Office Market Belgrade for H2 2008
-
Upload
ivica-jovanovic -
Category
Documents
-
view
215 -
download
0
Transcript of Office Market Belgrade for H2 2008
-
8/10/2019 Office Market Belgrade for H2 2008
1/28
Belgrades Office Market H2 2008
-
8/10/2019 Office Market Belgrade for H2 2008
2/28
2
AGENDA
1. Serbia Key Facts................................................................................................................ 3
2. Belgrade Key Facts............................................................................................................ 4
3. Serbian Office Market....................................................................................................... 5
4. Belgrade Office Market..................................................................................................... 6
5. Projects in Pipeline.......................................................................................................... 20
-
8/10/2019 Office Market Belgrade for H2 2008
3/28
3
1.Serbia Key Facts
Located in Southeast Europe, Serbia represents central part of the Balkan Peninsula, atthe intersection of Pan European Corridors N 10 and N7, on the way from Europe to Asia. TheRepublic of Serbia encompasses an area of 88,412 square kilometers. It is divided into 29districts and the City of Belgrade. City itself is further divided into municipalities.
To the East, Serbia borders with Bulgaria, to the North East with Romania, to the North withHungary, to the West with Croatia and Bosnia and Herzegovina, to the South East withMontenegro and to the South with Albania and Macedonia.
Pan European Corridor N 10 is one of the most important European highways passing throughthe country, leading from Salzburg through Belgrade and Ni and branching to Athens andSofia. Another branch of the corridor links the Capital with Budapest.
Belgrade Airport represents the main gateway for international air transportation with JATAirways as major national courier and with 43 direct lines.
-
8/10/2019 Office Market Belgrade for H2 2008
4/28
4
2.Belgrade Key Facts
The capital of Republic of Serbia, Belgrade, is situated on the confluence of riversDanube and Sava, with population of 1,576,124 according to the Census 2002.
Total Surface area of 3,222 sq km is divided into 17 municipalities; among 10 of thembelongs to the urban zone (Vraar, Stari Grad, Savski Venac, Novi Beograd, ukarica,Zvezdara, Palilula, Zemun, Rakovica, Vodovac ), and 7 of them are suburban area (Surin,Sopot, Grocka, Lazarevac, Mladenovac, Obrenovac, Barajevo).
Picture: Belgrades municipalities Picture: Knez Mihailova Street
It is one of the oldest cities in Europe and has since ancient times been an important focal pointfor traffic, an intersection of the roads of Eastern and Western Europe. Belgrade is a largeindustrial, commercial, tourist, cultural, educational and political centre and an important 1.7million-customer market.
Belgrade is investing significant resources into infrastructure and building land developmentwith the result that there is a substantial amount of building land available for all purposes. TheBelgrade local authorities support investment and enable projects to be speedily commencedand completed.
-
8/10/2019 Office Market Belgrade for H2 2008
5/28
5
3.Serbian Office Market
In a past few years, Serbia experienced rapid growth of demand for office space, sotherefore the construction of commercial area also grew. Taking a historical prospective, theSerbian modern office market has started to develop after the political changes in 2000. At thattime, the country has opened its doors for international business and cooperation causing aninflux of foreign companies and organizations in significant need for quality office premises. Thereal expansionary phase of office space started in 2004 and 2005 and continued throughfollowing years. Many foreign companies expressed needs for opening their representativeoffices and branches, and regarding that, international banks were and still are the biggesttenants in office market. Also, companies in telecommunication, chemical and financial advisoryindustry took big part in tenancy share.
In comparison to the other CEE countries, Serbia has the lowest ratio between population
and total office stock, and number of new developments is still behind cities like Warsaw,Budapest or Prag. Main reason for that is still unstable political and economical situation in thecountry, but on the other hand, it represents a great opportunity for new developments in thecountry and giving a chance to the companies to take a good competitor position.
Belgrade and Novi Sad are the main building centers. There are also other cities like Nis,Cacak, Kragujevac facing an expansion in office stock development, but in much smallerportion. The characteristic of office development in smaller cities are that they have averagesize from 500 2,000 sqm and are mostly situated in city centers. Also, office branches can befound at industrial zones of these cities, near manufacture and industrial facilities.
In Novi Sad, most attractive locations are Blvd. Oslobodjenja, Blvd. Kralja Petra,
Dunavskaand Zmaj Jovina Street. Demand for office market in Novi Sad is still major forconverted apartments in the city centre and mixed use buildings, because of lack of bigdevelopments, as could be seen in New Belgrade.
