Belgrade City Report
Q4 2012
Izveštaj o Beogradu
T4 2012
2 On Point • Belgrade City Report• Q4 2012
Economy/Investment
Economy
2012 was a tough and challenging year for the Serbian economy.
Consumer price inflation in Serbia has accelerated over the past few
Not only did the presidential and parliamentary elections take place,
currency, a bad agricultural season and higher production costs,
but the withdrawal of US Steel from Serbia pushed the country in to
together with the VAT increase and a rise in excise taxes, all had
deeper recession. Furthermore, a serious obstacle for the Serbian
negative effects on inflation in Serbia.
months, reaching 11.9% in November. Despite a quite stable local
export came from the continued Eurozone crisis and weaker
demand as a result.
According to a labour market survey carried out by the Serbian
statistical authorities in October 2012, the unemployment rate in
Such circumstances resulted in negative GDP growth over the first
Serbia stands at 22.4% showing a decrease compared to April 2012
three quarters of the year. The Statistical Office of the Republic of
(25.5%).
Serbia has not published the entire year GDP figure yet, but the Q3
GDP growth is available and stands at -2.5%. Based on the GDP
According to IHS Global Insight forecasts, Serbia will continue to
growth figures for the first three quarters, IHS Global Insight has
face economic and political risks in 2013. While the government
estimated the 2012 GDP growth at -1.5%.
hopes to re-launch the Sartid plant after the withdrawal of US Steel
GDP Growth (%)
Rast BDP(%)
with the help of Russian investment, the main hope for the Serbian
economy at the moment is FIAT’s production of a new model which
6.0
started in July 2012.
4.0
Unemployment Rate (%)
2.0
30
0.0
25
2008
2009
2010
2011 2012f 2013f
-2.0
-4.0
Source/Izvor: IHS Global Insight, Country Report, January 2013
Stopa nazaposlenosti (%)
20
15
10
5
0
Serbia's International Monetary Fund (IMF) loan was interrupted in
February due to a sharp deterioration of public deficits and debt
under the pre-election cabinet. In September, the government
adopted a draft budget revision, together with a package of 12 laws
2008
2009
2010
2011
2012f 2013f
Source/Izvor: IHS Global Insight, Country Report, January 2013
aimed at reducing the consolidated budget gap from the current
Political Situation
The political highlight of 2012 was the granting of EU candidate
7.1% of GDP to 6.7% by the end of 2012, still far above the original
status to Serbia in March. Nevertheless, as was the case in gaining
target of 4.25%. However, an IMF mission to Serbia stressed that
candidate status, further progress in bilateral talks with Kosovo will
before it would consider opening talks on a new loan, the
be a precondition for launching official accession negotiations.
government must rein in spending and restore central bank
independence.
In its latest report on Serbia's progress toward integration, published
on 10th October, the European Commission refused to recommend
From October, the VAT rate in Serbia increased to 20% from the
a timeframe for the start of accession negotiations. The exact date
previous 18%. However, the VAT rate on key food items remained
of the negotiation commencement is still unknown, but is anticipated
unchanged at 8%.
for the second half of 2013.
On Point • Belgrade City Report• Q4 2012 3
Privreda/Investicije
Privreda
Godina 2012. je za srpsku privredu bila prilično teška i puna
povećanje PDV-a i akciza imali su negativan uticaj na inflaciju u
Srbiji.
izazova. Osim predsedničkih i parlamentarnih izbora, veoma hladni
vremenski uslovi s početka godine kao i povlačenje US Steel-a iz
Premi Anketi o radnoj snazi koju je objavio Zavod za statistiku
Srbije gurnuli su zemlju u još dublju recesiju. Ozbiljna prepreka
Republike Srbije, stopa nezaposlenosti u oktobru 2012. je bila
srpskom izvozu jeste kontinuirana kriza u Evrozoni i rezultirajuća
22,4%, što ukazuje na smanjenje u osnosu na april 2012, kada je
smanjena potražnja.
ona iznosila 25,5%.
Ovakve okolnosti imale su za ishod negativan rast BDP-a u prva tri
Na osnovu prognoze IHS Global Insight, Srbija će i u 2013. nastaviti
tromesečja. Zavod za statistiku Republike Srbije još uvek nije
da se suočava sa ekonomskim i političkim rizicima. Dok se srpska
objavio ukupan godišnji rast BDP, ali je javno dostupan podatak o
vlada nada da će uz pomoć ruskih investicija ponovo pokrenuti
rastu BDP-a u trećem tromesečju i on iznosi -2,5%. Na osnovu
proizvodnju u Sartidu nakon povlačenja US Steel-a, trenutno je
podataka za prva tri tromesečja, IHS Global Insight je predvideo
glavna nada srpske privrede proizvodnja novog Fiatovog modela
negativan rast BDP-a od 1,5% za čitavu 2012.
koja je počela u julu 2012.
