Biggest Ever Annual Increase in New Office Space in Belgrade in 2007

Belgrade, Serbia and Montenegro, December 19, 2007 --(PR.com)-- 140,000 m2 of new office space will have been constructed in Belgrade in 2007, the largest amount since the transition process began. That’s according to new Colliers International Serbia research.

The increase of 140,000 m2 means that the total of Class A and B speculative modern office space will be some 485,000 m2 by the end of the year, say Colliers International Serbia in their new office market overview. Approximately 65% of the stock is located in Belgrade’s Central Business District (CBD), 25% is in the Broad Center, and the remaining 10% in the suburban areas of the capital.

Jovica Jakovac, General Manager of Colliers International Serbia, said, “Demand for high-quality office space remains strong. Vacancy rates have been declining, they’re down 10% year on year. And we expect this robust construction activity to continue in 2008.”

Philip Bay, Regional Director, Colliers International Southeast Europe, concluded, “I am proud of the high quality market research we produce. It is a valuable tool for clients, media and other real estate professionals, and just another reason why Colliers International Southeast is the leading property consultants in the region.”

The new research appears in the Serbia Office Market Overview for the second half of 2007 and is available for download on the Colliers website (http://www.colliers.com/Markets/SerbiaMontenegro/MarketReports/).

Colliers International Southeast Europe was recently named Property Consultant of the Year for the region for the second straight year.

Colliers International is the largest real estate advisory firm in Southeast Europe.

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