-
8/10/2019 Office Market Belgrade for H2 2008
6/28
6
4.Belgrade Office Market
Belgrade office market faced a great expansion in development since 2000 and politicalchanges. Great number of foreign companies expressed demand in modern office premises toopen their businesses and branches. Because of that, Belgrade needed to expand its A Classoffice premises stock in order to satisfy high standards of construction and interior design.
Belgrade office market can be divided by it location on Central Business District (CBD),Broad Center Area and Suburban area.
CBD Area encompasses an area of downtown (Dorcol, Knez Mihailova Street, TerazijeStreet, Slavija Square and Knez Milosa Street as most prominent downtown business areas)and New Belgrade Area (Arena, Blvd. Dr. Zorana Djindjica, Usce, Blvd. Mihaila Pupina Street,III Blvd. Street as most prominent business areas in New Belgrade).
Broad Center Area encompasses wider downtown area, both on New Belgrade andDowntown. In New Belgrade most prominent business areas are Omladinskih Brigada Street,Jurija Gagarina Street and Blvd. Nikole Tesle Street, while on the other side of the river thoseareas would be along Blvd. Kralja Aleksandra Street, Vracar area, Autokomanda area, BelgradeFair area and along Blvd. Oslobodjenja Street.
Suburban Areaencompasses wide city area, along major streets and roads which entersinto the city.
Picture: Office Zones
-
8/10/2019 Office Market Belgrade for H2 2008
7/28
7
Characteristics of Class A office space would be as following:
Most buildings has great visibility and access from the streets; in 75% of cases theyare only unit on the land plot, situated in major city arteries; in 25% of cases theyare surrounded by other buildings or in less frequented streets
Facades are in most cases covered with glass and has aluminum roundings
Interior is characterized as open space lobbies with 24/7 security and receptionservices; lower ceilings (ceiling height is between 2.7 and 3m) with modernlightning; floors are covered with high quality parquet or marvel
Most premises are structured as open space, separated by glass combined withaluminum panels, and in most cases premises can be structured in accordance withclients needs
Also, all units has their own parking spaces, mostly indoor, with 24/7 security andcar maintainer service; on the other hand, ratio between parking space and office
NLA is still unsatisfying
Most units offer conference rooms, restaurants, cantinas, coffee bars, mini stores
All units are equipped with high speed internet, air condition, heating
Recreation and rest rooms arent yet seen as concept that goes with units
Characteristics of Class B office space would be as following:
Units are mostly structured as lower floor building, average GBA between 1,000 and4,000 sqm
Interior is mostly renovated from previous years or is newly built as high quality,with good installations
There is less possibilities for a structure by clients needs
All units are equipped with high speed internet, air condition, heating
Garages are included, but in smaller ratios and in most cases cannot satisfy needs
-
8/10/2019 Office Market Belgrade for H2 2008
8/28
8
Total stock of office premises in Belgrade, in H1 2008, was around 522,000 sqm whichpresents an increase in stock by 47,445 sqm or 10% from 2007. Most development is stillconcentrated in New Belgrade, while the only development of Class A office building indowntown was B2 building, near Terazije Street, area of around 24,000 sqm, from which 4,000
sqm for offices.
Class A office premises recorded stock of around 300,000 sqm, while Class B stock records223,000 sqm from total.
Graph: Total office stock in Belgrade, from 2006:
Graph: Share of Class A and B in total stock:
Year 2006 H1 2007 H2 2007 H1 2008 F2009
Class A 48% 51% 56% 57% 62%
Class B 52% 49% 44% 43% 38%
2006 1 2007 2 2007 1 2008 2009
156,600 190,000 267,400 299,000
403,000169,650 185,000
207,155 223,000249,000326,250
375,000
474,555 522,000
652,000
() () ()
-
8/10/2019 Office Market Belgrade for H2 2008
9/28
9
Total Class A office stock in H1 2008 was around 300,000 sqm, which makes 57% fromtotal office stock and represents an increase of 31,600 sqm in comparison with 2007.
Graph: Total stock of A Class premises in Belgrade:
Total Class B office stock in H1 2008 was around 223,000 sqm, which makes 43% fromtotal office stock and represents an increase of 15,845 sqm in comparison with 2007.
