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Nov 13, 2017 14:42 EEST
BELGRADE (Serbia), November 13 (SeeNews) – Construction activity on the retail market in Serbia's capital Belgrade was notably higher in the third quarter of 2017, as one new shopping centre was delivered, real estate consultants Jones Lang LaSalle (JLL) said on Monday.
The new shopping centre, Rajiceva Shopping Center, is located in the main pedestrian zone, Knez Mihailova Street, and spreads over 15,300 sq m, JLL said in a recent market overview.
With the opening of Rajiceva Shopping Center, new retail chains such as the Lego Shop, Calvin Klein Jeans, Armani Exchange and Miamaya, entered the market.
Higher activity is expected to continue, in the capital and secondary cities, with numerous projects under construction or in the planning stage, JLL judged.
Belgrade Waterfront has commenced the construction of BW Galerija shopping center, scheduled for completion in 2020. With 93,000 sq m of leasable area and 3,700 parking places planned, BW Galerija will be the largest shopping centre in the country
In addition, the construction of GTC’s Ada Mall is in progress and is scheduled for completion in the second half of 2018. Once completed, Ada Mall will add 34,000 sq m to the market and will feature over a hundred retail units, entertainment and relaxation zones, and a panoramic roof garden.
Furthermore, BIG CEE announced its plans for developing Big Fashion Vidikovac shopping centre on Ibar Road in Belgrade. Upon completion, scheduled for 2019, the scheme will spread over 65,000 sq m and will offer more than 2,500 parking spaces.
Investors are also expanding their focus on secondary cities, with Delta Holding due to begin the construction of a Delta Planet shopping centre in Nis in 2018.
Furthermore, the largest project outside of the capital will be Promenada shopping centre in Novi Sad, which will spread over 56,000 sq m and include 1,500 parking places.
During the third quarter of 2017, average rents in prime shopping centres in Belgrade have remained stable in the range of 25 to 27 euro sq m/month ($29.1-31.5). Retail units within prime shopping centres, sized between 100 and 200 sq m, remained at 60 euro sq m/month, while rents for such units on the high street stood at 80 euro sq m/month.
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