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The heart of New Belgrade
Crossroads of Tošin Bunar and Milutin Milankovic Boulevard
Close to all amenities: primary schools, kindergartens, shopping and sports centers, airport
Comfortable apartments of larger square footage from 92 m2 and more, with terraces for full enjoyment
Ceiling height 2,90 m
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High quality construction
The luxurious laminam facade ensures constancy and longevity
Energy efficiency of the facility
Three-layer aluminum joinery
A 5 star hotel in front of DOLCE VITA RESIDENCE
A SPA on the fifth floor, with a stunning view of New Belgrade, connected with a warm connection with the residential part.
Reception 24 hours
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Milutina Milankovića 1k, apartment 8 + 381 69 319 39 82
dolcevita.nbg@gmail.com
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IMEL Group, a well-known Serbian developer, proudly presents an innovative and sustainable approach to eco-friendly environments with its ongoing office and commercial complex project, Green Escape, Block 51, New Belgrade
Text and photo: IMEL GROUP
Upon successfully launching the first phase of the complex in the fall of 2022 and achieving a high occupancy rate of the class A office space in the first building, IMEL Group decided to commence the construction of the next phases of the complex with the intention of providing the market with additional premium office space at affordable rental rates.
Located on the entrance to the urban zone of New Belgrade and conveniently close to the airport, Green Escape presents an ideal retreat for companies seeking a tranquil yet connected lifestyle.
With a direct connection to the future Arsenija Čarnojevića Blvd. (current highway E 75), it is already connected via several roads and public transportation lines. The site is easy to reach from all directions and, at the same time, isolated with preserved green protective zones. With the focus on modern technical systems, energy efficiency, and sustainability, this visionary project stands as a synonym for quality, backed by IMEL Group’s 42 years of experience in the commercial real estate market of New Belgrade.
Green Escape provides numerous benefits that make it a highly desirable destination for your future retail or office space. The meticulously planned layout incorporates a wealth of green spaces, providing a healthy and relaxing atmosphere. The development emphasizes sustainable practices, promoting an eco-friendly lifestyle that harmonizes with nature.
One of the key features of Green Escape is its phase-byphase implementation of custom-made office, retail, and hotel premises. This flexible approach allows for the development of “custom-made” environments that cater to the unique needs of any business.
Whether it’s a dynamic office space or a hospitality establishment, Green Escape provides the perfect foundation for successful growth.
Object type:
Business complex
Location:
Block 51, New Belgrade
Area: 67,000 m2
Parking spaces: 592
Class: A
Concept:
Urban organic Investor: IMEL Group
The highly anticipated K2 office and hotel building construction is scheduled to commence in Q4 2023. With its commitment to top-quality craftsmanship and attention to detail, IMEL Group promises to deliver a world-class working environment that exceeds expectations.
As the real estate landscape continues to evolve, IMEL Group is always at the forefront of innovation and sustainability. Our vision is to create a harmonious blend of urban living and organic surroundings, offering an unmatched experience for our clients.
We are excited to embark on this journey and look forward to welcoming you to the Green Escape Complex.
There are many companies on the market that develop and build industrial and logistics facilities on a “turnkey” basis, but an increasing number of companies are opting for the so-called "buildto-suit/lease" option, according to Radoš Gazdić, director of the Development Agency of Serbia
By: GORDANA KNEŽEVIĆ MONAŠEVIĆ Photo: RAS
Serbia is highly positioned on the investment map of Europe, especially in the industry and logistics sectors, and in light of the current global circumstances that have changed the way of doing business, it is predicted that Southeastern and Central Europe will be much more suitable for the development of this type of real estate and business in the next five years compared to Western Europe. We spoke to Radoš Gazdić, director of the Development Agency of Serbia, about the investment potential of industrial and free zones, the progressive expansion of industrial parks of all kinds, and the factors that keep investments in Serbia strong even during times of crisis.
