Real Estate in Serbia 2019

Real Estate I N

2019

S E R B I A

Sector On The Rise MILIĆ ĐOKOVIĆ, MEMBER OF THE ADVISORY BOARD OF THE REAL ESTATE BROKERS GROUP AT THE CHAMBER OF COMMERCE & INDUSTRY OF SERBIA ○ ĐORĐE ANDRIĆ, HEAD OF THE CENTRE FOR THE SUPPORT OF INVESTMENT AND PUBLIC-PRIVATE PARTNERSHIP ○ DANILO S. FURUNDŽIĆ, PHD ARCH. ○ BRANKO PEJČIĆ, MANAGING DIRECTOR, OFFICEME ○ MIA ZEČEVIĆ, DIRECTOR, NOVASTON ○ AĆIM LEON PANTELIĆ, DIRECTOR, WE SHARE SPACE

In the first half of this year, the value of the real estate market in Serbia was 1.8 billion euros.

The total value of real estate sold is 12 per cent higher than in the same period last year, when the market value was 1.6 billion euros.

The trend shows that the price of real estate has increased. In regional terms, 27 per cent of total real estate sales took place in Belgrade and 36 per cent in Vojvodina.

Real Estate Market In Serbia Constantly Growing

REAL ESTATE TURNOVER IN SERBIA

Sector On The Rise

ĐORĐE ANDRIĆ, HEAD OF THE CENTRE FOR THE SUPPORT OF INVESTMENT AND PUBLIC-PRIVATE PARTNERSHIP

MILIĆ ĐOKOVIĆ, MEMBER OF THE ADVISORY BOARD OF THE REAL ESTATE BROKERS GROUP AT THE CHAMBER OF COMMERCE & INDUSTRY OF SERBIA

Real estate turnover in Serbia is constantly on the rise and, with the construction of a full network, locations alongside the highways are also becoming interesting to investors

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ccording to official data that can be accessed via the website of the Republic Geodetic Authority (RGZ), the value of Serbia’s real estate market in the first half of this year stood at 1.8 billion euros, with about 47,000 properties being acquired by new owners in the same period. The value of the Serbian real estate market is constantly increasing. Belgrade holds a convincing first place in terms of growth, followed in second place by Novi Sad, then Niš, Subotica, Kopaonik, Zlatibor etc.

“More than half of the money is spent on real estate in Belgrade, and that totals €995 million, which is a significant increase

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compared to €830 million in the first half of 2018, and next comes Novi Sad, where the market value stands at €194 million, which represents an increase of nine million euros compared to the same period of last year,” says Master of real estate management Milić Đoković, a member of the Advisory Board of the Real Estate Brokers Group at the Chamber of Commerce & Industry of Serbia. “Viewed in regional terms, 27 per cent of total trade in real estate place in Belgrade and 36 per cent in Vojvodina.”

The total value of real estate traded under sales contracts processed by the Republic Geodetic Authority is 12 per cent higher than in the same period last year,

when the market had a value of €1.6 billion.

“It is an interesting fact that growth of sales in new buildings increased by 13 per cent and that the difference in the price of new and old buildings is increasing,” says our interlocutor.

The most sought after and most interesting sub-segment of the market by far is residential real estate, primarily apartments. On the basis of structure, the most sought-after in Serbia are apartments (47%), which is up 14 per cent compared to the same period of last year, while the value in the apartment trade turned over 850 million, which is an increase of 75 million euros. Houses account for 13 per cent of the

real estate market, while agricultural land accounts for 20 per cent of total real estate trade. The monetary value of the market in agricultural land stands at around €87.6 million, with the highest prices reached in the Vojvodina district of Bačka.

“Tourism has great potential on our market and this sector of trade is very lively and good for development, as is the development of communal infrastructure and the creation of various shopping chains and shopping centres alongside roads,” says Đoković.

Alongside Belgrade, additional investments in the coming period are expected in the largest tourism centres, as well as in other major cities in Serbia.

“Among foreign investors, it is primarily investors from the UAE and Israel that are investing in large residential-business complexes and shopping centres in Belgrade. And investments by local investors are also significant,” says Đorđe Andrić, Head of the Centre for the Support of Investment and Public-Private Partnership.

