November 13 (SeeNews) - The office space vacancy rate in Belgrade stood at 5.6% in the third quarter of 2017, slightly higher when compared to the previous quarter, real estate consultancy Jones Lang LaSalle (JLL) said on Monday.
The vacancy rate in Class A office buildings slightly decreased, to 5.2%, while in Class B office buildings the vacancy rate increased by around 170 bps to 6.3%, JLL said in a statement.
The third quarter of the year noted higher activity, which included the delivery of several new office buildings on the market, JLL noted.
Erste Group Immorent finalised the first phase of its Sirius Offices project located in New Belgrade and spread over 14,500 sq m, while the first phase of reconstruction works of Napred’s existing office building was also completed.
In addition, Basal, a local company, completed the construction of Atrijum 63 office building, spreading over 5,000 sq m and located in a highly developed residential part of New Belgrade.
Construction activity in the capital will remain high, with a significant number of announced and ongoing projects, especially in the CBD area - New Belgrade, JLL judged.
Erste Group Immorent has announced the construction of the second phase of the Sirius Offices project, which will add 10,000 sq m of office space to the market once completed.
In addition, MPC has announced the construction of Usce Tower 2. The project is announced for completion in 2019 and will add 22,000 sq m of modern office space.
Furthermore, AFI Group has announced the construction of the fifth phase of Airport City, which will include two office towers spread over 75,000 sq m.
GTC has also announced the construction of a new office complex, Green Heart, at the location of the existing Green Square office building. Once completed, the overall complex will spread over 46,000 sq m with three underground garage levels with 900 parking places.
Other projects include the construction of the office building Ziegel House, which will spread over 5,500 sq m; office tower within Central Garden mixed-use complex, which will spread over 16,000 sq m; and AFI Europe's landmark project Skyline Belgrade which will spread over 68,000 sq m.
During the third quarter of 2017, prime office rents remained stable, ranging between 15 and 17 euro ($17.5-$19.8) sq m/month.
Rental levels for Class B office premises in New Belgrade have also been stable, ranging between 10 and 13 euro sq m/month and 10 to 12 euro sq m/month in the city centre.
($=0.858182 euro)