Graph: Total stock of B Class premises in Belgrade:
2006 1 2007 2 2007 1 2008 2009
156,600190,000
267,400299,000
403,000
,
2006 1 2007 2 2007 1 2008 2009
169,650185,000
207,155223,000
249,000
,
-
8/10/2019 Office Market Belgrade for H2 2008
10/28
10
Supply and largest scale of development is recorded in New Belgrade, where mostoffice stock belongs to Class A units. Reason for this lies in fact that New Belgrade still haslarger construction land that is undeveloped and is totally flat, which makes easier to build.Also, the architecture in New Belgrade allows more modern concepts then in old city and allows
higher floor buildings. For an example, Usce tower has 25 floors and is biggest office building inBelgrade.
Graph: Finished projects in 2007:
Graph: Finished projects in 2008:
Project Location Area (sqm) Investor
GTC Square Wide Area / New Belgrade 24,000 GTC InternationalM Business Center CBD / New Belgrade 7,698 M Invest
Hyundai Office Building Wide Area / New Belgrade 4,700 n.a.
Airport City, 3rd Phase Wide Area / New Belgrade 19,000 Africa Israeli GroupBelgrade Office Park, 2nd phase Wide Area / New Belgrade 9,500 CTP
B2 Downtown 4,400 Mali Kolektiv
Project Location Area (sqm) InvestorAirport City, 2nd Phase Wide Area / New Belgrade 19,000 Africa Israeli GroupBelgrade Office Park, 1st Phase Wide Area / New Belgrade 3,000 CTPAtrium CBD / New Belgrade 12,000 DurstGrawe CBD / New Belgrade 15,000 Grawe InsuranceLukoil Headquarters CBD / New Belgrade 11,000 LukoilEurope Business Center CBD / New Belgrade 8,900 Meshulum Levinstain
Comtrade Centre CBD / New Belgrade 9,000 Comtrade Group
-
8/10/2019 Office Market Belgrade for H2 2008
11/28
11
New Belgrade major developments:
Location of major office premises on New Belgrade:
1. Usce
2. Savograd
3. 19thAvenue
4. GTC House5. Grawe
6. Europe Business Center
7. Belgrade Office Park
8. GTC Square
9. Airoport City
10.B 23 Verano
1
2
96
3
8
57
4
DowntownBusiness Area
10
-
8/10/2019 Office Market Belgrade for H2 2008
12/28
12
Following graph shows major Class A office premises, from which can be seen there isonly one in Downtown:
According to our research, in H1 2008 vacancy rate in total office stock recorded anincrease from 9% in 2007 to 11% in H1 2008. Class B office stock recorded an increase invacancy rate from 12% in 2007 to 14% in H1 2008, while Class A stock recorded an increasefrom 7% in 2007 to 8% in H1 2008. The characteristic for office space in Belgrade is that it hasone of the lowest vacancy rates in the region. Most units are preleased in construction period,and it specially counts for Class A office premises.
Graph: Vacancy rates in Belgrade, from 2005:
2005 2006 1 2007 2 2007 1 2008
7% 7.2% 6.4% 7.0% 8.0%
12.3% 13.0%10.0%
13.0% 14.0%
9.6% 10.1%
8.2%
10.0%11.0%
Project name Location Construction Area (sqm) Parking Major tenants
Usce CBD / New Belgrade 2005 21,500 470 + 56 Hypo Group, Nokia, IBM
GTC CBD / New Belgrade 2005 12,400 173 + 56Raiffeisen Bank, Philip Morris,
EBRD, Oracle, Nestle, Huawei
Durst CBD / New Belgrade 2005 7,200 80Volksbank, Avon, British
American Tobacco
Airport City
(phase 1)
Wide Area / New
Belgrade2006 17,000 198
Cisco, Telenor, Glaxo, UniCredit
Group, HVB Bank
Europe Business
CenterCBD / New Belgrade 2007 8,900 129 + 12
VIP Mobile, Nova Ljubljanska
Bank
Belgrade Office
Park (phase 1)
Wide Area / New
Belgrade2007 3,000 n.a.
Vip Mobile HQ, Delta Generaly
Insurance, Siemens
Grawe CBD / New Belgrade 2007 15,000 56 + 120Grawe, Hypo Group, Ernst &
Young
M Business
CenterCBD / New Belgrade 2008 7,698 90 M Invest, Hypo Group
B2 CBD / Downtown 2008 4,400 n.a. Bank of Moscow
-
8/10/2019 Office Market Belgrade for H2 2008
13/28
13
Demand for an office premises in Belgrade is high and is one of the highest ratio in theregion. As we have mentioned earlier, since 2000 and political changes, Serbia experienced aneconomic expansion and became more interested to the investors and companies from aroundthe globe. Companies from different industries wanted to open their businesses and branches
in Serbia, and for that reason, a great demand occurred for quality and high standard officepremises.