“Certainly the most attractive destination

new investors in the manufacturing sector in smaller Serbian towns, which leads to reduced unemployment and higher wages.

In this way, through a higher standard of living for citizens in the interior, the opportunity is created for investments in the real estate sector in these towns in Serbia.

The position of Serbia, and the micro-location itself, is very good for the development of the real estate sector, and this is evident in the turnover, the realisation of sales and demand for real estate

in Serbia when it comes to investing in real estate is Belgrade. Belgrade’s population is growing year on year, which creates opportunities for growth. In the last few years, nearly two million square-metres of building permits have been issued on an annual basis, according to data from the Secretariat for Urbanism and Construction Works, and on the basis of municipal and national permits, on the territory of the City of Belgrade.”

Our interlocutor adds that the development of road infrastructure is certainly having a positive effect on investments in the country’s interior. The road network has created the possibility for the arrival of

Simultaneously, centres of tourism (such as Zlatibor, Vrnjačka Banja etc.) are more accessible to tourists when there is a good road network, thus leading to tourists deciding to visit these places more often and automatically impacting positively on the development of real estate.

“The position of Serbia, and the microlocation itself, is very good for the development of the real estate sector, and this is evident in the turnover, the realisation of sales and demand for real estate. Here I’m primarily referring to Belgrade as the regional hub of business for the Balkans and this part of Europe, which – with good development of transport, road and

aviation networks – justifies its potential and its position. There is a great deal of interest in purchases and leases among foreign companies and their employees, as well as in purchases of land on which business facilities can be constructed. It is characterised by a dramatic increase in

the quality of construction, equipment and complete accompanying contents of these facilities, which lack nothing compared to the same types of facilities elsewhere in Europe,” says Đoković.

There is currently a positive investment climate in Serbia, with statistics showing that a lot is being built and traded, and the construction and real estate sectors are very lively, adds Đoković. What needs to be improved, according to our interlocutor, is the simplicity of procedures and reducing of administration in the issuance of approvals for construction and all other supporting documents, eliminating the so-called duplication of documents and content, and increasing the efficiency of the work of administrations. It is necessary to work in parallel to complete all ‘Master Plans’, and to reduce this to usable Detailed Plans and Detailed Regulation Plans. In short, it is necessary to complete the General Urban Plan, Detailed Urban Plan, General Regulatory Plan and Detailed Regulatory Plan. ■ NOVEMBER

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BUSINESS

DANILO S. FURUNDŽIĆ, PHD ARCH.

Investments Must Be Visionary Future city development must ensure human wellbeing and social prosperity

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s an assistant professor at the University of Belgrade’s Faculty of Architecture and chairman of the Management board of the Institute of Architecture and Urban & Spatial Planning of Serbia, Danilo S. Furundžić designs future cities in Serbia, and as a CEO of the Public Company for Utility and Infrastructure Services of Kikinda manages daily problems of it’s citizen’s.

“Through new development and reconstruction, one can improve the physical space.

By increasing the standard of living, manifested through the “vibrancy” of public spaces, one can improve the social fabric of the city. But without spiritual values, our society materializes only desolate built forms, because it can produce space only according to its own soulless nature.” says Mr. Furundžić.

• As an architect, is your dominant “trait” artistic or based on engineering?

- Within each of us live homo faber and homo ludens. As a rule, these two forms of man are not mutually exclusive, but rather complementary. I played the violin and attended the Mathematical Grammer School, studied “artistically” at the Faculty of Architecture, then “engineeringly” at the École Centrale in Paris, designed with architect Jean-Marie Charpentier and led investments at the Euro Gulf Group. In my opinion one can never decide.

• What is the biggest problem facing urban planning in Belgrade?

- Informed on contemporary trends and best practises from the West, domestic urban plan6 |

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ning succeeds in comprehensively overviewing the potential of urbanisation that lies ahead of us, but is unable to control Belgrade’s rapid transformation on the ground. There is no existing assessment practise of calculating financial gains or losses of urban planning implementation. Some approved urban plans are not in accordance with real-estate market demands. As decisions are based more on the assumption of successful implementation than on precise argumentation, urban planes exist in paper, but are not implemented in practice.

values, our society materializes only desolate built forms, because it can produce space only according to its own soulless nature. Market value is an obligation of our vocation, but the challenge facing our profession is to produce space that ensures human prosperity.