How do you rate the current position of Serbia and its potential in relation to Europe? Are investors showing more interest in logistics and the industrial sector?
— Globally, things are changing, and many Asian and European companies that previously produced goods in Asia for the European market are now trying to relocate those operations closer to their primary customers. Certainly, that process will be beneficial to Serbia and the rest of Southeast Europe. Geographically speaking, Serbia has always been in a very strong position, but in order to fully realize this potential, additional investment in strengthening the entire transport infrastructure is required. Modern infrastructure will bring Serbia, as well as the entire region, closer to the more developed parts of Europe.
For several years now, Serbia has been one of the most attractive investment destinations, which is supported by the fact that it has seen record inflows of foreign direct investments in recent (pandemic) years. In 2022, the highest amount of 4.4 billion euros was recorded so far, bringing the average annual inflow of FDI
for the last five years to 3.7 billion euros.
Over the years, Serbia has patiently built a leadership position, not only in the region but also among the leading countries in Europe and the world in terms of the number of foreign direct investments in relation to the size of its economy, according to FDI Intelligence, a specialized service of the Financial Times (2019 was the first in the world). Also, according to IBM’s annual reports on the world’s best locations for investment (“IBM Global Location Trends 2020”), Serbia was the world leader for four years in a row in terms of the number of jobs created through FDI projects and in terms of population. Serbia is at the top of the list in Europe, according to a recent EY publication that uses the average number of open jobs per project in 2022 as a criterion. Perhaps we should also mention the special report “European Cities and Regions of the Future 2022–23”, where Belgrade is ranked among the top ten largest European cities, promising investment locations in all categories (business environment, human capital, lifestyle, etc.).
Serbia has many benefits as a location for investments, including its strategic location, extensive investments in improving all types of infrastructure, highly skilled workers, free trade agree-
ments, a market of 1.3 billion consumers, an impressive number of renowned companies that have already established operations there, and economic, fiscal, and political stability. This is a significant part of the reason why companies decide to start or expand their business with us. Additionally, according to the
assessment of the World Bank and the Doing Business report, Serbia has made one of the biggest advancements, precisely in the segment of issuing building permits, as a result of the digitization of the entire process.
We have witnessed that, following the needs of the market, numerous companies—developers and investors in industrial and logistics facilities—have recognized the potential for their businesses in Serbia. Some of them have been here for several years and have a large number of projects behind them, such as CTP, while others have just started but are intensively conquering the market, such as VGP.
Is it known how many industrial and logistical facilities there are currently in Serbia, and has this industry seen any recent growth?
— Although the Development Agency has a database of greenfield and brownfield locations that it regularly updates, it still does not have a precise number of these facilities. It is certain-
THE MOST DEVELOPED INDUSTRIAL ZONES ARE IN SUBOTICA, PANČEVO, NOVI SAD, ZRENJANIN, INDJIJA, STARA PAZOVA, PEĆINCI, KRAGUJEVAC, NIŠ, VALJEVO, LESKOVAC, AND VRANJEBarry Callebaut, Novi Sad Leoni, Kraljevo
ly evident that their number is growing. With the overall economic growth and the intensive development of the transport infrastructure, the growth of the number of industrial and logistics facilities in the last few years is also evident. Consequently, the market is richer for companies that develop and build these facilities on a “turnkey” basis, but an increasing number of companies are opting for the so-called “build-to-suit/lease” option. Some of the most important companies operating in Serbia have decided on this method of construction; recently, the Japanese corporation Nidec opened two of its factories in the rented space.
What types of industries are investors most interested in, and can you give us examples of some major global companies that have recently decided to move production and operations to Serbia?
