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Belgrade City Report
3 3 4
Q3
COPYRIGHT © JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 2
Belgrade City Report – Q3 2014
Economy/Investment
Economy
Following the severe flooding during May, and a fall in GDP by
1.1% y-o-y in Q2 2014, economic growth of over 2% is expected in
2015. An unavoidable drop in state wages, pensions and industry
leaves GDP growth heavily reliant on exports, creating a modest
3% average forecast for 2016-17, despite an anticipated recovery
in the main EU and Russian markets. Due to its strategic location,
potential for low cost manufacturing and an emerging service sector
focused on I,T which attracts significant FDI, Serbia’s medium term
growth will be driven by rising inward investment. The FDI
attractiveness of Serbia was highlighted by a new $2.1bn Chinese
industrial park commitment which shows potential for private capital
to finance and turn around deficits.
Visible exports are expected to outgrow imports in the upcoming
years, but their rise will be restrained by a real appreciation of the
Serbian dinar as subsidy cuts move inflation above 4%. Oxford
Economics forecasts average inflation of around 4.5% in 2015-
2017.
GDP Growth (%) Rast BDP(%)
Source/Izvor: Oxford Economics, October 2014
According to the National Statistical Office, consumer price growth
in September 2014 recorded an increase of 2.1% compared to the
same period of the previous year. The highest growth was seen in
food and non-alcoholic drinks (2.3%), education (1.6%) and in the
restaurants and hotels sector (0.7%) The largest price decreases
were recorded in the sectors of recreation and culture (-5.8%) and
alcohol drinks and tobacco (-0.1%).
During August 2014, industrial production decreased 13.1%
compared to the corresponding period of 2013. The decrease was
mainly influenced by the mining sector (-23.8%), the processing
industry (-3.8%) and the electrical energy, gas, steam supply and
conditioning sector (-39.8%).
According to the Labour Force Survey conducted by the National
Statistical Office, the unemployment rate in Serbia decreased by
0.5 percentage points in comparison to the previous quarter, and
stood at 20.3% in Q2 2014.
Unemployment Rate (%) Stopa nazaposlenosti (%)
Source/Izvor: Oxford Economics, October 2014
The average net salary in Belgrade during September 2014
amounted to RSD 54,452 or €459, which is approximately 24%
higher than the average salary in Serbia (€370).
Political Situation
Recent regional consultations suggest that the EU recognises that
the Western Balkan countries need more aid and slower deficit
reduction in order to avoid loss of cohesion due to prolonged
austerity. Faster growth reinforced by EU and IMF pressures will
allow more courageous steps towards reorganising state owned
enterprises, whose wage bills have contributed to fiscal deficits.
Any new IMF programme will require deeper fiscal consolidation
and structural reform, which in turn will slow private spending
recovery and make growth more export dependent. Socialist Party
partners are likely to block some of the Progressives’ deficit cutting
and enterprise reform plans which are hard to enforce without
hitting incomes and jobs. A new IMF facility, sought by the
Government in late October talks, will help to ensure funding and
strengthen investor confidence.
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COPYRIGHT © JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 3
Belgrade City Report – Q3 2014
Privreda/Investicije
Privreda
Snažne poplave u maju 2014. godine propratio je pad BDP-a od
1,1% na godišnjem nivou tokom drugog kvartala, i usled toga rast
ekonomije veći od 2% se može očekivati tokom 2015. godine.
Neizbežni pad plata u državnom sektoru, penzija i industrije, dovodi
do oslanjanja BDP-a na izvoz u velikoj meri, izazivajući skromniji
trend rasta od 3% tokom perioda 2016-17. godine, uprkos oporavku
tržišta EU i Rusije. Srednjoročni rast će biti uslovljen porastom
priliva investicija u zemlji usled strateškog položaja, potencijala za
jeftinije troškove proizvodnje kao i zbog sektora usluga u razvoju koji
je usresredjen na informacione tehnologije (IT) koji privlači značajne
investicije. Strane Direktne investicije, istaknute kroz novo
angažovanje od $2,1 milijardi od strane Kine su pokazale potencijal
finansiranja deficita kroz privatni kapital.