Graph: Selected office tenants, 2007:
Project Tenant Location Area (sqm)
Airport City OMV BD / New Belgrade 1,550
Airport City Adria Media BD / New Belgrade 1,550
Airport City Proctor & Gamble BD / New Belgrade 700
Airport City Merck BD / New Belgrade 650
Grawe Office Building Ernst & Young CBD / New Belgrade 1,450
Belgrade Office Park Olymus BD / New Belgrade 523
Graph: Selected office tenants, H1 2008:
Project Tenant Location Area (sqm)
Airport City Bayer BD / New Belgrade 1,500
Airport City Elsys System BD / New Belgrade 1,500
Airport City Johnson & Johnson BD / New Belgrade 1,350
Airport City Heineken BD / New Belgrade 680
19th Avenue European Commission CBD / New Belgrade 1,000
Grawe Office Building Societe Generale CBD / New Belgrade 500
Graph: Selected office tenants, H2 2008:
Project Tenant Location Area (sqm)
Hyundai Office Building EFG Bank BD / New Belgrade 3,200
Airport City Banca Intesa BD / New Belgrade 2,000
Takovska Office Building KBC Securities CBD 1,700Belgrade Office Park Nokia Siemens BD / New Belgrade 1,100
Belgrade Office Park VIP Mobile BD / New Belgrade n.a.GTC Square Carlsberg BD / New Belgrade 1,000
GTC Square Porr BD / New Belgrade 600
From our research we have concluded that the biggest demand (almost 70% from total) is forsmall and medium office premises, areas from 200 1,000 sqm, and these premises arealmost impossible to find in Belgrade. This lack in offices, overvalued rents for immediateoccupied premises and insisting for one-for-all-area tenant are the characteristic of officemarket in Belgrade. Also, the main characteristic for the office market in Belgrade are pre-leasecontracts that companies conduct in early phases of construction, securing themselves lowerrental levels, flexible areas and desired interior structure.
-
8/10/2019 Office Market Belgrade for H2 2008
14/28
14
Chart: Belgrade office market characteristics:
Typical Lease Length 5 years
Typical Service Charge 3 EUR/sqm
Transfer tax 2.5% of purchasing priceAgent's Fees (investment) 1 - 3% of purchasing price
Agent's Fee (leasing) 10 - 15% of the first years rent
Chart: Belgrade office tenant structure, 2008:
Chart: Belgrade office tenant structure, 2007:
33.3%
23.0%
10.9%
5.7%
8.0%
10.3%2.5% 6.5%
-
8/10/2019 Office Market Belgrade for H2 2008
15/28
15
Following graph presents demand in office premises by type, and in 2008 we have recorded a
drop in percentage in a demand for Class A office premises in amount of 5%, and the main
reason is delivering a Class B office building GTC Square in New Belgrade.
Graph: Demand by type of office:
2006 2007 2008
80% 75% 70%
20% 25% 30%
-
8/10/2019 Office Market Belgrade for H2 2008
16/28
16
Rent levelshave descending trend constantly during past few years, because of new
developments and more competitors on the market. In a comparison to 2007, there was a
downfall in Class A office rents by 2%, which means that rental level dropped from EUR 17.7 to
EUR 17 per sqm/month. Also, Class B rental levels in 2008 dropped for 10.7% in comparison
with 2007, which means that average rents dropped from EUR 14 in 2007 to EUR 12.5 per
sqm/month.
Graph: Average ofice rents in Belgrade from 2001 2008:
Class A Rents
Average monthly rents for Class A office premises has a descending trend since 2001. In 2008,
an average rent level was EUR 17 per sqm/month, which is a drop-fall for 2% in comparison
with 2007.
Graph: Average rents for Class A offices in Belgrade:
0
5
10
15
20
25
30
2001 2002 2003 2004 2005 2006 2007 2008
(//) (//)
0
5
10
15
20
25
30
2001 2002 2003 2004 2005 2006 2007 2008
(//)
-
8/10/2019 Office Market Belgrade for H2 2008
17/28
17
As for a location, there are differences in rents and differs whether the building is in CBD Area,
Wide Center Area or in Suburban Area. The most expensive, but also most wanted location is
CBD Area, and in 2008 average rents for this location was between EUR 19 and 23 per
sqm/month, while rents in Wide Center Area were from EUR 16 to 19 per sqm/month.