• What are the challenges in managing utility infrastructure in Serbia?

- In Serbia it is necessary to introduce corporate management to the public utility sector, rationalize organisation, reduce work costs,

The challenge of managing infrastructure is reflected in the wellbeing of citizens

• What drives planners and architects today?

Is it to make more money for the investor, or to leave a legacy of admirable buildings and spaces?

- Development is not the one and only requirement of our profession. Richard Rogers’ statement - “A tree doesn’t make money, and shall never be planted” is surpassed. Yes, a tree does not bring money, but space surrounded with trees is worth more. According to Henry Lefebvre, a French philosopher and sociologist, a city is complete when its physical, social and spiritual space is complete. Through new development and reconstruction, one can improve the physical space. By increasing the standard of living, manifested through the “vibrancy” of public spaces, one can improve the social fabric of the city. But without spiritual

increase efficiency and raise the quality of customer services provided to the citizens. A valuable resource, such as infrastructure, must be used efficiently. One should enable continuous utility operation, secure resources for investments that must be implemented without delays and system disruptions. The challenge of managing infrastructure is reflected in the wellbeing of citizens. Infrastructure is a commitment of modern society. When created it ensures and defines future city development.

This is why all investments must be visionary.

We must not fear tackling technology and going one step further. I’m convinced that my son Đorđe will be suspicious when I tell him we used to drive cars ourselves, just as my students today do not believe that time without Internet existed. ■

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BUSINESS

BRANKO PEJČIĆ, MANAGING DIRECTOR, OFFICEME

Instant Offices Are The Future The co-working market has existed worldwide for 15 years, and in Serbia for nine years, while company OfficeMe will celebrate its third birthday in December.

More than 30 co-working spaces operate in our country today, but OfficeMe is unique as the first domestic company to profile itself for 'instant office' provision

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n the first quarter of next year, OfficeMe is set to open two new spaces in New Belgrade, with another 500 work units that have already generated interest among clients. The company’s plans are serious and long-term, as it intends to retain and further consolidate its leadership position.

• Tell us a bit more about the co-working space and instant office concepts. Who are they intended for and what are their main benefits?

- As someone who spent many years working for a large corporation, who managed a large number of people and took care of cost optimisation, I knew that the market needed exactly the kind of service that I now offer. It is more important for anyone involved in any business to be able to devote their energy and time to their operations, rather than repairing a printer, cleaning, securing parking and internet, and paying the large bills that accompany all of that. That’s why we exist, and we deal with facility management on behalf of our users.

A co-working space is primarily rented by so-called freelancers – be they lawyers, experts, appraisers, designers etc. These are people of various professions who need a business environment, but don’t have 8 |

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not plans to expand their businesses and increase staff numbers.

A co-working space is intended primarily for entrepreneurs, while the instant office is intended for SMEs intending to grow and expand their operations. Thanks to us, they will not have to spend huge sums of money on multi-year leases of office space that they may not even need, so they can invest those funds in development. Apart from that, at any time they can increase or decrease the number of work units they lease, and extend or shorten the lease period.

• OfficeMe isn’t the only co-working company in our country. How do you differ from the competition?

- Prior to the opening of our company in Serbia, only one foreign corporation, which operates worldwide, had the instant office concept, but they didn’t emphasise it in the way we do. With the launch of our company on the market, first as a co-working space,

the instant office revolution was launched.

OfficeMehas in the meantime withdrawn from the hub segment, and partly also from co-working, and is moving towards instant office, thus attracting a client base from the corporate sector or businesses that have multi-year plans to grow and increase staff numbers.

• You have spaces in three locations: Sava Business Centre, Belgrade Office Park and BoatMe. What makes them specific?

- The important difference between us and others lies in the fact that OfiiceMe operates exclusively in A-category buildings. These are facilities that are of the highest quality according to all standards, ranging from the materials they are built from to energy efficiency. And when it comes to the spaces themselves, the third one – BoatMe – is not a building but a floating facility that has retained the rustic contours of a ship, but is equipped according to all A-category stand-

After extensive market analysis, international real estate agency Colliers declared OfficeMe as the leader in both Serbia and the region

ards. Lighting, alarms, fire alarms, cameras, sensors, electricity, water, heating, cooling, toilets, work units, equipment, printers, professional kitchens, accompanying facility management etc.; everything is the same as in the most modern A-class buildings. This makes BoatMe a unique facility, not only in Serbia but across Europe.

