Serbia CRE Market Report 2025

Serbia's commercial real estate market is in the middle of something.

Not a boom, not a correction, a deliberate build-up toward one of the most significant events in the country's modern history. EXPO 2027 is reshaping investment priorities, accelerating hotel pipelines, and drawing global brands to Belgrade that weren't here five years ago. But beneath the headline catalyst, the fundamentals were already moving. Office vacancy at record lows, logistics demand outpacing supply, retail parks opening faster than anywhere else in the region.

Here's where every segment stood at the end of 2025.