Graph: Average rents by location:
Year 2006 2007 2008
Class A (CBD) 18.0 - 23.0 20.5 - 24.0 19.0 - 23.0
Class A (Wide Center Area) 16.5 - 22.0 18.0 - 18.5 16.0 - 19.0
Class A (Suburban Area) n.a n.a. n.a.
Class B Rents
Average monthly rents for Class B office premises has a descending trend since 2001. In 2008,
an average rent level was EUR 12.5 per sqm/month, which is a drop-fall for 10.7% in
comparison with 2007.
Graph: Average rents for Class B offices in Belgrade:
As for a location, there are differences in rents and differs whether the building is in CBD Area,
Wide Center Area or in Suburban Area. The most expensive, but also most wanted location isCBD Area, and in 2008 average rents for this location was between EUR 11 and 18 per
sqm/month, while rents in Wide Center Area were from EUR 9 to 12 per sqm/month.
Graph: Average rents by location:
0
5
10
15
20
25
2001 2002 2003 2004 2005 2006 2007 2008
(//)
Year 2006 2007 2008
Class B (CBD) 14.0 - 22.0 13.0 - 21.0 11.0 -18.0
Class B (Wide Center Area) 13.0 - 16.5 10.0 - 14.0 9.0 -12.0
Class B (Suburban Area) 10.0 - 17.5 11.5 - 13.0 n.a.
-
8/10/2019 Office Market Belgrade for H2 2008
18/28
18
Investment activities are very limited in Serbia as well as in Belgrade. Serbian market
still represents a high-risk country for foreign investors, because of political and economical
instability. Also, one of the main reason for this is undeveloped real estate financial market and
at first place lack of investments funds. In 2008 we recorded first and only domestic close-end
fund which main investment activities are based on real estate transactions.
Also, we have to mention that selling prices are in most cases confidential, so we can only
present asked price, but not achieved. Some of them are:
Graph: Selected asked price for office premises:
According to our research, which is based on market values, asked prices on a market and
agencies sources, we concluded that average selling prices in Belgrade, depending on location,
finishing works, interior design, equipment etc. for office premises would be as following:
Average price for a Class A office building: EUR 2,000 - 2,500 per sqm.
Average price for a Class B office building: EUR 1,500 - 2,000 per sqm.
Graph: Selected investment sale in region:
Location Area (sqm) Asked Price (EUR/sqm) Class
Wide Center 5 700 ross / 3 800 net 1 500 A
CBD 1 200 ross / 1 000 net 1 650 B
CBD 2,000 gross /1,500 net 3,000 B
CBD 2 450 ross / 2 150 net 2 200 B
Source: Danos
Project Name Area (sqm) Buyer Location Price (per/sqm) Yield Year
22,000 3,318 8.5% 2004
35,000 3,143 6.5% 2006
22,000 2,955 6.5% 2006
44,000 1,364 7.6% 2006
2 32,500 2,000 8.4% 2006
10,000 1,770 9.2% 2005
3,000 1,167 9.2% 2005
10,000 ; 1,500 8.8% 2006
8,000 1,625 8.9% 2007
27,000 2,407 / 2005
27,500 / 1,818 / 2006Source: Danos
-
8/10/2019 Office Market Belgrade for H2 2008
19/28
19
Following chart presents yields for office premises in Belgrade, in period from 2004 2008:
Chart: Yields for Class A office premises in the region:
12.0
10.09.0
8.5
7.0
13.5
12.011.0
10.5
8.5
0.0
2.0
4.0
6.0
8.0
10.0
12.014.0
16.0
2004 2005 2006 2007 2008
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
2002 2003 2004 2005 2006 2007 2008
-
8/10/2019 Office Market Belgrade for H2 2008
20/28
20
5.Projects in Pipeline
New Belgrade
SAVOGRAD Sava City
Purpose: Mixed Use Building
GBA Area: 35,000 sqm
Structure:
Lux Business Apartments, area of 15,000 sqm
A Class Office Premises, area of 20,000 sqm