Očekuje se da izvoz preraste uvoz u narednim godinama, medjutim
rast će biti ograničen realnom apresijacijom dinara kako smanjenje
subvencija bude pomeralo inflaciju preko 4%. Prema podacima
Oxford Economics-a, predvidjena inflacija u periodu 2015-17.
godine će biti oko 4,5%
CPI (%) Inflacija (%)
Source/Izvor: Oxford Economics, Oktobar 2014.
Prema podacima Republičkog zavoda za statistiku Srbije, rast
potrošačkih cena u septembru 2014. godine je iznosio 2,1% u
odnosu na isti period prethodne godine. Najveći rast je zabeležen u
sektorima: hrana i bezalkoholna pića (2,3%), obrazovanje (1,6%), i
restorani i hoteli (0,7%). Najveći pad je zabeležen u sektoru
rekreacije i kulture (-5,8%) i alkoholnih pića i cigareta (-0,1%).
Tokom avgusta 2014. godine industrijska proizvodnja beleži pad
fizičkog obima od 13,1 % u odnosu na isti period prethodne godine.
Sektori koji su doveli do pada su rudarstvo (-23,8%), preradjivačka
industrija (-3,8%) i snabdevanje električnom energijom, gasom,
parom i klimatizacija (-39,8%).
Na osnovu Ankete o radnoj snazi koju sprovodi Republički zavod za
statistiku, stopa nezaposlenosti u Srbiji tokom drugog kvartala 2014.
je smanjena za 0,5 procentnih poena u odnosu prethodni kvartal, i
iznosi 20.3%.Yields % Sta %
Yields % Stope prinosa %
Source/Izvor: JLL, October 2014
Prosečna neto zarada isplaćena tokom septembra 2014. godine u
Beogradu iznosila je 54,452 dinara odnosno €459, sto je oko 24%
više od prosečne plate u Srbiji (€370).
Politička situacija
Nedavni regionalni razgovori su ukazali da Evropska Unija
prepoznaje potrebu medju zemljama zapadnog Balkana za većom
pomoći i sporijim smanjenjem deficita kako bi se izbegao gubitak
kohezije usled duže štednje. Brži rast pojačan pritiscima od strane
EU i IMF-a će omogućiti smelije korake kao što je reorganizacija
državnih preduzeća u kojima su zarade uticale na povećanje
fiskalnog deficita. Svaki naredni program od strane IMF-a će
zahtevati detaljniju fiskalnu konsolidaciju i strukturnu reformu, koja
će usporiti privatnu potrošnju i učiniti ekonomski rast zavisnim od
izvoza. Socijalistička partija teži da blokira neke od reformi za
smanjenje deficita, koje će se otežano sprovesti ukoliko ne dodje do
smanjenja prihoda i radnih mesta. Nova pomoć IMF-a tražena od
strane Vlade tokom kasnih oktobarskih pregovora će osigurati
finansiranje i povećati poverenje investitora.
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Sector / SektorYield / Stopa
Prinosa %
Changes Q-o-Q / Promene
u odnosu na prethodno
tromesečje
Office/ Kancelarijski prostor 9.00 ↔
Shopping Centres/ Tržni centri 8.75 ↓
Logistics/ Logistički objekti 10.25 ↔
COPYRIGHT © JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 4
Belgrade City Report – Q3 2014
Office Market
Supply
The Belgrade office market witnessed no new supply during the first
three quarters of the year. However, there are several ongoing
projects, with one project namely Old Mill office tower (3,870 m2), in
its final stage of construction, with expected completion in the Q4
2014.
Two additional office projects expected to increase the speculative
office stock within the next 12 months include the Deneza office
building (2,670m2) and the 1st phase of GTC’s Fortyone (10,000 m2).
Approximately 60% of GTC’s Fortyone has already been pre-leased.
The entire complex will include three Class A office buildings in
Block 41, with a total gross area of 27,000 m2. Additionally, two
future owner occupied projects include Societe General Bank
(11,000 m2), and Elektrodistribucija Beograd facility (7,700m2), both
located in New Belgrade.
