In Belgrade, more than 130,000 m² of office space is currently under construction - New wave of supply to arrive from 2027.

Ivan Stojić, head of the Office Space Department for the Adria region at CBRE, says that the offer of modern office space in Belgrade exceeded 1.1 million square meters, whereby Class A facilities make up about 68% of the total fund.

- In the first half of 2026, no new projects were delivered, therefore, the total supply remained at the level of the end of last year. In the last decade alone, more than 600,000 square meters of office space has been built, i.e. half of today`s modern offer. In the last five years, the market gained an average of about 80,000 square meters of new space per year, which is a balanced level that has not led to oversaturation. The picture is different this year. In the first half, no new project was delivered, and by the end of the year we expect only around 20,000 square meters - Stojić states.

According to him, the rate of free space in class A and B facilities together amounted to 3.3%, which ranks Belgrade, along with Zagreb and Ljubljana, among the markets with the lowest vacancy rates in the region. In Sofia and Budapest this indicator exceeds 10%.

Most of the demand comes from the IT sector, whose share in transactions exceeded 45% during the first nine months. Consumer goods and transport and logistics sectors follow, with around 12% each. At the same time, more than half of the contracts refer to relocations and new leases, while around 35% are renewals of existing contracts.

- A high share of renovations is a consequence of limited selection, so companies stay in their existing locations because there are almost no new opportunities. The average lease size is over 600 square meters - the interlocutor says.

When it comes to locations, New Belgrade remains the most attractive business zone, with about 68% of the existing total offer and the same share of space under construction. The city center accounts for around 21% of the total fund and the relaunch of projects in this zone indicates a gradual diversification of the market.

The growth of rents continued during 2026. In the second quarter, according to CBRE data, monthly rent in first-class business facilities reached around 19 euros per square meter, which is about 6% more than a year earlier. In the most sought-after projects in central locations, prices can exceed 20 euros per square meter.

Stojić assesses that the main challenge for the owners of commercial buildings is not only securing a new supply, but also improving the quality of the existing fund.

The hybrid work model is still present, but at the same time, companies are increasingly encouraging employees to come to the office. This is why modern contents are gaining importance, energy-efficient solutions and the quality of the environment where the building is located.

A special challenge is the harmonization of older buildings with ESG requirements, which is why their owners will have to invest more in renovations, offer more flexible lease terms or make changes in the positioning of their buildings on the market.

- However, the market also needs new buildings. The vacancy rate is among the lowest in the region, and during 2026 we had a record low offer. Tenants therefore often stay in existing locations, which explains the large share of contract renewals. Adapting existing buildings and building new ones are therefore not alternatives, but two processes that take place in parallel - the interlocutor emphasizes.

The market is further influenced by higher capital costs, energy price volatility, geopolitical uncertainty and restrictive monetary policy. In such circumstances, interest in serviced offices and "plug & play" solutions is growing, which enable quick occupancy with smaller initial investments and more flexible lease conditions.

After a year with a very low volume of new supply, from 2027, a greater number of completed office buildings is expected in Belgrade.

- Currently, over 130,000 square meters are under construction, mainly in the New Belgrade area,

while in the city center, the reconstruction of the Republica Business Center stands out, which confirms the investors` interest in this location as well - Stojić says.

Significant activity is expected in Novi Sad as well, where the office market is entering the phase of intensive construction. The existing modern offering exceeds 100,000 square meters, and during 2026, more than 70,000 square meters of speculative space is expected to be delivered, which would nearly double the existing fund in one year.

According to Stojić, the development activity in Novi Sad should continue in the coming years, and the investors are mostly domestic construction companies for now. The arrival of purpose-built commercial buildings could encourage tenants who until now have used adapted older buildings and gallery spaces in apartment blocks to move to better offices.

When it comes to rental prices, growth pressure is expected to remain present.

- Minor corrections can be expected by the end of the year, while more certain growth is possible over the next 12 to 18 months. Given the limited supply and stable demand, major oscillations are not expected, and the vacancy rate should stay very low. The key limitation of the market is still the lack of high-quality space - Stojić assesses.

High-quality and modern buildings should retain their advantage in attracting tenants, while older facilities will have to adapt to new requirements or to count on lower rents. There is still room for new investments: according to the data provided by Stojic, last year, offices made up almost 80% of the total investment volume.

- The further development of the market will be mostly influenced by several factors acting together. On the demand side, the carriers of activity are still the IT sector and consumer goods, therefore, their expansion or slowdown will decisively shape the volume of leases. On the supply side, what is decisive is how quickly the announced projects will be implemented, because it will depend on that whether the record low delivery in 2026 will be a one-off or the beginning of a longer period of shortage of quality space - Stojić concludes.