Garages: 396 indoor and 118 open parking space
Investor: CA Immo / Neimar V
Investment Value: 50 m
Location: Milentija Popovica Street
DOWNTOWNNEW BELGRADE
-
8/10/2019 Office Market Belgrade for H2 2008
21/28
21
19thAVENUE
Purpose: Class A Office Building
GBA Area: 20,580 sqm
Structure:
Office Premises, area of 16,847 sqm
Retail, area of 556 sqm
Garage area of 9,138 sqm (266 parking spaces)
Investor: GTC International
Investment Value: 23.5 m
Location: Corner of III Boulevard and Milentija Popovica Street
DOWNTOWNNEW BELGRADE
-
8/10/2019 Office Market Belgrade for H2 2008
22/28
22
VERANO - Blok 23
Purpose: Class A Office Building
GBA Area: 53,000 sqm
Structure:
Office Premises, area of 50,000 sqm
Garages: 550 parking spaces
Heliodrom
Investor: Verano Invest
Investment Value: 40 m
Location: Blok 23, next to the E 70 Highway
DOWNTOWNNEW BELGRADE
-
8/10/2019 Office Market Belgrade for H2 2008
23/28
23
BLUEHOUSE Blok 26
Purpose: Class A Office Building
GBA Area: 49,700 sqm
Structure:
Office Premises, area of 32,000 sqm Garages: 410 parking spaces
Investor: Bluehouse Capital / Alpha Bank
Investment Value: 60 m
Location: Corner of Mihaila Pupina Blvd and SpanskihBoraca Street
DOWNTOWNNEW BELGRADE
-
8/10/2019 Office Market Belgrade for H2 2008
24/28
24
AIRPORT CITY 2ndPhase
Purpose: Business Park 14 Office Buildings
GBA Area: 152,000 sqm (from total area of cca 186,000sqm)
Structure:
Office Building, area of 46,000 sqm
Residential Building, area of 60,000 sqm
1 Hotel Building, area of 15,000 sqm
Garages: 30,000 sqm
Investor: Africa Israel Group
Investment Value: 100 m
First Phase: ended in 2007
GBA Area: 34,000 sqm
Investment Value: 40 m
Location: Omladinskih Brigada Street
DOWNTOWNNEW BELGRADE
-
8/10/2019 Office Market Belgrade for H2 2008
25/28
25
VIG PLAZA BLOK 11A
Purpose: Class A Office Building
GBA Area: 16,000 sqm
Structure:
Office Premises
Garages: 160 parking spaces
Investor: Wiener Stadische / Promo Media
Investment Value: 42 m
Location: Tresnjinog Cveta Street
DOWNTOWNNEW BELGRADE
-
8/10/2019 Office Market Belgrade for H2 2008
26/28
26
MPC - BLOK 43
Purpose: Class B Office Building
GBA Area: 30,000 sqm
Structure: Office Premises, area of 25,000 sqm
Garages: 300 parking spaces
Investor: MPC Properties
Investment Value: n.a.
Location: III Boulevard Street
DOWNTOWNNEW BELGRADE
-
8/10/2019 Office Market Belgrade for H2 2008
27/28
27
Downtown
TRI LISTA DUVANA
Purpose: Class A Mixed Use Building
GBA Area: 17,300 sqm
Structure:
Office Premises, area of 6,000 sqm
Retail, area of 8,000 sqm
Garages, area of 2,000 sqm
Investor: MPC Properties
Investment Value: 50 m
Location: Boulevard Kralja Aleksandra Street
DOWNTOWNNEW BELGRADE
-
8/10/2019 Office Market Belgrade for H2 2008
28/28
Graph: Projects in pipeline and approved:
Project Location Area (sqm) InvestorAirport City 1700 * Wide Area / New Belgrade 11,800 Africa Israeli Group
19th Avenue * CBD / New Belgrade 20,000 GTC International
Bluehouse block 26 * CBD / New Belgrade 49,700 Bluehouse Capital / Alpha BankSava Business Center * CBD / New Belgrade 21,000 CA Immo / Neimar V
Belvil le Office building * Wide Area / New Belgrade 28,000 Delta Holding / Hypo Alpe Adria Bank
Tri lista duvana* Downtown 17,300 MPC PropertiesVerano B23 ** CBD / New Belgrade 53,000 Verano Group
VIG Plaza ** CBD / New Belgrade 16,000 n.a.
Campus 41 *** Wide Area / New Belgrade 90,000 Signa Development / NapredUsce Tower II *** CBD / New Belgrade 30,000 MPC Properties
* - 2009; ** - 2010; *** - Approved (deadline unknown)