14
12
10
8
6
4
2
0
Yields %
Sektor/Sektor
Offices/Kancelarijski prostori
Retail/Maloprodajni prostori
Shopping Centers/tržni centri
Logistics/Logistički objekti
Stope prinosa %
Yield/
Stopa prinosa %
9.25%
Changes on previous
quarter/ Promene u odnosu
na prethodno tromesečje
↑
9.00%
↕
Inflacija (%)
10.25%
↕
CPI (%)
Source/Izvor: Jones Lang LaSalle, January 2013
2008
2009
2010
2011
2012f 2013f
Politička situacija
Source/Izvor: IHS Global Insight, Country Report, January 2013
Vrhunac političkih dostignuća u Srbiji u 2012. godini jeste dodela
Kreditni aranžman Srbije sa MMF-om prekinut je u februaru usled
Ipak, kao što je to bio slučaj i u procesu dobijanja statusa kandidata,
snažnog povećanja javnog deficita i duga u predizbornom periodu.
dalji progres u bilateralnim razgovorima sa Kosovom biće preduslov
U septembru je vlada usvojila nacrt revizije budžeta zajedno sa
za započinjanje zvaničnih pregovora oko pridruživanja.
statusa kandidata za ulazak u Evropsku Uniju u martu mesecu.
paketom od 12 zakona u nameri da se smanji konsolidovani
budžetski deficit sa 7,1% na 6,7% BDP-a do kraja 2012, što je i
U svom poslednjem izveštaju o napretku Srbije na putu ka
dalje daleko od prvobitno ciljanih 4,25%. Ipak, misija MMF-a u Srbiji
evropskim integracijama, koji je objavljen 10. oktobra, Evropska
naglasila je da će pre razmatranja početka novih pregovora za
komisija je odbila da predloži vremenski okvir za otpočinjanje
kreditni zajam nova vlada morati da smanji potrošnju i povrati
pregovora za ulazak u Evropsku Uniju. Tačan datum početka
nezavisnost Narodnoj banci.
pregovora još nije poznat ali se očekuje da to bude u drugoj polovini
2013. godine.
PDV u Srbiji je od oktobra sa prethodnih 18% povećan na 20%.
Ipak, PDV na osnovne životne namirnice je ostao nepromenjen, 8%.
Rast cena na malo ubrzan je u Srbiji u proteklih nekoliko meseci, da
bi u novembru dostigao 11,9%. Uprkos stabilnijoj lokalnoj valuti,
loša poljoprivredna sezona i viši troškovi proizvodnje, kao i
4 On Point • Belgrade City Report• Q4 2012
Office Market
Supply
Due to an absence of new supply over the last quarter of 2012, the
been showing remarkable improvements. Therefore, the total gross
total office stock in Belgrade remained unchanged, with a gross
reported figures in previous quarters. Total gross take-up in 2012
leasable area of ca. 610,000 m2 in class A and B office premises.
amounted to 65,505 m2. Due to Raiffeisen Bank’s occupation of its
take-up figure for 2012 might appear higher than the sum of the
new business premises of 18,370 m2, owner-occupier transactions
The office market was quite inactive over the last twelve months, in
reached 31% of the total gross figure. Total gross take-up in Q4
terms of development. Only one office project of 18,000 m2, was
2012 amounted to 9,884 m2 with only two of the leases signed being
completed in 2012 which, together with the scarce supply of 9,000
over 1,000 m2.
m2 in 2011, represents only 43% of supply in 2010. Currently, there
are 10,000 m2 under active construction in two assets. 30,000 m2
The occupier market in Belgrade still features mainly smaller lease
have been put on hold whilst a further 14,000 m2 consist of shell and
requirements (ca. 365 m2 on average in 2012), renewals and small
core completed office premises.
expansions. New market entrants with larger requirements remain
limited. The vacancy rate in class A and B office buildings continues
Due to the global recession, local economic uncertainties and
to decline and is estimated to have reached 14% in the last quarter
financing constraints, there are only two large sized projects totalling
of 2012.
