FM Serbia.com

The first half of 2009 was characterised by the opening of the largest shopping mall in Serbia-Usce Mall, comprising 43,500 m2 GLA, whichh introducted a dozen of international retail brands to the Serbian market. Another important retail project that was opened is Beogradjanka department store, offering a comprehensive tenant mix on 12,000 m2 GLA, located in the primary shopping zone of Belgrade.

Due to the economic crisis, retailers have generaly grown more cautins concerning their expansion plans for 2009, which has resulted in lower pre-opening occupancy rates of projects under construction. Rental levels in Belgrade have remained stable in the primary and secondary zones, whereas other areas have experienced a decrease of 15-20%. Rents in retail projects currently under constructin have been somewhat reducted, as a result of a decreased demand.

Source: Colliers International Market Overview 2009