Q42025

SEEMIarketFi8urcs

FIGURESIINDUSTRIAL2025

CBRE

KEYPERFORMANCEINDICATORS(Q42025)

primeRent

4.75

Monthly,pe「SQ.m

speculativestock

758K

Thousandofsq.m

BelgradeandGreaterBelgrade

Industrialproduction

-34%

NOVY-o-y

speculativesupply,Q42025

Thousandofsq.m

BelgradeandGreaterBelgrade

primeyield

Jan2026

underconstruction

>18K

Thousandofsq.mspeculative

serbia

Therobustgrowthoftheindustrialsectorinthecountryhascontinuedthroughout2025,withthespeculativestockgrowingby11%annuallyintheBelgradeandGreaterBelgradearea.

BasedonthedatapublishedbyoxfordEconomics,therelativelyfavorableeconomicsentimentisunderlinedbystableGDPgrowth,aswellasadecreaseoftheinflationrate,whichwasdrivenbyasharpfallinfoodprices·AccordingtothelatestdatapublishedbyThestatisticalofficeoftheRepublicofserbia,theinflationrateamountedto2.7%y-o-yinDecember·

AccordingtoThestatisticalofficeoftheRepublicofserbia,industrialproductionexperiencedanannualdropof3.4%inNovember,afterremainingresilientearlierintheyear.Namely,basedonoxfordEconomics,serbia'svulnerabilitylargelystemsfromtheslowdowninindustrialoutputamongitsprincipaltradingpartners·

DISTRIBUTIONWAREHOUSESTOCKANDSUPPLYIBELGRADEANDGREATERBELGRADE

20152016201720182019202020212022202320242025

mmstocksupply

300,000

250,000

200,000

source:CBRE,2026

FIGURES|INDUSTRIAL|Q42025

CBRERESEARCH?2026CBRE,INC.

CBRE

EXISTINGSPECULATIVEDISTRIBUTIONWAREHOUSESBYREGIONSBYAREA

Industrialsupplyhasexpandednoticeablyoverthepreviousquarter,drivenbyafewnotedprojectcompletionsacrossvariousregionsofthecountry·Firstly,twonoteworthydeliveriesbytheinvestorcTPhavebeenobservedinNovisadinthefinalquarterof2025.Namely,theNVSE04phaseofcTparkNovisadEasthasbeendelivered,havingadded30,700sq,mofspeculativespace,whileCTparkNovisadhasalsoreceivedanadditionalphase,spanning15,000sq.m.Moreover,inthesouthernregion,CTparkhasreceivedtheNISO1phase,encompassingover41400sq,m.

ASregardsBelgradeanditsgreaterarea,thedistributionwarehousestockhasremainedconstant,withnonewnoteworthycompletionsinthelastthreemonthsof2025.Therefore,thelastnotablecompletionsinthisareaweredeliveredinQ32025,whenthephaseBGDW07oftheprojectCTparkBelgradewestwasadded,spreadingover45,000sq.mofspeculativespacein·

PIPELINEDISTRIBUTIONWAREHOUSESBYREGIONSBYAREA

Thecountry'slightindustrialscenehastraditionallyremainedactive,withafewsignificantdeliveriesinvariousregionsofserbiaduringthefinalquarteroftheyear.someoftheseincludeAriston,whichwascompletedinNis'SIndustrialzoneNorth,spreadingover30,000sq,m,FinestampingTechnologyinApatin,aswellasMuehlbauerAutomation'stechnologypark,deliveredinstarapazova·

serbia'slogisticsmarketcontinuestoexpand,supportedbynumerouspipelinedevelopments·Generally,themajorityofnotableprojectsarecurrentlystillintheplanningphase,withtheirconstructiononsetexpectedintheupcomingmonths.TheBelgradeandGreaterBelgraderegionremainsthefocalpointoffuturesupply,withnumerousprojectscurrentlyintheplanningstage.Atthesametime,thebulkofannouncedspeculativeofferisconcentratedinNovisadandthecountry'stwolargestcitiesafterthecapital

AmyriadofpipelineprojectsinBelgradeandtheGreaterBelgradeareaareilluminatingtheappealofthislocation,withprojectssuchasvGpparkone,plannedtodeliverover380,000sq.mofspeculativespace,aswellastheeighthphaseofBHMIndustrialparkBelgrade,spanning36,000sq,m.othersignificantannouncedschemesintheareaincludecTparkBelgradewest,whosefuturephaseswilldeliverover000sq.m,CTparkBelgradeNorth,whichwillspreadoveradditional127,000sq.m,aswellascTparkBelgradeBorta,whichwilladdover206,000sq.mofdistributionwarehousespace·

source:CBRE,2026

FIGURES|INDUSTRIAL|Q42025

CBRERESEARCH?2026CBRE,INC.

CBRE

PRIMERENTSANDPRIMEYIELDS

12.00%

withregardtotheremainingregionsofthecountry,Novisadwillreceiveover206,000sq.mwithinCTparkNovisad,CTparkNovisadEastandCTparkNovisadcitywhatismore,CTparkJagodinawillcontributeover103,o00sq.mofspacewithinfivephases,whileCTparkNiswillbeenrichedwiththreephasesencompassingaround26,000sq,m.

onthedemandside,activityhasgenerallyremainedstable,withnomaterialchangesnotedinrecentmonths.Themaindemanddriversontheindustrialmarketremainconsumergoods,transportandlogisticscompanies·Furthermore,oneoftheperceivedtrendshasbeenthecontractionofthepre-leaseperiodforspeculativespaces,aswellastherisingattractivenessofsmallerproperties,whichdemonstrateresilienceevenduringtimesofvolatilityMoreover,theinterestofinternationalinvestorsinserbiahasbeenapparentintherecentperiod,withoneofthemoresignificantannouncementsbeingtheentranceofEurospinontotheserbianmarket.ASregardsthevacancyrate,itisestimatedtohavedecreasedslightly,amountingtoaround7%intheBelgradeandGreaterBelgradearea.

primeRents——primeyields

Rentalconditionshaveshownlittlevariation,withstandardwarehouserentsaveragingaroundEUR4.75persq,mpermonth,whilecitylogisticsfacilitiescommandhigherrates,reachinguptoEUR5.50persq,mmonthly·

source:CBRE,2026

ManagingDirector

bosko.tomasevic@

JanaJovanovid

HeadofResearchsEE

janajovanovic@

Jovanapetrovi?

ResearchAnalyst

jovana.petrovic@

?Copyright2026.Allrightsreserved.Thisreporthasbeenpreparedingoodfaith,basedonCBRE’scurrentanecdotalandevidence-basedviewsofthecommercialrealestatemarket.AlthoughCBREbelievesitsviewsreflectmarketconditionsonthedateofthispresentation,theyaresubjecttosignificantuncertaintiesandcontingencies,manyofwhicharebeyondCBRE’scontrol.Inaddition,manyofCBRE’sviewsareopinionand/orprojectionsbasedonCBRE’ssubjectiveanalysesofcurrentmarketcircumstances.Otherfirmsmayhavedifferentopinions,projectionsandanalyses,andactualmarketconditi