Novi Sad – Business Address to Be
Considering the buildings that have been completed in the last couple of years and that can be classified as A Class office space, the vacancy rate is less than 1%, indicating very strong demand for the higher quality office space. By comparison, in some more stable markets this rate for A Class office space is around 10%. It is important to emphasize that domestic developers have recognized the growing need and demand for modern office space, so they are investing significant funds in the construction of modern buildings that can match any European capital with their quality and other characteristics.
On the other hand, offices in the B Class segment are becoming far less suited to the requirements of today’s business, especially since office space is an extremely important element of the modern business culture, brand image and the overall package of benefits that the company offers to its potential employees. For this reason, the vacancy rate in this category is much higher and amounts to 13.5%. Such a high rate of availability in the B Class segment brings the total office space vacancy rate to the level of 8% on average for the Novi Sad market at the end of 2022.
When it comes to the total demand for office space in Novi Sad during 2022, 21,000 sq m were issued through 29 individual transactions. Almost 18,000 sq m were leased through agencies, with consultancy CBS International, part of the Cushman & Wakefield Group, solely responsible for leasing more than 11,000 sq m of modern office space. In addition to leasing the vast majority of office space, CBS International also realized the largest single transaction, i.e., the lease of the largest single office space on the Novi Sad market in 2022.
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