It can be used for celebratory events or team building exercises, but also as a classic workspace, which is why there is a huge interest in it among companies from various sectors.

• Your offer is able to address the needs of most clients and tenants. Do they know exactly what they need and how to choose that?

- With us, every client can get exactly what they need at any given moment, whether that’s an office for two people or six, whether they need an open space, divisions into blocks etc., and, yes, when their needs change, they can request a larger or smaller space. We have a shared kitchen and shared toilets, and we have many of them, as well as shared meeting rooms, rest rooms and balcony-terraces, which is very important from both social and business aspects. Those are places where people socialise with coffee, share experi-

OfficeMe is also unique in the Balkans as one of the first to start operating in buildings that are LEED Gold certified ences, help each other, both privately and professionally. Here they meet and forge new friendships, acquire new associates and contacts, which are the most valuable in the business world.

• The building of the Sava Business Centre, which houses OfficeMe, is LEED Gold certified. Tell us more about that certification.

- This certificate is awarded by the U.S. Green Building Council - USGBC, a Washington-based nonprofit organisation. The Gold Certificate testifies to the quality of installations, applied solutions related to energy efficiency, interior and exterior materials, the amount of fresh air provided at any time for every person in a particular room, filters that are installed, the way in dew and rainwater are collected from the facade and used... All of this ensures both employee safety and the best working conditions, particularly when it comes to air quality and lighting, which are important for both the productivity and health of users. Awareness of the importance of complying with all of

these strict standards has only recently emerged in our country, while OfficeMe has implemented them from the outset.

• When it was first established at the end of 2016, OfficeMe had an offer that encompassed 640 square metres of office space.

What are your plans for next year?

- We started in December 2016 with the first phase of 640 square metres, and then increased our capacities by 70 to 80 per cent each year. We currently possess around 3,000 square metres of office space, 500 square metres of conference rooms and around 500 square metres of professional storage space that adheres to EU standards, or about 500 working positions with an average occupancy rate of 90 to 95 per cent.

Ad when it come to future plans, we have already contracted the opening of new premises in two locations, with another 500 working units for which we already have interested clients. ■

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BUSINESS

MIA ZEČEVIĆ, DIRECTOR OF NOVASTON

We Will Cover The Entire Region Novaston is a unique, independent real estate, asset management and property platform operating through companies Novaston Asset Management, Novaston Project Management, Novaston Facility Management and Novaston Marketing Management, which have a combined total of more than 40 employees

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e are proud of the fact that investors beyond the borders of Serbia recognise the uniqueness, specificity and quality of the wide range of services that our platform provides, which opens up opportunities for us to make a significant contribution to the development of these markets, notes Mia Zečević.

• The end of another calendar year is approaching, the sixth since the founding of Novaston.

Are you satisfied with your position on the real estate market?

- Our platform has this year continued to realise its goal of consolidating its position as a leader on the Serbian market. Novaston has contributed significantly to the development of the retail segment by participating in the opening of the major shopping centres – Promenade in Novi Sad and Ada Mall in Belgrade – providing project management and leasing agent services.

We also positioned ourselves on the Croatian market at the beginning of this year, where we are a strategic partner in the expansion of Immofinaz, one of our most important clients.

This is the first step in realising our aspirations of regional coverage, as we plan to take over and 10 |

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develop more projects in Bosnia-Herzegovina, Montenegro and on the territory of Kosovo.

• The retail market has been growing steadily for five years in Serbia. What led to that?

- This came as a result of the influx of FDI and large fund investments. Two large shopping centres have opened in the past two years: the Promenade in Novi Sad, covering 50,000 square metres, and GTC Ada Mall, 34,000 square meters; in 2020 we expect the opening of the Eagle Hills – Belgrade Waterfront project, covering an area of 93,000 square metres, and the MPC IPM Beo Shopping Centre covering 46,000 square metres. An IKEA retail park on 36,000 square metres is planned to be opened in 2021, which will include a strip mall concept (mostly outlets) with one larger, separate DIY facility and several smaller, separate outlets.

• What is the current situation on the business buildings market, primarily when it comes to office space?