— It is most important to point out that interest in investments in Serbia did not wane even in the crisis years. Some very significant projects started with the realization of investments during the period of the pandemic, the armed conflict in the immediate vicinity, the energy crisis, and all the economic global changes. Also, some of the companies that
are already operating in Serbia have reinvested for the second, or even third, time in the mentioned period. Certainly the largest number of investments comes from the automotive industry sector, and, what is important to point out, these projects often involve large research and development centers and are related to the future of this industry, that is, to electro-mobility. The leading
only by foreign but also domestic companies, is in the food industry sector. Recently, the focus has shifted towards capital-intensive investments and industries with a high level of added value, which further generate a higher level of economic development.
According to data from the Statistical Office of the Republic of Serbia, there are 374 industrial zones in 133 out of 168 municipalities in Serbia, and 1,859 businesses operate there. What are the benefits of operating in industrial zones, and how can you encourage both domestic and foreign investors to take advantage of them more?
— Industrial zones are areas that are pre-defined by the local self-government in the urban spatial plan and equipped with the necessary infrastructure for further use. By deciding to operate in an industrial zone, the investor does not have to worry about how to get to the land intended for industrial production. For this purpose, municipalities often build facilities and halls themselves in order to attract a larger number of investors. We should also mention
companies are the German Bosch, Continental, ZF, and Brose, then the Japanese Nidec, Toyo Tires, the American Rivian, and also the domestic ElevenEs. In order to reduce the risk, it is important to diversify the industries in which investments are made, so we can boast of the investment of the German MTU in the aviation industry sector, as well as numerous projects in the mechanical and electronic industries, and certainly a good part of the investments, not
the already-existing, so-called brownfield facilities, which, due to a variety of factors, are no longer in use but represent enormous potential due to their location, the availability of infrastructure, and frequently the market value of the land on which they are located. In Serbia, there are many such places, and by restoring them to their original functions, the local self-government would not only address aesthetic and ecological issues but also the growth of the lo -
THERE ARE MANY BROWNFIELD FACILITIES IN SERBIA THAT DUE TO A VARIETY OF FACTORS, ARE NO LONGER IN USE BUT REPRESENT ENORMOUS POTENTIAL DUE TO THEIR LOCATION, THE AVAILABILITY OF INFRASTRUCTURE, AND FREQUENTLY THE MARKET VALUE OF THE LAND ON WHICH THEY ARE LOCATED
cal economy by attracting new investors.
To what extent are the existing industrial zones infrastructurally equipped and operational, and would enhancing their infrastructure lead to higher investment potential?
— The development of industrial zones is proportional to the development of local self-government; that is, more developed municipalities usually have better equipment and functionality in the zones. The Agency, in cooperation with relevant ministries and competent public enterprises, comes to the aid of municipalities and tries to provide the infrastructure necessary to attract new projects. Quality infrastructure is always one of the key issues. Adequate electricity power, a high-quality water supply and sewage network, and traffic infrastructure are extremely important issues and reasons that, among other things, determine investors interest in doing business in certain locations. Certainly, zones that can boast that they can offer future users power supplies with “green energy” will play an increasingly important role in attracting modern technologies.
Which municipalities in Serbia have the most developed industrial zones, which industries are most prevalent there, and what are the plans for the zones’ future development?
— The most developed industrial zones are in Subotica, Pančevo, Novi Sad, Zrenjanin, Indjija, Stara Pazova, Pećinci, Kragujevac, Niš, Valjevo, Leskovac, and Vranje. The most prevalent industries are automotive, food, electrotechnical, and metal processing. Although these are highly developed industrial zones where the largest number of the most significant investments in Serbia were realized, the strategy of the Government of Serbia is to transfer this type of development to other cities and municipalities in Serbia. For this reason, the Government’s focus is on supporting the development of new industrial zones
in cities and municipalities where not many investment projects have been implemented in order to ensure even and sustainable development.
Is there a plan to build new industrial zones? If so, in which municipalities, and for what kind of investors can they be most attractive?
— The development of industrial zones is not centralized; it is up to local governments to decide whether to prepare new industrial zones, and the govern-
gions are attractive for investments in the food industry, while regions with a tradition in, for example, the leather processing industry are interesting for shoe manufacturers. High-tech investments, as a rule, go to university towns.
