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Industrial
Market
Outlook
Industrial
Since the early 2000s, the industrial sector of economy has gradually
deteriorated
ed thus leaving space for the service sector, accounting for
infrastructure
frastructure development fee exemptions, employment subsidies,
All these
se circumstances describe challenges facing the state
years.
2011
11 with the aim of attracting new investors, as well as a shift in the
sector.
Supply
contribute
to
the
improvement
of
the
country
500,000
400,000
Area, sq m
2009
and Southern and the Eastern Serbia region (13, 3%). The upturn in
Total
manufacturing has been slowed down during 2014, but the latest
figures from December 2014 (+6.4%)
6.4%) and January 2015 (+5.3%) show
positive trend.
2011
2012
Industrial
2013
2014*f
Logistics
34.2%
Other
2.4%
Czech Republic
2010
Hungary
2.5%
Croatia
3.1%
same parameter, 47% of the total area intended for the construction
Slovenia
3.2%
3.9%
Macedonia
5.6%
Romania
6.9%
Russian Federation
8.9%
11.9%
Germany
17.4%
Italy
10.0%
20.0%
30.0%
40.0%
50.0%
Area, sq m
450,000
360,000
270,000
116,743
94,080
138,937
303,048
114,156
153,210
194,377
189,620
134,885
69,421
2010
0
2009
86,325
180,000
90,000
2011
Idustrial
2012
Logistics
2013
2014
3%
Area, sq m
20,000
15,000
16,700
10,000
5,000
2,974
3,805
2,700
11,728
6,789
8,132
784
0
Belgrade S.Pazova
17,556
Pecinci
4,240
Belgrade S.Pazova
19,659
16.0%
Area, % of sq m
34.0%
Vojvodina Region
Sumadija & Western Serbia
Southern & Eastern Serbia
47.0%
Belgrade Region
7,851
Pecinci
2013
2013
2013
Industrial
2014
2014
2014
Logistics
100%
36.4%
80%
79.5%
60%
40%
Demand
63.6%
20%
20.5%
0%
North Region
Logistics
*new supply
Southern Region
Industrial
in investment
stment activity within the sector. As a result, we can witness
an increasing construction of new production and logistics facilities
5.0
given that many of them do not meet the required criteria and
standards of modern production, which is the main reason of their
limited marketability.
EUR/sq m/month
"brownfield" sites across Serbia is very limited, despite its large offer,
4.1
4.0
3.5
3.0
3.0
3.3
3.0
2.5
2.5
2.0
1.0
Investors are,
re, at first, often interested in renting the manufacturing
and warehouse space, as a part of their risk strategy in new markets,
or due to the need to move efficiently with the implementation of the
0.0
Zemun
Dobanovci
min
Pecinci
St. Pazova
max
Krnjaca
Lestane
Downtown
average
Belgrade, are ranging from EUR 3.5 5.0 per sq m per month.
near term. A new logistics supply coming to the market, in the wider
Belgrade area is not expected to put more downward pressure on
rents, over the next 12 months. Non prime assets will remain under
Zrenjanin, Kragujevac,
ragujevac, Krusevac and Nis, new investments have
New Investments
investments
estments throughout Serbia. New wave of investments in logistics
refer to the exemption from customs duties and other import duties
Stara Pazova.
expandable to 125,000 sq m.
after 2012.
Austrian company Eyemaxx has completed the first stage of the
Rents
logistics center in Stara Pazova in February 2015. The first stage has
an area
ea of 17,500 sq m, while the second stage will bring additional
30,000 sq m.
Rent levels for industrial and logistics space mainly remain stable in
the wider area of Belgrade, with minor fluctuations towards the
lower part of the scale. Only Zemun area has experienced rent
the first stage of the logistics center in Stara Pazova in March 2015,
14,500 sq m.
completion in 1H 2015.
Investor
Country of
origin
Location
Size, sq m
Delivery
date
22,000
N/A
4,300
10,000
15,500
56,000
20,000
19,000
12,000
20,000
10,000
5,500
N/A
12,000
70,000
20,730
17,500
4,500
2014
2014
Q3 2014
Q3 2014
Q4 2014
Q4 2014
Q4 2014
Q2 2014
Q3 2014
Q1 2014
Q4 2014
Q4 2014
2014
Q2 2014
Q4 2014
Q1 2015
Q1 2015
Q2 2015
Germany
Germany
Switzerland
China
Germany
France
Finland
USA
Italy
Italy
Norway
Germany
Turkey
Serbia
Belgium
Serbia
Austria
Turkey
Simanovci
Indjija
Simanovci
Nis
Vrsac
Pirot
Smederevo
S. Mitrovica
Subotica
Gajdobra
Gruza
Krusevac
Leskovac
Plandiste
Stara Pazova
Stara Pazova
Stara Pazova
Krupanj
10,300
7,850
25,000
15,000
60,000
21,000
2015
2015
2015
2015
2015
2015
14,500
55,000
30,000
18,000
25,000
N/A
N/A
N/A
N/A
N/A
PIPELINE
Gebruder Weiss
Dr. Oetker
Leoni
Swarovski
Vibac
Geox
Geremany
Geremany
Geremany
Austria
Italy
Italy
Serbia
Belgium
Austria
Germany
Austria
China
Turkey
Germany
France
Turkey
Dobanovci
Simanovci
Doljevac
Subotica
Jagodina
Vranje
NEW DEVELOPMENTS
Bosch
IGB Automotive Comp
Sika
Johnson Electric
Fresenius Medical Care
Tigar Tyres
PKC
Cooper Standard
Calzedonia
Real Knitting
RAPP Marine Group
Henkel
Jeanci
Jasmil
Delhaize
Delta Transport System
Eyemaxx
Jeanci
by banks.
ANNOUNCED
Stara Pazova
Stara Pazova
Stara Pazova
Simanovci
Novi Sad
Obrenovac
Sabac
Indjija
Kikinda
Vladicin Han
ana ipovac
Head of Valuation and Investment Advisory
zana.sipovac@leroy.rs
T + 381 11 26 32 300
F + 381 11 32 84 647
17, Cara Urosa Street - Belgrade
office@leroy.rs
www.leroy.rs
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