- The initiators of the wave of foreign direct investment in business premises in Serbia were the Israeli investors who built Airport City, the first centre with a modern business concept in Belgrade. This wave has not ended, so the office space market is expected to

expand in the coming period, with the current supply not meeting demand.

The most recent addition to the current offer is the 16,000m2 Business Garden project

by Afi Europe investors and the Shikun & Binui Group in the city centre. Additionally, GTC has built the third of five buildings within the scope of its 46,000m2 Green Heart project, and ‘Napred’ has completed the expansion of the 10,700m2 N House project.

• We can’t fail to mention the industrial real estate market. It seems to us that it is also very lively. Are we mistaken?

- Following stagnation in 2018, the industrial real estate market has picked up significantly this year, thanks to the completion of several distribution and logistics centres. The demands are ever increasing and strengthening, because production companies are the most active on the market, especially those in the automotive sector.

Of the newly constructed facilities, the most significant are the Belgrade Industrial Park in Šimanovci and Nelt’s fifth Logistics Centre, a smaller facility at the Port of Belgrade and CTPark Belgrade West in Šimanovci, as well as several production facilities throughout Serbia. ■

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REAL ESTATE TRENDS

New & Upcoming Industry Shifts

With the global economic downturn a decade behind us, HLB, the Global Advisory and Accounting Network, takes a closer look at the current state of industry and shares insights into the trends impacting real estate and construction businesses today. Is the industry going to continue to thrive, or is a correction looming? HLB Real Estate's expert is cautiously optimistic. “Urban living areas and secondary markets are showing tremendous growth, but there are still areas that have not fully recovered, like suburban commercial office parks. There will always be market corrections; it is just a matter of how much time will elapse within the cycle.�

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TECHNOLOGY DRIVEN INNOVATION IS A GAME-CHANGER The impact of innovation through new technology that is driving the Fourth Industrial Revolution (or Industry 4.0) is transforming sectors across the board. The real estate industry, which is traditionally considered more in-person transaction based, has been changed greatly by technological advances. “Successful developers and investors are listening to the needs and wants of the marketplaces they are in and adapting to changes in technology.”

While adjustments have been necessary in the way business is conducted and how properties are marketed, it is also driving what businesses and families are demanding from the spaces they occupy. Consumers are increasingly aware of their environmental footprint and insist on resource-efficient structures for both work and play. On top of that, smart building technology is becoming the norm, and consumers want the greater

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hanges in the legislative landscape will continue to have a great impact. The biggest potential area of concern and uncertainty is how various legislative decisions around the world will impact on the economy. Uncertainty around Brexit in the UK and among EU member states, and the government shutdown and Tax Cuts & Jobs Act (TCJA) in the U.S., are creating unpredictability in the market.

“The Brexit uncertainty has delayed commercial real estate projects and caused investors to delay making investments in the industry. This will potentially cause a reduced supply of new office space in the next few years,” say HLB. “It could also impact the cost and supply of raw materials, cause a recession and restrict demand for both residential and commercial properties.”

“The Brexit uncertainty has delayed commercial real estate projects and caused investors to delay making investments in the industry. This will potentially cause a reduced supply of new office space in the next few years”

In the U.S., the tax overhaul passed in 2018 made myriad changes, some of which are still not clear. “There may be a limitation on the business interest expense that a taxpayer can deduct.

Those who are substantially leveraged may have a negative tax impact as a result of the new tax law.”

This could serve to discourage those considering real estate as an investment and force some to reduce the size of their portfolios too.

productivity and reduced costs that this type of building promises. “The innovation of technology seems to be touching a multitude of points within the industry and will continue to do so.”

Add to this the preponderance of PropTech that’s having a huge impact on the industry. In fact, estimates show that venture capital investments in this sector likely topped $12 billion in 2017 (up from $186 million in 2011) and show no signs of slowing down. Now that a quarter of U.S. NOVEMBER

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Households own a smart speaker, like the Amazon Echo or Google Home, and the World Economic Forum predicting that there will be over a trillion sensors connected to the internet in less than four years, you can expect all sorts of technology to enter our lives, especially the spaces where we live and work. Those in the real estate space that stay up-to-date and embrace PropTech and other technology enabled trends should have one up on the competition.