Serbia has 15 free zones. What sets them apart from industrial ones, and what benefits do they offer?
— Free zones are a physically fenced and marked part of the territory of the Republic of Serbia, equipped with infrastructure, where production and service activities can be carried out with certain stimulating benefits. There are currently 15 active free zones in Serbia. In 2021, active free zones achieved a turnover of around five billion euros. About 230 multinational companies with more than 42,000 employees operate in the free zones of Serbia.
ment only provides support for these activities. The profile of investors for whom these locations can be attractive depends on the profile of the municipalities themselves. It largely depends on the industrial heritage and educational profile, but local resources can also play a role; traditionally agricultural re-
By operating in free zones, the investor is provided with special benefits and a preferential tax regime, including exemption from VAT and customs duties on the import of raw materials and materials intended for the production of goods for export, machinery, equipment, and construction materials. The import and export of goods to the zone are unlimited, but of course, the goods imported from the zone to the domes-
ABOUT 230 MULTINATIONAL COMPANIES WITH MORE THAN 42,000 EMPLOYEES OPERATE IN THE FREE ZONES OF SERBIANidec, Novi Sad
tic market are subject to the regime of import of foreign goods.
In addition to industrial and free zones, there are an increasing number of industrial parks developed both by domestic and foreign investors. Which industrial parks in Serbia can serve as role models for new investors who are considering making such investments, and which kind of parks will be the most alluring in the near future—high-tech, production, or logistics?
— Unlike industrial zones, which are spatial entities, industrial parks are functional entities. Users are enabled to have others take care of the functioning of the space on their behalf, the necessary technical conditions, and all the details of the functioning of the space that otherwise take away valuable resources necessary for the development and improvement of business. They are always located near important traffic routes, including highways, railways, airports, and/or ports.
All the listed types of parks will certainly be present in the future. What is current now are the eco-industrial parks
that Serbia is developing in several locations: Loznica, Novi Sad, Smederevo, Niš, Ćuprija, and Indjija. Also, Indjija is developing a special space and infrastructure for users dealing with advanced technologies. Private initiatives such as the MIND Park in Kragujevac or the chemical park in Prahovo should also be highlighted.
When you summarize everything— the current situation and plans for
the further development of industrial and free zones—what would you say to investors: where and in what type of industry is it best to invest in Serbia in the coming period?
— You see, we at the Development Agency have been operating on the principle that “the investor knows best where and in which project to invest”, and our role is to provide him with all the necessary help and information.
15 Free Trade Zones
227 Multinational companies
42,046 Employed €5bn Turnover in 2021
€4,4bn Investments since 2008
10.9% of total Serbian goods export
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Lidl Directorate, Nikola Tesla Airport, Zepter, Belgrade Office Park, Atlantic Stark, Strabag, Savograd, Military Academy, the Avala Tower, Hotel Izvor...
The Trinity Park hotel and business complex in Novi Sad, designed in accordance with the highest international green building standards, offers tenants an inspiring place to work and a "tailor-made approach" when arranging office space
Ahotel and business complex of impressive characteristics that will become a new landmark of Novi Sad is situated in the heart of the city, near Futoški Park. On the foundations of the existing complex, Trinity Park is emerging – a premium office complex with the possibility of using hotel amenities, which will represent a perfect balance between the city atmosphere and the nature, offering a panoramic view over Novi Sad.
Trinity Park, as a unique and truly inspiring place to work, offers future tenants a “tailor-made approach” in terms of office space design and organization—a fully flexible and functional open space concept. In addition to elegant glass facades that allow for a great deal of natural light, each office building within the complex is classified as Class A, and the entire project is designed in accordance with the highest international green building standards, including LEED certification, energy efficiency, and reduced CO2 emissions.