Total A & B Class Stock (m2) / Ukupna ponuda prostora klase
A i B (m2)
Source/Izvor: JLL, October 2014
Demand
High occupier activity was recorded in Q3 2014 with gross take-up
reaching 18,171 m2. Net take-up accounted for almost the entire
market activity, including owner occupied deals. The overall net
take-up, excluding owner occupier deals, was twice as higher than
the corresponding period of 2013. Market activity was dominated by
new lease requirements (52%), followed by 28% of pre-lease deals,
while the remainder comprised a high share of owner occupied
deals and a significantly lower level of renewals. Approximately 70%
of the transactions took place in CBD area - New Belgrade. Most of
the occupiers were seeking smaller floor plates from 100 m2 up to
600 m2, however there were six deals that exceeded 1,000 m2. The
highest level of activity was recorded in the manufacturing sector
(33%) followed by professional services sector (20%) and IT sector
(19%).
Vacancy
The overall vacancy rate in A and B Class office buildings continued
its decreasing trend and in Q3 stood at 7.9%. The vacancy rate in
Class A buildings stood at 8.5%. This trend is expected to continue
until there are new office deliveries on the market. However, we
believe that new supply will be quickly absorbed as many tenants
are eager for new office space.
A Class Office Completions (m2) and A & B Class Vacancy
Rate (%) / Završena izgradnja zgrada klase A (m2) i stopa
nepopunjenosti u zgradama klase A & B(%)
Source/Izvor: JLL, October 2014
Rents and Yields
Headline rents for A Class office space in Belgrade have recorded
an increase and now range from €15-17 m2 / month. The increase
was caused by the limited availability of modern office schemes on
the market and decreasing vacancy levels which have created
landlord favourable conditions. B Class rents in New Belgrade range
from €9-11 m2 / month and €10-12 m2 / month in downtown areas.
Rents in the wider New Belgrade area are up to €11 m2 / month,
while modern office rents in in the downtown do not exceed €16m2 /
month. Landlords continue to offer incentives such as rent free
periods (usually three months), fit-out contributions and additional
free parking spaces. Yields for prime offices in Belgrade remained
stable at 9.00%.
0
100,000
200,000
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500,000
600,000
700,000
Class A stock Class B stock
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25%
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COPYRIGHT © JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 5
Belgrade City Report – Q3 2014
Kancelarijski prostor
Ponuda
Postojećem tržištu kancelarijskog prostora u Beogradu nije dodata
nova ponudom tokom prva tri kvartala 2014. godine. Medjutim,
nekoliko projekata je u toku, od kojih je Stari Mlin poslovna kula
(3,870m2) u završnoj fazi izgradnje sa očekivanim završetkom
tokom narednog kvartala. Dve poslovne zgrade koje će povećati
ponudu kancelarijskog prostora na tržištu u narednih 12 meseci su
Deneza poslovna zgrada (2,670m2) i prva faza GTC Fortyone
(10,000m2). Oko 60% poslovne zgrade GTC Fortyone je unapred
dato u zakup. Čitav kompleks će obuhvatiti tri poslovne zgrade klase
A u bloku 41 sa ukupnom površinom za izdavanje od 27,000m2.
Osim toga, dve poslovne zgrade koje će biti zauzete od strane
vlasnika su zgrada Societe General Banke (11,000m2) i
Elektrodistribucije Beograd (7,700m2), obe na Novom Beogradu.
Prime Office Yields %
Stopa prinosa prvoklasnog prostora %
Source/Izvor: JLL, Oktobar 2014
Potražnja
Tokom trećeg kvartala je zabeležena povećana aktivnost na tržištu
kancelarijskog prostora sa ukupnom bruto aktivnošću od 18,171 m2
površine , dok je neto aktivnost bila gotovo jednaka bruto aktivnosti,
uključujući kancelarijski prostor koji zauzimaju vlasnici istog. Kada
se izuzme prostor zauzet od strane vlasnika, ukupna neto aktivnost
je dva puta bila veća u odnosu na isti period prethodne godine.
Tržišnu aktivnost su činili 52% novi zakupi, zatim 28% pred zakupi,
dok su ostatak činili velikim delom vlasnički zakupi i znatno manji
procenat od obnove ugovora. Oko 70% transakcija su se dogodile u
centralnoj poslovnoj zoni – Novi Beograd. Većina zakupaca je tražila
prostor veličine od 100m2 - 600 m2, medjutim zabeleženo je i šest
transakcija veličine preko 1,000m2 . Najaktivniji zakupci su bili iz
sektora proizvodnje – 33%, zatim iz sektora pružanja profesionalnih
usluga sa 20% i iz informacionih tehnologija sa 19%.