ADAPT TO MEET CHANGES IN CONSUMER DEMAND Consumer demand for space is changing. It is going beyond simple demand for space and into how that space is organised and offered. Those who keep a finger on the pulse of changing trends and adapt to consumer behaviour will appeal to a greater audience and enjoy more success.

One growing trend is the increased

“Real estate developers and investors are heeding the wants of several generations who desire to live, work, shop and play in one place”

popularity of urban living. “Real estate developers and investors are heeding the wants of several generations who desire to live, work, shop and play in one place,” HLB concludes. A shift in consumer needs is clear when looking at the Millennial generation, who focus on convenience and are willing to compromise smaller living spaces for the opportunity of living in the city. Additionally, quite a few are foregoing a car for the flexibility and convenience of ride-sharing services, which is much more difficult beyond highly populated areas. And they aren’t the only ones embracing this 14 |

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urban living trend. With average lifespans extending and healthcare advancing all the time, the average person is spending more years in retirement and looking for ways to live healthier and more connected.

“Those who are entering retirement want to downsize and live in areas where much more is available closer to home,” noted HLB. NEW MARKET ENTRANTS TO WATCH The players in the real estate game are changing and competition is coming from areas that were less considered a factor

before. For example, tech giant Amazon effectively bought its way into the real estate space through its 2017 acquisition of Whole Foods. They realised that consumers still like to have some control over their groceries, purchased Whole Foods, breathing a bit of new life into the grocery-anchored retail building sector.

This bold step is forcing other groceries (and brick-and-mortar retailers) to become more flexible and modernise or face being left out in the cold. Also, look for co-working spaces to reach beyond solo and small businesses to much larger companies looking for the flexibility in shorter leases and greater options, as WeWork has done by launching HQ by WeWork. And we don’t expect it to stop there either. Analysts predict that the co-working concept will eventually also branch out into retail and education. ■ Source:hlb.global

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BUSINESS

AĆIM LEON PANTELIĆ, DIRECTOR, WE SHARE SPACE

Your Best Work Happens Here W Company We Share Space has established itself as one of the leaders of the market for co-working spaces, with its offices, conference rooms, open spaces, 24/7 access, parking and numerous other advantages that it offers at its Vračar and Dorćol facilities

ith changes to the labour market, the need for workspace is also changing. Co-working spaces create added value for many businesses, precisely due to reductions in capital expenses, their adaptability and flexibility, but also because they provide access to a wider network of start-ups and entrepreneurs, explains We Share Space Director Leon Pantelić.

• The basic purpose of a co-working space is to reduce costs, expand networks of people who can assist you and become your future clients, or for you to become their client. Has this been sufficiently recognised in our country?

- Networks of start-ups and entrepreneurs have been developing in Serbia over the last few years, and there is ever increasing talk of the importance of co-working spaces in that development.

Likewise, the large number of business collaborations between different users of such space testifies to this impact be-

ing real and important, especially if one considers that the users of co-working spaces are relatively young firms that are just breaking onto the market.

Due to the flexibility of working hours and the growing popularity of remote working, the need for long-term leases of office space has reduced, and many of the jobs that people make a living from today didn’t even exist 10 years ago.

Given the growing popularity of the nomadic lifestyle, these types of office space leasing options are increasingly in demand, both among foreigners coming to Serbia and among our local start-ups and entrepreneurs.

• Is one of the benefits of co-working spaces the ability to quickly and easily adapt to the needs of clients who cannot expect that in large office buildings?

Ample parking spaces and high-speed internet are implied, but what else do you offer?

- We Share offers its clients fully equipped offices, with a maintenance service for

Business space tenants today not only seek walls and furniture, but rather a whole array of additional services that will save them both time and money

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- Our most numerous clients are representative offices of foreign companies that are just launching operations in Serbia and local start-ups, but also international organisations and domestic companies that need additional or temporary workspace. Different sectors recognise the benefits of this type of leasing of space that allows them to do their work, and we are here as support for everything else.

At We Share we strive to provide our clients with maximum comfort to ensure their workday passes as easily as possible. First and foremost, the entire space is designed in an industrial style that gives it a modern business look. It is very important for our clients that they have tranquillity while working, so most of the those offices and the possibility to start working immediately if required. Our clients, particularly foreign ones, greatly appreciate our flexibility and the fact that we care about the technical details, because then all they have to do is to deal with their own business. This implies reception services, the ability to register a business, receive post and phone calls, as well as 24/7 office access.

