to continue across Serbia in 2025, while the shopping mall market is projected to remain stable.
“Retail performance and development trends are expected to remain strong, with no significant changes in lease rates,” the report concludes.
110,000 Square Meters of Office Space Under Construction in BelgradeSerbia's office real estate market stabilized in 2024, following record-high supply in the previous year. Several buildings were completed in the city center, but the Central Business District (CBD) remains an active construction zone, as confirmed by numerous planned projects in New Belgrade.
Currently, more than 110,000 square meters of office space is under construction in Belgrade. The most notable projects include BIGZ, Delta District, upcoming phases of Airport City, and Panorama Office. According to the report, over 95,000 square meters of new office space is expected to be completed by 2025.
Vacancy rates continued to decline throughout the year, thanks to low supply levels in previous months.
“The latest data shows that the vacancy rate for Class A and B offices in Belgrade is around 4%, marking a 40% drop compared to the same period last year,” CBRE SEE reported.
More Office Space, Slightly Higher PricesAt the same time, office rental prices in Serbia saw a slight increase of 2-3%.
“This 40% reduction in availability in Belgrade compared to last year results from the fact that there was no significant increase in the total supply of modern office space, while demand remained solid. We have seen overall market stabilization after the record supply of newly built office buildings in 2023,” said Ivan Stojić, Head of Office Space for the Adriatic region at CBRE, during the conference.
A stable macroeconomic environment supported steady transaction levels in the commercial real estate market, with a 10% growth in lease transactions recorded across four key regional markets, according to CBRE SEE. Belgrade and Sofia stood out as the cities with the highest number of transactions.
Demand for High-Quality Office Spaces“On the supply side, there is still high demand for premium office spaces that meet the strict requirements of companies, especially regarding ESG criteria and employee well-being,” stated Monika Gajevska, Head of Tenant Development for the SEE region at CBRE, during the conference.
She emphasized that tenants increasingly seek flexible lease options, as part of the existing office stock needs to align with new sustainability standards.
“ESG criteria continue to shape the office market landscape. Investors and tenants are prioritizing sustainability, leading to an increase in the share of certified office spaces in the total supply. In Belgrade, these now account for over 50% of the total office stock,” she said.
