Find a Commercial Space, Office, or Warehouse for Your Business in Serbia

Published on January 14, 2026 and written by Cyril Jarnias

Starting or growing a business in Serbia quickly leads to the same practical question: where to set up your company, and in what type of premises? A modern office in Belgrade, a neighborhood shop, a logistics warehouse near a highway, or a factory in an industrial park: the options are increasingly broad, but the rules of the game remain very specific. Understanding the market, prices, the legal framework, and regional differences is essential for signing a lease or purchasing a building while limiting risks.

An attractive business environment for setting up premises

Serbia has established itself as a competitive destination for industrial, service, logistics, or digital companies. Located at the heart of the Balkan peninsula, at the crossroads of Pan-European Corridors X and VII, it offers direct access to European Union markets, while benefiting from free trade agreements with numerous countries.

This combination of moderate taxation, average wages lower than in the EU, and employment incentives results in an overall labor cost close to half of that observed in EU member states in Eastern Europe. For an entrepreneur looking for retail space, an office, or a warehouse, this means that the “rent + salaries + operating costs” category remains competitive, provided there is a careful trade-off between location, energy performance, and service level.

Understanding the commercial real estate market in Serbia

The Serbian professional real estate market has become considerably more structured over the last decade. It is now driven by both international institutional investors, large construction groups, local banks, and domestic developers.

Belgrade overwhelmingly dominates, concentrating over 70% of the demand for quality offices, prime retail space, and a significant share of logistics. The supply of modern offices in the capital exceeds 1.2 million m² of leasable area, with about 65% being Class A, and continues to grow with new projects in New Belgrade, the city center, and along major thoroughfares.

The most dynamic sector is warehouses and logistics, driven by e‑commerce, rising industrial exports, and its regional hub position. Modern logistics space already exceeds 6 million m², with a pipeline of several hundred thousand additional square meters.

Offices, retail, industry: different dynamics

Modern offices in Belgrade show strong demand, driven by IT, engineering, finance, and shared services. Vacancy rates for Class A buildings are around 2%, while Class B buildings remain below 4%. Prime rents are stabilizing around €18/m²/month for top assets, while flexible or coworking solutions complement the supply, with over 70,000 m² of shared spaces.

Retail follows a distinct trajectory. In the capital as in medium-sized cities (Čačak, Kraljevo, Leskovac, Zaječar, Valjevo, Pančevo), growth is driven by retail parks and hybrid formats. While hyper-central areas remain very expensive, demand for neighborhood retail in residential areas is booming, driven by the slogan that sums up the new market reality well: “the center is wherever the consumers are.”

Analysis of the Serbian commercial real estate market

Finally, industrial and logistics real estate is the most promising strategic axis, with strong demand for modern warehouses, well-served by the E‑70 and E‑75 highways, the Belgrade ring road, and river ports.

Choosing your location: Belgrade, Novi Sad, Niš and the corridors

The first step in finding premises is to choose the city and the type of area suited to your business model. In Serbia, the “corridor” logic is decisive, especially for logistics and industry.

Belgrade: showcase, market, and logistics hub

Belgrade is home to about 1.7 million inhabitants and is simultaneously the country’s largest consumer market, financial center, and main tertiary hub. The city is at the crossroads of the E‑70 and E‑75 highways, has an international airport (Nikola Tesla) 20–30 minutes from the main business districts, a river port, and a dense urban transport network.

The main areas for setting up an office or retail space are the central municipalities (Stari grad, Vračar, Savski venac, Palilula, Zvezdara) and New Belgrade on the left bank of the Sava, which is becoming the country’s financial center. Almost all municipalities, including peripheral areas like Surčin, Borča, or Batajnica, have dense populations and an interesting local market.

For retail, micro‑location logic is paramount. A small 15–20 m² shop on a high-traffic street in Stari grad or Vračar typically rents for between €200 and €600 per month, while a 100 m² space in a prime location can reach €2,000, or even more for an exceptional storefront. In New Belgrade and Zemun, levels are slightly lower but remain sensitive to micro‑location within residential blocks.

Novi Sad: engineers, Danube, and logistics

Novi Sad, the country’s second-largest city, combines a strong pool of engineers, a dynamic university, a port on the Danube, and a strategic position on the Belgrade–Hungary axis. It is increasingly positioning itself as a logistics hub, notably thanks to modern industrial parks like CTPark Novi Sad, CTPark Novi Sad East, CTPark Novi Sad City, or Industrial Park Pobeda.