Raspoloživi prostor
Stopa raspoloživog prostora u zgradama klase A i B nastavila je da
opada i tokom trećeg kvartala je iznosila 7,9%, dok je raspoloživ
prostor u zgradama klase A činio 8.5% ponude. Očekivan je
nastavak ovakvog trenda, sve dok ne bude dostupna nova ponuda
kancelarijskog prostora na tržištu. Medjutim, nova ponuda će ubrzo
biti iskorišćena jer mnogi zakupaci željno iščekuju novi prostor.
Prime Rents €/m2/month
Cene zakupa prvoklasnog prostora €/m2/mesečno
Source/Izvor: JLL, Oktobar 2014
Visine zakupa i stope prinosa
Zakup kancelarijskog prostora klase A u Beogradu beleži rast i
trenutno je u rasponu od €15-17 m2/mesečno. Povećanje je
uzrokovano malom ponudom modernog kancelarijskog prostora kao
i opadajućom stopom rapoloživog prostora, koje je stvorilo povoljnije
uslove za zakupodavce na tržištu. Zakup kancelarijskog prostora
klase B na Novom Beogradu je u rasponu €9-11 m2/mesečno, dok
je u starom delu grada €10-12 m2/mesečno. U širem području
Novog Beograda, zakup modernog prostora je u visini do
€11m2/mesečno, dok u centru grada ne prelazi €16m2/mesečno.
Zakupodavci nastavljaju da nude podsticaje poput rent-free perioda
(uglavnom tri meseca), dodatnih parking mesta bez naknade i
učešća u troškovima završnih radova. Stopa prinosa za prvoklasne
kancelarijske prostore u Beogradu je 9,00%.
8.00%
8.25%
8.50%
8.75%
9.00%
9.25%
9.50%
9.75%
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COPYRIGHT © JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 6
Belgrade City Report – Q3 2014
Retail Market
Supply
During the third quarter, the retail market witnessed increased
activity. Although there have been no new shopping centre
completions since Stadion Vozdovac in 2013, the ongoing activity
relies on the development of retail parks, mainly located within
secondary cities. The limited offer of modern shopping centres on
the market has led to a refocusing of international brands
towards expanding retail parks. In 2014, two retail parks were
delivered to the market, namely Capitol Park in Šabac (9,800 m2
GLA) and the recently opened Vivo Shopping Park in Jagodina
(10,000 m2 GLA).
Belgrade’s prime shopping centre stock remained at 128,000 m2,
with future supply remaining uncertain. However, Israeli company
Ashtrom Group has announced the continuation of construction
of its mixed use complex which will include a shopping centre in
Rajićeva Street (15,300 m2 GLA). Furthermore, IBC company is
scheduled to open the first retail park, One Belgrade, in Belgrade
during spring 2015 (15,000 m2 GLA). Another retail park to be
located in Belgrade will be Aviv Arlon in Zvezdara (11,500 m2
GLA) scheduled to commence construction during autumn 2015.
Prime Shopping Centre Stock in Belgrade (m2)
Ponuda prvoklasnih tržnih centara u Beogradu (m2)
Source/Izvor: JLL, October 2014
Veropouls has opened another hypermarket (3,000m2 GLA) in
Žarkovo. Swedish retail chain Ikea is in its final stage of
negotiations regarding the construction of its first store in
Belgrade. In addition, Univerexport will increase its retail network
after acquiring local companies Angropromet and Lurdy, which
will secure its position as the third largest retail chain on the
market after Delhaize and the Agrokor Group.
Demand
The vacancy rate within prime assets remained close to zero due
to very strong retailer demand and no new supply. During Q3,
Fashion Company become the official distributer for Calvin Klein
for Serbia, Croatia and Montenegro. Furthermore, as of 2015,
Serbian retail company, Sport Time, will take over operation from
Delta Sport and become the official distributor of the Nike sports
brand for the Balkan Region. In addition, Spanish brand Shana
has opened its first store, occupying 400 m2 in Knez Mihajlova
Street. Within the same street, H&M has opened its largest store
in the country, totalling 2,700 m2 over three levels. Another
market entry was L’Occitane beauty retailer, opening its first
store in Ušće shopping centre occupying 90 m2.