69,000 m2 in the pipeline. Since the exact date of construction
commencement is still unknown, we anticipate that the next two
years will be see very limited new office supply. However, the
completion of the projects currently on hold or, those that are
completed as shell and core, could improve the supply figures.
Total Class A & B Stock (m2)
Ukupna ponuda prostora klase A i B (m2)
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
Annual Completions (m2) and Vacancy Rates (%) Class A & B
Godišnja završena izgradnja (m2) i stopa nepopunjenosti (%)
100,000
25%
80,000
20%
60,000
15%
40,000
10%
20,000
5%
0
0%
2006 2007 2008 2009 2010 2011 2012
Source/Izvor: Jones Lang LaSalle, January 2013
2004 2005 2006 2007 2008 2009 2010 2011 2012
Class B
Class A
Rents and Yields
Prime office rents in Belgrade remained unchanged in Q4 2012.
Headline rents for A class premises in New Belgrade range between
Source/Izvor: Jones Lang LaSalle, January 2013
€14 and €16/m2/month and we do not anticipate any changes over
In the first quarter of 2013, we expect the completion of Danube
the short term. However, landlords continue to offer incentives such
Business Center, a class A office building of 6,000 m2 which is part
as rent free periods (usually three months), fit-out contributions and
of a mixed use hotel/office project in New Belgrade. Hotel
additional free parking spaces. Rents for B class office space across
Falkenstainer, adjacent to Danube Business Center, was completed
New Belgrade range between €9 and €13/m2/month and for
and opened in Q4 2012.
downtown between €10 and €12/m2/month.
Demand
Since establishing a Research Forum in Serbia in Q4 and
The prime office yield in Belgrade is estimated at 9.25%.
exchanging non-sensitive market information among the three
leading Serbian real estate companies, market transparency has
On Point • Belgrade City Report• Q4 2012 5
Kancelarijski prostori
Ponuda
Pošto u poslednjem tromesečju na tržištu nije izgrađeno novih
poboljšana transparentnost tržišta. Stoga bi ukupan godišnji bruto
objekata, ponuda poslovnih prostora u Beogradu je ostala ista i
tromesečnih zakupa. Ukupan bruto zakup u 2012. iznosio je 65.505
iznosi oko 610.000 m2 bruto prostora za iznajmljivanje u poslovnim
m2. Usled preseljenja Raiffeisen banke u sopstvenu poslovnu
objektima klase A i B. U poslednjih dvanaest meseci građevinska
zgradu od 18.370 m2, transakcije vezane za useljenje u sopstveni
aktivnost u sektoru poslovnih objekta je bila prilično slaba.
poslovni prostor iznosile su 31% od ukupnog bruto zakupa. Ukupan
Izgrađeno je samo 18.000 m2 što zajedno sa izgrađenih 9.000 m2 u
bruto zakup u četvrtom tromesečju iznosio je 9.884 m2, sa samo dve
2011. predstavlja samo 43% od novoizgrađene kvadrature
transakcije poslovnog prostora većeg od 1.000 m2.
zakup u 2012. mogao da bude veći od sume prethodno objavljenih
poslovnog prostora u 2010. godini. Trenutno je oko 10.000 m2
raspoređenih u dva objekta u fazi aktivne izgradnje. Izgradnja
Tržište zakupa u Beogradu i dalje podrazumeva zakupe manjih
30.000 m2 je zaustavljena dok se 14.000 m2 nalazi u poslovnim
kvadratura (u proseku oko 365 m2 za 2012.) pregovore oko
objektima koji su delimično završeni (tzv. shell and core). Zbog
produžetka ugovora o najamu i manja proširenja. Novi zakupci na
globalne recesije, lokalnih ekonomskih poteškoća i otežanog
tržištu koji traže velike kvadrature su i dalje retki. Stopa slobodnog
finansiranja, u planu je izgradnja samo dva velika poslovna objekta
prostora u poslovnim zgradama klase A i B nastavlja da opada i
ukupne površine 69.000 m2. Pošto tačan datum početka još uvek
procenjuje se da je ona u četvrtom tromesečju 2012. godine
nije poznat, predviđamo da će u naredne dve godine ponuda
iznosila 14%.
novoizgrađenih poslovnih prostora i dalje biti slaba. Ipak, završetak
projekata koji su stopirani ili su delimično završeni mogao bi
naizgled da poboljša stanje.
