During the last six years, between 2015 and 2020, the Serbian construction industry rolled out into one of the strongest growth cycles in recent history. The powerful surge in construction outputs surpassed all initial expectations, and there are a number of converging factors behind its formidable result. The recovery after the recession gradually transformed itself into a fully-fledged construction boom, which more than doubled Serbia’s construction output, from €2 billion in 2015 to €4 billion in 2019. Even the pandemic in 2020 didn’t change the very positive outlook, although it did cause a slowdown and negative consolidation of construction outputs by some 5% at constant prices. The expected growth should return in 2021, however. The EECFA (Eastern European Construction Forecasting Association) has released its latest article about the Serbian construction industry, written by Dejan Krajinović, Beobuild Core D.O.O.

The Q1 2021 results of the RICS Global Commercial Property Monitor indicate a slightly less negative market sentiment across Europe compared to the previous quarter. Rental growth expectations remain negative within the office and retail sectors across all European nations covered, while the outlook for industrial markets has never been more positive.

Avison Young has significantly increased its CEE presence in recent months and the company is planning further expansion. Gerry Hughes, Principal and President of Avison Young Europe talked to Property Forum about the firm’s strategy for CEE and shared his expectations regarding the future of the advisory business.

Radisson Hotel Group announced the opening of Hotel Imperial Plovdiv, a member of Radisson Individuals. The newest addition to the portfolio of the Radisson Individuals brand, which initially launched in Europe in Q4 2020, also marks the group’s return to the Bulgarian market.

In February 2021, the N3 building of GTC’s Green Heart office complex in Belgrade has obtained a LEED Gold certificate, thus finalising the certification process for the whole complex. Completed in 2020, Green Heart comprises five Class A buildings providing 46,300 sqm of office space.

Albania remains a dynamic real estate market, growing in both the retail and office sectors. The COVID-19 pandemic had a definite impact in the first quarter of 2020, but with the ease of the quarantine restrictions, the real estate market picked up and recorded higher than usual transaction volumes, particularly in the residential sector. Colliers Albania published its top 5 predictions for the Albanian property market in 2021.

Croatian real estate consultancy firm Spiller Farmer has brokered the sale of a 165,000 sqm land plot in Velika Gorica, near Zagreb, to LogExpert. The new owner plans to build a modern logistics centre of 60,000 sqm on the property.

Slovenian company Iskra has become the new owner of a pharmaceutical industrial/logistics asset in Montenegro, located in Donja Gorica, on the outskirts of Podgorica. In addition to this acquisition, Iskra also bought several pharmacies in Montenegro, ekapija reports.

Take-up on Ljubljana’s office market reached only 46,000 sqm in 2020, one third less than the previous year. Despite strong demand from potential tenants, there is very limited supply available, according to the Ljubljana office market snapshot prepared by S-Invest.

Optim Project Management has been appointed to project manage the construction of a new Continental electronics assembly and manufacturing facility in Novi Sad.