Retail Spending in € per Capita in Belgrade
Maloprodajna potrošnja u € po stanovniku u Beogradu
Source/Izvor: JLL, 2014
Rents and Yields
Average rents in prime shopping centres in Belgrade remained
stable ranging from €25- €27 m2 / month. Prime shopping centre
rents for 100 - 200 m2 retail units are €60 m2 / month, while rent
for such a unit on Knez Mihajlova Street remained at €80
m2/month. Increased investor interest was recorded in Q3 when
Brussels based real estate investment management company
Mitiska Reim acquired an 85% interest in Capitol Park Šabac
from the Poseidon group. Furthermore, Plaza centres have
completed the disposal of its shopping centre, Kragujevac Plaza,
for €38.6 million. Strong demand for prime shopping centres in
Belgrade has been recorded but, a transaction has yet to be
witnessed. Our view on prime shopping centre yields currently
stands at 8.75%.
0
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COPYRIGHT © JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 7
Belgrade City Report – Q3 2014
Maloprodajni prostori
Ponuda
Tokom trećeg kvartala, maloprodajno tržište je zabeležilo
povećanu aktivnost. Iako nije bilo novih izgradjenih tržnih centara
nakon izgradnje Stadiona Voždovac u 2013. godini, trenutni trend
se oslanja na izgradnju maloprodajnih parkova koji su trenutno
prisutni u drugim gradovima. U 2014. godini, izgradjena su dva
maloprodajna parka Capitol Park Šabac (9,800m2) i nedavno
otvoreni Vivo Shopping park u Jagodini (10,000m2). Ponuda
prvoklasnih tržnih centara u Beogradu je ostala ista i iznosi
128,000m2, dok je buduća izgradnja neizvesna. Medjutim,
izraelska kompanija Ashtrom Group je najavila nastavak izgradnje
mešovitog kompleksa u Rajićevoj ulici koji obuhvata tržni centar
od 15,300m2. Zatim, na proleće 2015. godine očekuje se
završetak radova IBC kompanije na izgradnji maloprodajnog
parka One Belgrade od 15,000m2 u Beogradu. Još jedan
maloprodajni park, Aviv Arlon u Beogradu (11,500m2) će započeti
izgradnju na jesen 2015. godine.
Prime Shopping Center Yields
Stopa prinosa prvoklasnih tržnih centara
Source/Izvor: JLL, Oktobar 2014
Maloprodajni lanac Veropouls je otvorio još jedan hipermarket u
Žarkovu na 3,000 m2 prodajne površine. Švedski maloprodajni
lanac IKEA je u finalnoj fazi pregovora vezano za izgradnju prvog
objekta u Beogradu. Osim toga, Univerexport će povećati
maloprodajanu mrežu nakon preuzimanja lokalnih kompanija
Angropromet i Lurdy, obezbedjujući sebi poziciju trećeg najvećeg
maloprodajnog lanca na tržištu nakon Delhaize-a i Agrokor Group-
e.
Potražnja
Stopa slobodnog prostora u prvoklasnim tržnim centrima u
Beogradu je i dalje oko nule, usled veoma snažne potražnje i
nedostatka nove ponude na tržištu. Tokom trećeg kvartala
Fashion company je postala zvanični distributer za Calvin Klein
brend u Srbiji, Hrvatskoj i Crnoj Gori. Zatim, od 2015. godine
Sport Time , domaća maloprodajna kompanija postaće zvanični
distributer za Nike brend na Balkanu umesto Delta Sport-a.
Španski brend Shana je otvorio svoju prvu prodavnicu na tržištu u
Knez Mihajlovoj ulici i prostire se na 400m2. U istoj ulici je H&M
otvorio svoju najveću prodavnicu u zemlji obuhvatajući 2,700m2
na 3 nivoa. Još jedan ulazak na tržište ostvario je brend
L’Occitane otvaranjem prve prodavnice u Ušće tržnom centru na
90m2.