Prime Office Yields %
Stopa prinosa prvoklasnog prostora %
Prime Rents €/m2/month
Cene zakupa prvoklasnog prostora €/m2/mesečno
25
20
15
9.75%
9.50%
9.25%
9.00%
8.75%
8.50%
8.25%
8.00%
10
5
0
Q1 2009
Q2 2009
Q3 2009
Q4 2009
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
2005 2006 2007 2008 2009 2010 2011 2012
Source/Izvor: Jones Lang LaSalle, January 2013
Cene zakupa i stope prinosa
Cene zakupa prvoklasnog prostora u Beogradu ostale su
Source/Izvor: Jones Lang LaSalle, January 2013
nepromenjene u četvrtom tromesečju. Cene zakupa kancelarijskog
U prvom tromesečju 2013. očekuje se završetak izgradnje poslovne
prostora klase A na Novom Beogradu kreću se od €14 do
zgrade klase A, Danube Business Centra koji ima površinu od 6.000
€16/m2/mesečno i ne očekujemo nikakve promene u kratkoročnom
m2 i deo je novog hotelsko-poslovnog prostora na Novom
periodu. Ipak, vlasnici prostora i dalje nude podsticaje poput rent-
Beogradu. Hotel Falkenštajner, pored Danube Business Centra
free perioda (obično 3 meseca), dodatna parking mesta bez
završen je i otvoren u poslednjem tromesečju 2012. godine.
naknade, učešće zakupodavca u troškovima završnih radova. Cene
zakupa za kancelarijski prostor klase B na Novom Beogradu iznose
Potražnja
Otkad je u Srbiji osnovan Research Forum u poslednjem
između €9 do €13/m2/mesečno a centru grada od €10 do
tromesečju, a tri vodeće kompanije iz oblasi nekretnina u Srbiji
kancelarijske prostore u Beogradu iznosi 9,25%.
počele da razmenjuju nepoverljive informacije, značajno je
€12/m2/mesečno. Procenje se da stopa prinosa za prvoklasne
6 On Point • Belgrade City Report• Q4 2012
Retail Market
Supply
Belgrade’s retail stock remained unchanged over the last quarter
largest shopping mall constructed in Serbia, is expected in spring
of the year. There is only one large sized shopping centre under
Višnjička Plaza (48,000 m2 GLA) in mid-2013.
construction, Stadium Center Voždovac (35,000
m2).
2015. An Israeli investor is planning to start the construction of
The
pipeline shopping centre will be a part of unique sports and
commercial complex in one of Belgrade’s residential areas called
Demand
The official announcement of the first H&M store to open in
Voždovac. There will be a stadium on the roof of the shopping
Serbia is the best evidence of international retailer confidence in
centre which will be used as a multifunctional space for sports
Belgrade’s retail market. H&M signed its first lease agreement for
and cultural events, with a capacity of 5,200 spectators. The
2,500 m2 in Delta City shopping mall and the official opening will
construction of this shopping centre is in its final stage with the
take place in autumn 2013.
interior works underway. The official opening is due to take place
in March 2013.
In 2012, C&A has been strongly establishing itself on the
Belgrade market with the opening of two stores in Ušće and
Until then, Belgrade will maintain its extremely modest shopping
centre stock of 158,700
m2
of gross leasable area. The figure
refers to the shopping centres above 5,000
m2
GLA categorized
Delta City shopping centres. C&A has also signed a lease
agreement for a retail unit in Karaburma shopping center which is
due to open in March 2013.
according to ICSC’s pan-European standard. The shopping
centre stock is even lower when considering only modern
shopping malls which stands at just 98,000
m2
Total Annual Spending in € per Capita in Belgrade
of gross leasable
area accommodated in three assets. With a density of 60 m2 of
retail space in modern shopping centres per 1,000 inhabitants,
Belgrade is among the lowest ranked city in the CEE region.
Shopping Center Stock in Belgrade (m2)
Ponuda tržnih centara u Beogradu (m2)
200,000
150,000
Source/Izvor: Statistical Office of the Republic of Serbia, *Q1, Q2 and Q3
100,000
50,000
The demand from international retailers for modern retail
schemes continues to be very strong; the main obstacle for new
0
2007 2008 2009 2010 2011 2012 2013f
Source/Izvor: Jones Lang LaSalle, January 2013
In terms of retail development, positive signs are anticipated with
the construction commencement of two shopping centres – Delta
Planet and Višnjička Plaza. The construction of Delta Planet
shopping mall (75,000 m2 GLA), announced to commence in
2013, is expected to accelerate the retail market in the capital
city. A strong marketing campaign has already resulted in high
interest from international retailers that are not currently present
on the market. The completion of Delta Planet, which will be the
entrants or retailers looking to expand is the limited supply of
modern shopping centres. In particular, there is a lack of retail
units sized between 400 and 1,000 m2 in modern premises in
New Belgrade.