Niš, Kragujevac, and other regional hubs

Niš, the country’s third-largest city, is located at the crossroads of routes to Bulgaria, North Macedonia, and Greece. CTPark Niš, less than 5 km from the city center and near Konstantin Veliki Airport, specifically targets companies looking to cover southern Serbia and the Southern Balkans. The city benefits from an abundant and competitive workforce, and the possibility to create a free trade zone further enhances its appeal for certain types of industrial activities.

Kragujevac, Kraljevo, Čačak, Subotica, Pančevo, Smederevo, Zrenjanin, as well as Ruma, Inđija, and Stara Pazova are part of an expanding network of industrial zones, often directly connected to highways and benefiting from regional incentives (employment subsidies, equipment co-financing, reduced-price land).

Rental levels: offices, retail, and warehouses

Rental levels vary significantly depending on the city, building quality, its class (A, B, or C), location, and included services (utilities, parking, security, etc.). It is essential to compare not only the face rent but the total cost of occupancy (rent + utilities + energy + fit-out).

Rental ranges for retail in Belgrade

For reference, available data allows establishing indicative ranges for retail spaces in Belgrade:

Belgrade Area	Typical Size	Average Monthly Rent (range)
City Center (Stari grad, Vračar, etc.)	15–20 m²	€200–600
City Center	30–40 m²	€400–800
City Center	50–60 m²	€500–1,000
City Center	100 m²	€1,000–2,000
New Belgrade	15–20 m²	€200–500
New Belgrade	30–40 m²	€400–700
New Belgrade	50–60 m²	€500–1,000
New Belgrade	100 m²	€800–2,000
Zemun	15–20 m²	€200–400
Zemun	30–40 m²	€350–700
Zemun	50–60 m²	€400–800
Zemun	100 m²	€800–1,500

These figures mask significant micro‑location variations. Some blocks in New Belgrade see small retail units under 30 m² renting for between €300 and €800 per month, while in outlying municipalities, large spaces in strategic locations can reach several thousand euros, attracting major food, DIY, or equipment retailers.

Offices: costs, charges, and fit-out

For offices, monthly rents in Serbia generally range between €5 and €35/m². The best buildings in Belgrade (Class A) are around €18/m², while older or less well-located buildings offer rates between €8 and €14/m².

Interior fit-out represents a significant cost item. Benchmarks commonly used by advisors like Colliers indicate fit‑out costs on the order of:

Building Type	Indicative Fit-out Cost
Class A Office	~ €1,300/m²
Class B Office	~ €900/m²
Class C Office	~ €650/m²
Warehouse / Industrial	€300–500/m²

This fit‑out typically includes partitions, flooring, furniture, IT cabling, lighting, meeting rooms, etc. It can be partially covered by the owner in the form of a “fit‑out contribution” (€70 to €250/m² depending on the case), in exchange for a longer lease or higher rents. Rent-free periods (1 to 2 months for an office lease, 0 to 1 month for a warehouse) are also part of the negotiation levers.

Warehouses and industrial spaces: renting at the right price

In the logistics segment, rents remain very competitive on a European scale, but differences between cities exist:

City / Region	Average Monthly Warehouse Rent (€/m²)
Belgrade + suburbs	4.5 – 5.0
Novi Sad	3.8 – 4.8
Niš	3.5 – 4.2
Kragujevac	~ 7.1
Belgrade (wide range depending on class & location)	4 – 15

Large industrial parks (CTPark, VGP, BHM Industrial Park, etc.) offer modular spaces from 2,000 to over 100,000 m², often with flexible contract options (3 to 12 months) for small spaces, or Build‑To‑Suit and Build‑To‑Own models for large custom facilities.

Energy and utilities: a cost not to be underestimated

Energy accounts for an average of around 20% of an office building’s operating costs. Serbia, historically favored by low electricity tariffs, has seen its prices rise, especially for industrial users, making it necessary to closely examine the energy performance of premises.

For businesses, the average industrial electricity price is around €0.1356/kWh, with variations by region and tariff structure (demand charge, peak/off-peak hours, total volume). In some industrial zones in Vojvodina, ranges of €0.09 to €0.12/kWh are observed, while in other cases, commercial contracts have been offered between €105 and €109/MWh.