Prime rents €/m2/month
Cene zakupa prvoklasnog prostora €/m2/mesečno
Source/Izvor: JLL, Oktobar 2014.
Visine zakupa i stope prinosa
Tokom trećeg kvartala zabeležen je veći interes investitora.
Kompanija Mitiska Reim iz Brisela je preuzela 85% interesa od
kompanije Poseidon Group u maloprodajnom parku Capitol u
Šapcu. Kompanija Plaza Centers je završila prodaju svog tržnog
centra u Kragujevcu za €38.6 miliona. Tražnja za prvoklasnim
tržnim centrima u Beogradu je velika, ali još uvek bez realizovanih
transakcija. Shodno tome, prinos prvoklasnih tržnih centara beleži
pad i trenutno je 8.75%. Prosečne cene zakupa u prvoklasnim
tržnim centrima su ostale stabilne u rasponu od €25- €27
m2/mesečno. Cene zakupa maloprodajnih jedinica u prvoklasnim
tržnim centrima površine 100-200 m2 su €60 m2/mesečno, dok su
za isti prostor u Knez Mihajlovoj ulici ostale €80 m2/mesečno.
8.25%
8.50%
8.75%
9.00%
9.25%
9.50%
9.75%
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COPYRIGHT © JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 8
Belgrade City Report – Q3 2014
Market Practice
Leasing Market Practice
Lease length
Average lease length is 5 years, 3 – 5 years are common in
the city centre and 5 (rarely 7) years on the outskirts
In a few cases longer leases can be agreed
3 year break options are becoming more common
Payment Terms
Rents are quoted in € and paid monthly in advance in either
€ or RSD according to the exchange rate on the day of the
payment
Rental Deposit
It is common to agree on a cash deposit or bank guarantee
equal to 3 months’ rent for all types of premises (office, retail
and industrial)
Indexation is annually in line with European CPI
Other Charges
Service and energy charges (Utilities and direct
consumption are paid separately)(offices and industrial)
Service charges and marketing costs (retail)
Insurance
The landlord covers costs of building insurance (recovered
by service charges). The tenant covers insurance of own
premises, contents and civil liabilities
Incentives
Offered by the landlords in form of 3 month rent free period,
fit-out contributions and free of charge additional parking
space
Tržišna praksa zakupa prostora
Dužina zakupa
Prosečna dužina zakupa je 5 godina - uglavnom se prostori u
centru grada zakupljuju na 3 – 5 godina, a na periferiji na 5
(retko 7 godina)
U malom broju slučajeva se vrši zakup prostora na duži period
Sve su češće mogućnosti raskida ugovora nakon 3 godine
Uslovi plaćanja
Cene zakupa se navode u € a plaćaju se mesečno unapred ili
u € ili u RSD prema kursu valute na dan plaćanja
Depozit
Praksa je da se depozit plaća u kešu ili bankarskom
garancijom u iznosu od tri mesečne rente za sve vrste
prostora (kancelarijski, maloprodajni i industrijski)
Indeksacija se vrši godišnje i usklađena je sa evropskim
rastom potrošačkih cena
Ostali troškovi
Troškovi usluga i potrošnje električne energije (troškovi
održavanja i direktne potrošnje plaćaju se posebno)
(kancelarijski i industrijski prostori)
Troškovi usluga i marketinga (maloprodajni prostori)
Osiguranje
Vlasnik prostora pokriva troškove osiguranja zgrade
(naplaćuje se od naknade za troškove usluga). Zakupac plaća
osiguranje za sopstvene prostorije, pokretnu imovinu i civilna
lica
Podsticaji
Vlasnici prostora prilikom izdavanja mogu davati i podsticaje u
vidu izdavanja prostora na period od 3 meseca bez naknade,
uređenja prostora o sopstvenom trošku ili dodatna parking
mesta gratis
Belgrade City Report – Q3 2014
www.jll.rs
COPYRIGHT © JONES LANG LASALLE IP, INC. 2014. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them.
JLL Office
Mihajla Pupina Boulevard 10L
Belgrade
Serbia
Phone number +381 11 785 0600
Fax number +381 11 785 0597
Contacts
Andrew Peirson
Managing Director
Serbia
+381 11 785 0579
Jana Golubović
Research Analyst
Serbia
+381 11 785 0589