Company "Grawe" seeks for location for construction of new business building in Belgrade – 30m EUR

- Austrian company "Grawe" seeks for a location for construction of a business building in Belgrade, worth about 30m EUR – said the assistant to the CEO of "Grawe" insurance company in Serbia, Marko Mikić.

However, he said that he did not believe that the suitable location would be found and required building permits obtained by the end of the year because of the unrealistically high prices of land and unsettled ownership relations.

Mikić estimated that extremely high prices of land were based on unrealistic expectations that the current state of disbalance, caused by low supply and high demand for office space, would last.

- We already count on the rent to be 10.12 or 15 EUR per square meter, and not 25 or 50 EUR, which is the case now, because that balance will certainly be established – said Mikić and added that the people in the company thought about having the business building built in one of larger cities in Serbia - Niš or Novi Sad, if they failed to find the appropriate location in Belgrade.

Company "Grawe Real Estate" in Serbia has finished construction of the business center in New Belgrade last year, in which 32m EUR was invested, and its profit in 2007 amounted to 58.7m RSD, which is about 1 million EUR more than in 2006.