In the last few years, Novi Sad has become a very popular business address. Following the growth of demand for office space, the requirements of the tenant companies have become more sophisticated. Industries that are oriented towards Novi Sad are mainly IT companies, development centers, and companies from the creative industry. At the end of 2022, Novi Sad had 135,000 square meters of modern office space for rent, out of which 43% belongs to Class A office buildings and 57% are Class B, according to the report done by the leading real estate consultancy CBS International, part of the Cushman & Wakefield Group and the exclusive leasing representative for the Trinity Park complex. The vacancy rate for Class A office buildings currently stands at an extremely low level and amounts to less than 1%, which indicates a very strong demand in the segment of prime-class office space, so the news about the construction of the Trinity Park complex by the renowned developer Inobačka is of great importance.
Object type: Hotel-business complex
Location: Futoški Park, Novi Sad
Class: A
Certification: LEED
Developer: Inobačka
Lease representative: CBS International
In New Belgrade, Block 65, between Tadije Sondermajera Street and Boulevard Heroja sa Košara, there is a new modern business complex Exing Office. This contemporary office building consists of two parts, one of which has already been sold, and the other, with a net area of almost 8,500 square meters, is intended for rental.
The impressive facade is made of glass and aluminum and is decorated with vertical shades in white and gray, emphasizing the diagonal of the building. The investor company Exing B&P, ensured that this office space was built in accordance with the highest standards of sustainability, carefully selecting finishing materials of excellent quality.
Exing Office features 8 floors, as well as a 2-level underground garage with 109 parking places, and 11 more on the above-ground level. The ground floor is reserved for retail, standard floors are from 1st to 6th, while the seventh floor is withdrawn and has a large balcony. On the rooftop of the building, above the last 8th floor, there is a magnificent terrace with lots of greenery that is available to all future tenants of the building.
This modern Class A office building offers flexible floor plans with about 1,000 square meters of net floor area, which will enable future tenants to arrange the office space in accordance with the specific needs of their business. With planned additional content that will enrich the offer, this office building is one of the few that is also pet friendly in the central business zone.
The exclusive leasing representative for this modern office building is the leading real estate consultancy in Serbia –CBS International, part of the Cushman & Wakefield Group.
Object type: Office building
Location: Blok 65, Novi Beograd
Area: 8,500 m2
Class: A
Parking: 109 + 11 places
Bonus: Pet friendly
Investor: Exing B&P
Lease representative: CBS International
IMPORTANT
Security measures should be tailored to your specific needs and the risks associated with your location.
Consider consulting the security experts at Lunatronik, who can provide quality recommendations for your home or office.
Protecting your facilities involves implementing various security measures to prevent unauthorized access and reduce potential risks. Here are some suggestions for improving your facility’s security:
First, install a reliable alarm system, as it discourages burglars and notifies the authorities and services.
Next, install an IP video intercom with the integration of pedestrian and vehicle access control systems (barriers, ramps, and automatic doors).
A video surveillance system with the application of artificial intelligence (AI) for accurate and timely warning and reconstruction of events.
Smart home system in order to improve comfort and achieve greater energy efficiency.
Solar systems for ensuring independence in energy supply and improving ecology.
Time-lapse cameras for surveillance and monitoring of construction site efficiency and worker safety.
By: JOVANA NIKOLIĆ Photo: COLLIERS SRBIJA
mand for more square footage in industrial zones, and a strong level of construction activity last year. Given all these parameters, we can assume that this year will be even better than the previous one for the commercial real estate sector, according to Irena Ilin, MRICS, REV, Head of Valuation at Colliers Serbia and the only appraiser in Serbia with a RICS certificate for commercial property survey. Wie discussed with Irena the commercial real estate market trends as well as the importance of professional real estate valuation, both for the needs of clients and for a clear overview of macroeconomic trends and financial stability.
Which parts of commercial real estate are showing the most activity in terms of increased demand, construction, and market value?
