New Belgrade offices in highest demand - Q3 2013 sees continuous growth of office space lease

Belgrade Research Forum presents market parameters indicative of Q3 2013 in terms of total office take-up, prime office rents and yields, based on the joint work of research teams of BRF member companies. The published data reflect consistent, accurate and transparent market overview.

Office Supply

The overall gross take up in Q3 2013 alone stands at 10.460 sq m, comprising 57% of new lease acquisitions, 31% of renewals of the existing contacts and 12% of the expansions. This quarter recorded 20 transactions in total, with the average deal size standing at 523 sq m.

When analyzing the demand per business sectors, traditionally strong sectors in this quarter were IT companies with 35% followed by Banking and finance sector with 20%. Almost 80% of the transactions were realized within New Belgrade area.

The year-to-date results show almost equal total take up to that realized in 2012. However, when analysing the speculative take-up, without owner-occupied deals, this year marks far stronger activity in demand, noting an increase of more than 50% as compared to the results achieved in the first three quarters of the previous year.

Rents and Yields for A Class Office space

Prime headline rents marked no increase in Q3 2013 and remained at the same level as in the first half of 2013, ranging between 14 and 16,5 Eur/sq m, whereas the prime office yield is considered to be between 9 and 9.5%.