Office markets across SEE entered 2026 with strong fundamentals, supported by low vacancy rates in most capitals, limited availability of prime space and strong occupier demand for quality, sustainable offices, according to CBRE research.
While development pipelines differ by market, the pattern across the region remains resilient, with occupiers increasingly prioritising specification, location and ESG credentials in their leasing decisions during Q1 2026. The result is a widening performance gap between prime, future-proof assets and older, less competitive office stock.
Vacancy rates across SEE remain low by historical standards, reflecting the region's appeal to occupiers despite an uncertain macroeconomic environment. Zagreb and Ljubljana continue to rank among the tightest markets, with vacancy levels around 2% and 3% respectively, while Belgrade's rates stands at 4.4%. In Sofia, although overall vacancy remains higher at just under 12%, it continues to trend downward, with several key business districts already recording unoccupied office space below 10%.
The most active capital in the region since the start of 2026 has been Ljubljana, where the market has absorbed significant waves of new office supply recently without visible pressure on vacancy rates. Two major developments delivered in Q1 added around 46,000 sqm, yet vacancy remained low at 3%, putting upward pressure on rental levels. "Across the Adriatic markets, we continue to see strong occupier confidence supported by strong demand fundamentals. Ljubljana's ability to absorb significant new supply without market pressure highlights the strength of demand for modern, sustainable office space," commented Ivan Stojić, Head of Leasing Office - Adriatic Region, CBRE SEE.
Prime office rents across SEE continue to trend upward, supported by limited supply and sustained demand for best-in-class assets. Prime rental levels currently stand at €20.5 per sqm in Ljubljana, €20.0 in Sofia, €18.5 in Belgrade and €18.0 in Zagreb, with further increases expected.