To put these costs in perspective, typical domestic usage comparisons provide an order of magnitude: charging an electric vehicle would cost about €6.31, washing machine €0.11, vacuum cleaner for 10 minutes €0.05. For a 10,000 m² warehouse, the annual bill will depend largely on insulation quality, the heating system (gas, electricity, district heating), and consumption management.

More and more owners are integrating building management systems (BMS), smart lighting, occupancy sensors, and even photovoltaic panels and batteries to smooth consumption during peak hours. For a tenant, requesting annual energy reports and environmental certifications (green building certificate, “energy passport”) helps anticipate utility costs and integrate energy costs into the location decision.

Industrial zones and logistics parks: turnkey solutions

For industrial or logistics companies, locating in a structured industrial park or logistics zone offers significant advantages: shorter connection times, shared infrastructure costs, immediate access to highways, workforce, and sometimes specific incentives.

Among the most representative sites are:

These parks are generally designed to accommodate buildings compliant with international standards (clear heights of 6 to 12 m, slabs supporting heavy loads, multiple loading docks, sprinklers, video surveillance, fiber), with support services (customs, project management, security, maintenance). They enable companies to start operations within weeks rather than months, in a “plug‑and‑play” logic.

The legal framework: planning, construction, and energy

Beyond the market, setting up in commercial, office, or warehouse premises is governed by a body of laws that foreign investors must master, at least in broad terms.

Planning and zoning

The central law is the Law on Planning and Construction. It defines zoning rules, land use, height, building density, and governs the entire construction cycle: location conditions, building permits, occupancy permit, connection to utilities.

Planning documents are divided into spatial plans (for the state, regions, and certain special areas) and urban plans (general urban plans, regulatory plans, detailed plans). Each plot is designated for one or more uses (residential, commercial, industrial, mixed), with regulatory indices such as:

Key Term	Synthetic Definition
Land use	Permitted use of the plot (housing, commerce, industry…)
Plot ratio	Ratio of building footprint to plot area
Floor area ratio	Ratio of total gross floor area to plot area
Building line	Limit to which the main building envelope can be brought

Before acquiring land to build a warehouse or office building, it is essential to check the zoning, permissible heights, parking obligations, proportion of green space, or specific constraints (heritage, environment, “Seveso,” etc.).

Unified permit procedure

Serbia has implemented a largely digitalized integrated procedure for planning approvals. A single desk manages:

The law sets indicative deadlines: 5 working days to issue location conditions once all contributions are received, 15 to 30 days for public operators to provide their opinion, 5 days to issue a building or occupancy permit after submission of a complete file. In practice, these deadlines can be extended depending on project complexity, but the legal basis provides a useful framework for demanding follow-up.

Energy efficiency and the “energy passport”

Reducing energy consumption is established as a legal principle. Every new building must have an energy performance certificate (energy passport), which is required for the occupancy permit and, under the new 2023 law, for the notarization of any sales or lease contract for a building if the certificate is more than ten years old.

Compliance deadlines vary: immediate for new constructions, 5 years for existing commercial buildings, 10 years for residential. Buildings must also, eventually, integrate specific provisions to conceal external air conditioning units, which will impact commercial facades and offices.

For an entrepreneur, these obligations translate into compliance costs for owners, but also potential savings on utilities: premises with a good energy rating will be cheaper to operate, a criterion not to be overlooked when choosing a warehouse or office.

Commercial leases: what your contract should contain

In Serbia, leases – whether for retail, office, or warehouse space – are governed by the Law on Obligations. The text does not formally distinguish between residential lease and commercial lease, which leaves significant contractual freedom but requires particular rigor in drafting.

Essential content of a lease

A well-structured commercial lease should at minimum cover: the lease terms, lease duration, rent amount, renewal terms, obligations of the tenant and landlord, and provisions for termination.

The lease does not legally need to be written or notarized to be valid, but in practice it is highly recommended to sign a detailed written contract. Notarization, although optional, gives the lease the force of an enforceable title, facilitating recovery of unpaid rent or eviction in case of dispute.

Duration, renewal, and exit

Leases can be concluded for a fixed term or an indefinite term. There is no imposed minimum or maximum duration. For offices and retail, commitments of 3 to 5 years are common, while warehouses can be leased for longer terms, especially when significant fit‑out is carried out.