The worldwide commercial real estate market is still very unstable, given global inflation, which continues to decline but will remain high until 2024, and rising interest rates that pose a significant credit risk. However, despite global changes, which undoubtedly have an impact on business in Serbia, we saw a record influx of foreign investments, a record-low vacancy rate for office space, a record-high de-
— Logistics centers experienced a peak in demand and construction in Serbia during the pandemic, and that trend continues. Several projects of this type have been started and announced, such as the future VGP Park Belgrade in Dobanovci with a NLA of about 487,000 m2. After logistics facilities, office space is the most demanded. The vacancy rate of office space in the last few years has been extremely low; the current rate is less than 3%, which means that even the new 200,000 m2, which is expected to be additionally built this year, will not fully satisfy the high demand and needs of the market. When it comes to retail space, there is a noticeable trend toward developing retail parks in smaller cities, and the market in this sector should increase by about 50,000 m2 by
the end of the year. Certainly, the greatest activity can be expected in the logistics and office space sectors, as we can also expect an increase in their market value, which is affected by higher rental prices due to the increase in construction prices.
In terms of the development of commercial real estate, what distinguishes Serbia from the rest of the region, and for what kinds of commercial buildings can we say that we are perhaps particularly suitable?
— Our geographical position makes us suitable for logistics centers, and we should capitalize on this advantage in light of shifting global conditions and the growing “nearshoring” trend. With the outbreak of war in Ukraine, many educated business people from Russia and Ukraine saw the possibility of continuing their business activities in Serbia. This certainly set us apart from the rest of the region and increased the demand for office space. As the current market demand shows, what we lack the most are premium-quality office spaces for companies with up to 10 employees and coworking centers.
We may be the perfect location for the development of industrial, technological, logistical, business, and retail parks, but what is obvious in the expansion is the construction of apart-hotels with an increasing supply of apartments that are bought as investments. Do you think this trend will continue to expand, and how profitable are these investments?
— The trend of buying apartments as a type of investment has been present for years in our country. Until recently, the most sought-after locations were Belgrade and Novi Sad, and now the market is increasingly moving towards large tourist centers, such as Kopaonik, Zlatibor, Vrnjačka Banja, etc. Depending on the location, the return on investment can be expected within 8 to 12 years, which is very good. I believe that this trend will continue since we still have unused potential for such projects, such as Stara Planina or Tara, where this type of construction has not yet expanded. It is important to note that when planning projects of this type, care must be taken to ensure that they are in harmony with nature so
as not to damage natural resources. Unfortunately, we have already failed a lot here, above all in Kopaonik and Zlatibor, where the lack of proper urban planning is evident.
Energy efficiency and green construction are almost becoming the standard when it comes to office buildings and industrial and logistics facilities, which foreign companies especially insist on, either as tenants or as investors. Do green certificates increase the value of buildings?
— Large foreign companies, through the implementation of their corporate policies, have influenced the establishment of many standards in our country, including those regarding green construction. A relatively small number of buildings in our country have a green certificate, perhaps around 150, but it is encouraging that they are mostly commercial-type buildings and that large investors are aware of the importance of a new construction culture. Green certificates certainly raise the value of buildings, but to what extent depends on how “green” they are. If you have a building that uses renewable energy sources, has a rainwater collection system, implements inno-
AS THE CURRENT MARKET DEMAND SHOWS, WHAT WE LACK THE MOST ARE PREMIUM-QUALITY OFFICE SPACES FOR COMPANIES WITH UP TO 10 EMPLOYEES AND COWORKING CENTERSPhoto: Pixabay The current office space vacancy rate is less than 3%
vative solutions that reduce energy and electricity consumption, saves water, has a green roof, has smart systems in the form of sensors that regulate aspects of comfort, and the like, you certainly have reasonable arguments to ask for a higher rental price. And when the object realizes a reasonably higher rental price, it also raises its market value.