Rents and Yields
Prime rents and yields remained unchanged in Q4. Prime
shopping center rent for a 100 to 200 m2 retail unit stands at
€65/m2/month, while rent for such a unit on Knez Mihajlova
Street is €80/m2/month. Average rents in prime shopping centres
in Belgrade range between €27 and €29/m2/month. The prime
shopping centre yield stands at 9%.
On Point • Belgrade City Report• Q4 2012 7
Maloprodajni prostori
Ponuda
Ponuda maloprodajnih prostora u Beogradu je ostala
proleće 2015. Izraleski investitor Plaza planira da počne izgradnju
Višnjičke Plaze (48.000 m2) sredinom 2013.
nepromenjena u poslednjem tromesečju. Trenutno se gradi samo
jedan veliki tržni centar, Stadion Centar Voždovac od 35.000 m2.
Budući šoping centar biće deo jedinstvenog sportsko-
Potražnja
Zvanična objava otvaranja prve prodavnice modnog brenda H&M
komercijalnog kompleksa u beogradskom stambenom naselju
u Srbiji najbolji je dokaz poverenja stranih brendova u
Voždovac. Stadion na krovu tržnog centra, kapaciteta 5.200
beogradsko tržište. H&M je potpisao ugovor o zakupu 2.500 m2 u
mesta, biće multifunkcionalni kompleks namenjen sportskim i
tržnom centru Delta City a zvanično otvaranje prodavnice biće na
kulturnim manifestacijama. Izgradnja ovog tržnog centra je u
jesen 2013. Poznati brend C&A se 2012. godine snažno
završnoj fazi a radovi na enterijeru su u toku. Zvanično otvaranje
pozicionirao na beogradskom tržištu otvaranjem dve prodavnice u
najavljeno je za mart 2013.
tržnim centrima Ušće i Delta City. C&A je takođe potpisao ugovor
o zakupu maloprodajnog prostora u tržnom centru Karaburma,
Do tada, ponuda šoping centara u Beogradu će i dalje ostati
asvečano otvaranje je planirano za mart 2013.
krajnje skromna sa 158.700 m2 bruto površine za iznajmljivanje.
Ove kvadratura odnosi se na tržne centre preko 5.000 m2
kategorisane na osnovu panevropskog standarda Međunarodnog
saveta za tržne centre (ICSC). Kvadratura tržnih centara je još
manja ukoliko se uzmu u obzir samo moderni tržni centri i iznosi
98.000 m2 raspoređenih u tri objekta. Sa 60 m2 maloprodajnog
prostora u modernim tržnim centrima na 1.000 stanovnika,
Beograd je najniže rangiran grad u Srednjeistočnoj Evropi.
Prime rents €/m2/month
Cene zakupa prvoklasnog prostora €/m2/mesečno
120
100
80
60
40
20
0
Prime Shopping Center Yields
Stopa prinosa prvoklasnih tržnih centara
High Street
9.75%
Shopping Centers
Source/Izvor: Jones Lang LaSalle, January 2013
9.50%
9.25%
Potražnja stranih brendova za modernim prodajnim prostorom je i
9.00%
dalje snažna; glavna prepreka brendovima koji nisu prisutni na
tržištu ili već postojećim koji žele da prošire svoju mrežu jeste
Q4 2012
Q3 2012
Q2 2012
Q1 2012
Q4 2011
Q3 2011
Q2 2011
Q1 2011
Q4 2010
Q3 2010
Q2 2010
Q1 2010
8.75%
Source/Izvor: Jones Lang LaSalle, January 2013
nedovoljna ponuda maloprodajnog prostora u modernim tržnim
centrima. Evidentan je nedostatak modernih maloprodajnih
prostora veličine od 400 do 1.000 m2 na Novom Beogradu.
