Belgrade office market matures: record-low vacancy, stable prime rents near €18/m²/month and yields compressing toward 7.5%
Serbia's modern office market is effectively synonymous with Belgrade, where CBS International (Cushman & Wakefield) reports total modern stock of ~1.46 million m² of GLA at end-Q3 2025, with New Belgrade approaching 1 million m² and dominating ~85% of demand. Headline prime rents held at €16–18/m²/month (best buildings exceeding €19), overall vacancy settled at a healthy 6.42% (Class A just 3.8%), and prime yields compressed to 7.50–8.00% on rising institutional interest. Q1–Q3 2025 take-up surpassed 130,000 m² across 159 deals, with lease renewals a strong 44% of activity. Novi Sad and Niš lack a comparable modern speculative office market and are not separately quantified in published research.
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Every figure is sourced from named research (JLL, CBRE, Cushman & Wakefield, Colliers, BNP Paribas Real Estate, Savills, Knight Frank) or shown as a labelled estimate / “not published”. Reporting periods and definitions differ by source; see the PDF’s Methodology & Sources. © 2026 OfficeRentInfo.
Rents, vacancy and pipeline — drawn from named broker research. Download the latest Serbia office report, free.