All of our clients have the opportunity to enjoy quiet office when they need to focus on their work, but they can also feel comfortable and relaxed in more informal areas of the space, such as a terrace/balcony or kitchen, where a large number of them socialise during breaks. All that is needed it to find the right measure in everything.

• Location is one of the crucial factors when choosing a property. Does this rule also apply to co-working companies; are your locations among your biggest strengths?

- Location is certainly something that matters most in this business. A good location allows the users of the space to be well connected with other parts of the city, the possibility of having everything in one place – from banks and hotels to restaurants and cafes. In this way, our clients save time and are

The needs of our tenants vary, and we manage to provide everyone with precisely what they need. Both peace and isolation, and an environment for creative exchanges of ideas, and space for meetings between larger numbers of people space is converted into separate offices.

Each of them has windows that can be opened, plenty of daylight and a separate air conditioning system. Moreover, the entire space is equipped with ergonomic Steelcase office furniture, which provides ultimate comfort, and the entire story and atmosphere is rounded off by a spacious terrace/balcony and kitchen.

able to dedicate themselves to their business without interruption.

• Who are your tenants? Representatives of foreign companies, start-ups, freelancers, emerging IT and marketing companies? What does a good co-working space look like from their perspective?

• What do you currently offer clients and what are your plans for the period ahead? We are sure that you plan to expand your operations, given the growing needs of the market.

- We are currently located in the neighbourhoods of Vračar and Dorćol, at two locations that enable our clients to quickly reach state institutions, banks, restaurants etc. We are planning expansion to New Belgrade, as the central business district, with which we will be able to offer our clients a choice of all attractive locations in Belgrade. ■ NOVEMBER

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BUSINESS

ARAMONT

Danube Terraces – Your Dream By The River

The business-residential complex Dunavkse terase (Danube Terraces) is located just a few kilometres from the city's Terazije square. The complex is a new, complete and modern facility, located in a part of the city that's developing rapidly, with good transport links to important city amenities and all parts of the city, and with developed infrastructure. Giving the complex special value is its close proximity to the River Danube and the city's BIG FASHION shopping centre

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rom the beginning, investor Aramont set the highest standards in the construction of the Danube Terraces from the outset. The builder set the aim of this project in such a way that it would lead to high quality housing and hence a harmonious spatial structure, with high category materials and modern and high-quality elements in both apartments and building interiors. Among other things, all criteria from the guidelines on energy efficiency were applied.

Within thirteen commercial and residential units, encompassing a total net area exceeding 60,000m2, there are a total of 659 properties, including 576 residential units, 83 commercial units, a multifunctional space, a large garage for residents with space for 219 vehicles and a public garage.

All housing units have been carefully planned and constructed, ensuring that our offer included a large selection of apartments with different structures and sizes. Comfort18 |

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able and with plenty of light, the apartments are protected from the negative effects of cold, heat and noise, which has contributed to the fact that almost all of them have been sold and are now occupied, with the exception of a few luxury penthouses.

The commercial units and business premises within the complex are primarily intended for performing quiet operations and service activities, which contribute to improving the quality of life of residents of the complex and the wider surroundings.

By monitoring the needs of the market and considering the excellent position of the complex, the company has also launched a new concept of leasing office space that represents a combination of hubs and smaller co-working zones. These spaces are functionally equipped units that consist of smaller physically separated units that enable individual work with completely secured infrastructure (internet, video surveillance, equipment for scanning and

printing materials, a kitchen, physical and technical maintenance etc.).

Under the scope of this concept, activities have been launched by the DT hub, which includes separate boxes with one or two workplaces (office or duo box), or workplaces within an area with a large desk for six people (community box), as well as a separate conference room.

The space is adapted to businesspeople on the move, entrepreneurs who’ve previously worked from home, freelancers, start-up companies, smaller teams and anyone requiring a functional, affordable space to work under completely flexible conditions of use.

The company’s idea for the period ahead is to have a large, organised co-working zone within the scope of Danube Terraces complex, which will – in addition to a comfortable working environment - provide tenants of the DT hub with professional and business contacts in one place. ■