Occupancy rate at Danube Business Center at 60 percent

Jones Lang LaSalle has announced in a release that Danube Business Center, New Belgrade’s newest Class A office building, has reached 60% occupancy at the end of August 2013, with a further 15% under offer to prospective tenants.

Jones Lang LaSalle (JLL) is exclusive agent on the project, located on Bulevar Mihajla Pupina with total office space of 5,300 m2

According to the release, Danube Business Center achieved this high level of occupancy, only 6 months after the beginning of leasing process, which shows the healthy levels of demand within the office market in Belgrade. Only smaller units are still vacant within this building and they are expected to be leased out by the end of this year.

Tenants already signed up include Milenijum osiguranje, PharmaS, Sat Trakt, Dynamic Agency and Jones Lang LaSalle.

Bosko Tomasevic, Head of Agency Department at JLL commented that "the Serbian market is experiencing much more activity compared to same time last year."

- The vacancy rate has reduced dramatically from the end of 2012 and this trend shall continue in the future. This clearly shows that new office development is needed in Belgrade as demand will exceed the available supply in the market over the next 12 months.

Only 3,800m2 is currently under construction in the whole city, with completion expected in 2014. Following this there are no office projects with certain completion dates in the next two years, and this will likely lead to rents increasing across the city, the release reads.