U domenu izgradnje maloprodajnog prostora, očekuje se da će
Visine zakupa i stope prinosa
Zakupi i stope prinosa prvoklasnih prostora ostali su nepromenjeni
početak izgradnje dva tržna centra, Delta Planet i Višnjičke Plaze,
u T4. Visina zakupa prvoklasnog maloprodajnog prostora površine
doneti pozitivne pomake na tržištu. Očekuje se da će izgradnja
od 100 do 200 m2 u modernim tržnim centrima iznosi
Delta Planeta (75,000 m2 GLA), čiji je početak najavljen za 2013,
€65/m2/mesečno, dok se isti takav prostor u Knez Mihajlovoj ulici
ubrzati tržište maloprodajnog prostora u glavnom gradu. Snažna
može iznajmiti za €80/m2/month. Prosečne visine zakupa u
marketinška kampanja rezultirala je velikim interesovanjem stranih
prvoklasnim tržnim centrima u Beogradu kreću se od €27 do
brendova koji nisu prisutni na tržištu. Završetak Delta Planeta,
€29/m2/mesečno. Stopa prinosa za prvoklasne tržne centre iznosi
najvećeg tržnog centra ikad izgrađenog u Srbiji, najavljen je za
9%.
8 On Point • Belgrade City Report• Q4 2012
Market Practice
Leasing Market Practice
Tržišna praksa zakupa prostora
Lease length
• Average lease length is 5 years, 3 – 5 years are common in
Dužina zakupa
the city centre and 5 (rarely 7) years on the outskirts
• In a few cases longer leases can be agreed
• 3 year break options are becoming more common
Payment Terms
• Rents are quoted in € and paid monthly in advance in either €
or RSD according to the exchange rate on the day of the
payment
Rental Deposit
• It is common to agree on a cash deposit or bank guarantee
• Prosečna dužina zakupa je 5 godina - uglavnom se prostori u
centru grada zakupljuju na 3 – 5 godina, a na periferiji na 5
(retko 7 godina)
• U malom broju slučajeva se vrši zakup prostora na duži period
• Sve su češće mogućnosti raskida ugovora nakon 3 godine
Uslovi plaćanja
• Cene zakupa se navode u € a plaćaju se mesečno unapred ili u
€ ili u RSD prema valutnom kursu na dan plaćanja
Depozit
• Praksa je da se depozit plaća u kešu ili bankarskom garancijom
equal to 3 months rent for all types of premises (office, retail
u iznosu od tri mesečne rente za sve vrste prostora
and industrial)
(kancelarijski, maloprodajni i industrijski)
• Indexation is annually in line with European CPI
Other Charges
• Service and energy charges (Utilities and direct consumption
are paid separately)(offices and industrial)
• Service charges and marketing costs (retail)
Insurance
• The landlord covers costs of building insurance (recovered by
service charges). The tenant covers insurance of own
premises, contents and civil liabilities
Incentives
• Offered by the landlords in form of 3 month rent free period, fitout contributions and free of charge additional parking space
• Indeksacija se vrši godišnje i usklađena je sa evropskim rastom
potrošačkih cena
Ostali troškovi
• Troškovi usluga i potrošnje električne energije (troškovi
održavanja i direktne potrošnje plaćaju se posebno)
(kancelarijski i industrijski prostori)
• Troškovi usluga i marketinga (maloprodajni prostori)
Osiguranje
• Vlasnik prostora pokriva troškove osiguranja zgrade (naplaćuje
se od naknade za troškove usluga). Zakupac plaća osiguranje
za sopstvene prostorije, pokretnu imovinu i civilna lica
Podsticaji
• Vlasnici prostora prilikom izdavanja mogu davati i podsticaje u
vidu izdavanja prostora na period od 3 meseca bez naknade,
uređenja prostora o sopstvenom trošku ili dodatna parking
mesta gratis
Jones Lang LaSalle offices
Belgrade
Bulevar Mihajla Pupina 6, 11070 Novi Beograd
Serbia
+ 381 11 22 00 101
+ 381 11 22 00 102
Contacts
Jens Moller Madsen
Managing Director SEE
Jones Lang LaSalle
Croatia
Andrew Peirson
Managing Director
Jones Lang LaSalle
Serbia
Ivana Trajković
Research Analyst
Jones Lang LaSalle
Serbia
+385 1 4826 114
[email protected]
www.joneslanglasalle.com
+381 11 22 00 103
[email protected]
www.joneslanglasalle.com
+381 11 22 00 110
[email protected]
www.joneslanglasalle.com
Belgrade City Report - Q4 2012
OnPoint reports from Jones Lang LaSalle include quarterly and annual highlights of real estate activity, performance and specialised
surveys and forecasts that uncover emerging trends.
www.joneslanglasalle.com
COPYRIGHT © JONES LANG LASALLE IP, INC. 2013. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of
Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We
would like to be told of any such errors in order to correct them.
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Belgrade City Report Q4 2012 Final