The landlord can terminate the contract in case of persistent non-payment of rent after notice (15-day period), unauthorized use of the premises, or unauthorized subletting. The tenant can terminate the lease if the use of the property is seriously impaired (structural defects, major repairs not carried out, third-party claim, etc.).

Subletting, assignment, and sale of the property

Unless otherwise stipulated, the tenant can in principle sublet the premises, provided it does not harm the owner and respects the property’s designated use. In many leases, the landlord’s written consent is required for any subletting, which cannot be refused without valid reasons. The sublease automatically ends when the main lease terminates.

Taxation of rent and VAT

Commercial rent is subject to VAT at the rate of 20%. Depending on the status of the parties, tax obligations differ:

– If the landlord is an individual and the tenant is a company or entrepreneur, it is the tenant who must declare and pay the income tax for the landlord (20% on a taxable base equal to 75% of the gross rent).

– If both parties are individuals, the landlord assumes the tax themselves.

– If both are legal entities or entrepreneurs, the rent is included in the landlord’s taxable income.

Rent can be set in euros, but local payments follow foreign exchange rules, often with conversion to dinars for payments. Service charges indexed in euros must generally be paid in RSD, according to National Bank rules.

Buying rather than leasing: ownership and acquisition by foreigners

Certain projects, especially industrial or headquarters, justify purchasing land or a building rather than leasing. In Serbia, local individuals and companies can acquire most real estate, while foreigners have a conditional right to purchase based on reciprocity.

Ownership by foreign companies

Foreign individuals and legal entities can buy apartments, houses, and commercial properties, but face restrictions on agricultural land and certain border or strategic zones. In practice, foreign investors often set up a Serbian company (as a DOO – limited liability company) to acquire developable land, industrial buildings, and warehouses more freely.

A comprehensive due diligence is recommended: verification of title and mortgages, planning compliance, environmental status, connection to utilities, legal status of the seller, risks of expropriation or restitution.

Financing the acquisition or fit-out of your premises

The Serbian banking system and European institutions offer a wide range of products to finance the purchase or renovation of offices, retail spaces, and warehouses.

Local banks offer:

– Long-term investment loans for purchasing premises, acquiring equipment, or renovation,

– Working capital credits (overdrafts, revolving credit lines) to cover operational needs,

– Refinancing loans to restructure existing debt.

In parallel, the Serbian state has established public guarantee schemes to support loans to micro, small, and medium enterprises, with guaranteed amounts reaching up to several billion euros and coverage up to 80 to 100% of the loan. These mechanisms facilitate access to financing for equipping a warehouse, fitting out an office, or buying retail space, by reducing risk for banks.

For a foreign investor, working with a local advisor or a bank experienced in these programs often allows significantly reducing the cost of capital tied up in commercial real estate.

What type of premises for what type of business?

Beyond the numbers, the key is to choose a type of premises suited to the nature of the business, the clientele, and operational needs.

For a service or IT business, a modern office in Belgrade or Novi Sad, close to transport with a good parking/employee ratio, redundant internet connectivity, and collaborative spaces is often strategic for recruiting and retaining talent.

For a restaurant or bar, proximity to high-traffic thoroughfares, squares, and tourist areas remains key, but competition and rents are fierce there; slightly offset but accessible locations can be a better compromise, especially for new concepts.

For a logistics or industrial activity, the hierarchy of criteria changes: distance to highways, truck maneuvering capacity, clear height, floor load capacity, number of loading docks, available electrical power, ease of local recruitment, energy and water costs, possibilities for expansion on adjacent land.

Reducing risks: agencies, advisors, and best practices

Finding premises in Serbia without prior knowledge of the market or local law can be risky. Several types of players can assist in the process:

Three practical precautions are always necessary:

For start-up entrepreneurs or very lightweight structures, flexible offices (Regus, local operators) and virtual offices – which provide an administrative address, mail handling, and possibly occasional meeting rooms – can constitute a wise transitional solution, limiting initial financial commitment.

In summary

Finding commercial premises, an office, or a warehouse for your company in Serbia requires combining a nuanced reading of the market (cities, corridors, industrial parks, rental levels) with a solid understanding of the legal framework (leases, planning, energy) and cost parameters (utilities, energy, fit-out, taxation). In a country where the commercial real estate market is both booming and still maturing, opportunities are plentiful for those who know how to choose their location, negotiate their lease, and rely on the right local partners.