Why is a professional real estate valuation important, how challenging is it to estimate real estate value, and for what purposes is this service used?
— The real estate market has a significant impact on macroeconomic trends and financial stability, and in this sense, systematic monitoring of market development and its prospects is very important, both for a comprehensive analysis of macroeconomic conditions and the perspective of the economy in general and for a professional assessment of the value of real estate for the needs of clients. The valuation is an integral part of the portfolio of services provided by Colliers Serbia because an objective assessment of the market value of a property significantly influences decisions that are in the best interest of the client, whether it is a new investment or a decision about whether the property should be sold or leased. The purchase and sale of a property is undoubtedly the most frequent reason for real estate val-
uations, but clients also request our assistance with these tasks for a variety of other reasons, including getting a mortgage, insurance, taxation, investment analysis, making business decisions, legal disputes, and bankruptcy cases. The second half of the year is always reserved for valuations for financial reports. Banks today have somewhat stricter conditions for issuing loans, especially when we look at loans with variable interest, because the value of the Euribor is at a historical maximum, so the number of requests for such assessments has decreased. Regardless of the reason, Colliers
Serbia’s team of certified appraisers performs their work conscientiously and responsibly according to the law and the principles of their profession, with the application of a clear methodology and compliance with RICS standards, adapted to the local market based on our comprehensive knowledge of local regulations and laws, standards, and market trends.
LARGE FOREIGN COMPANIES, THROUGH THE IMPLEMENTATION OF THEIR CORPORATE POLICIES, HAVE INFLUENCED THE ESTABLISHMENT OF MANY STANDARDS IN OUR COUNTRY, INCLUDING THOSE REGARDING GREEN CONSTRUCTIONThe market lacks coworking centers Photo: Freepik
I must note that in our market, there are still a small number of transactions and insufficiently transparent data when it comes to selling or renting space, which is certainly challenging for appraisers.
Commercial real estate is most often rented out and less often sold, but from time to time we have cases of larger acquisitions. Has any major transaction of this type recently been recorded in our market?
— Recently, we have had several sales of large office buildings from the 70s and 80s of the 20th century. Delta bought the Sava Center in 2020; the reconstruction is underway, bringing a new congress center to Belgrade and Serbia, unique in the region. Somewhere at the same time, Marera bought the symbol of Belgrade, the Beogradjanka building, now the Belgrade Palace, and then the sale of the BIGZ building followed, with almost 40,000 m2 (GFA) of new office space planned. At the beginning of the year, another symbol of Belgrade, the Genex Tower, was sold, which should provide about 15,000 m2 of new office space in Belgrade.
Professional real estate valuation services are performed by licensed appraisers. How is a license acquired, including that flattering MRICS title you have, and why is the RICS certificate important in this business?
— National licenses are issued by the Ministry of Finance. In order to get a license, you need at least three years of experience in real estate valuation, training in one of the accredited associations, and passing a test administered by the Ministry of Finance’s expert com-
mission, which is made up of representatives of the industry, certified appraisers, and the Ministry of Finance. RICS, short for the Royal Institution of Chartered Surveyors, an association founded in England as far back as 1868, sets guidelines derived from the best practice of appraisals. It is important that, as appraisers, we are familiar with and always up-to-date with the practices and standards set by markets that are much more developed than ours. That is, it is important that we apply best practices and high ethical standards to our reports. Our national standards also draw on International Valuation Standards and the RICS Red Book. To obtain the MRICS title, you need a relevant degree, a proven professional qualification, or ten years of relevant experience.
Irena Ilin graduated from the Faculty of Civil Engineering at the University of Belgrade. She started her professional career in 2000 at Energoprojekt. After that, she worked at ProCredit Bank, first as a valuation consultant and, from 2006, as head of the investment department. In May 2011, she joined the team at Hypo Alpe Adria Bank as head of the real estate valuation department. Since March 2016, she has been working at HETA Asset Resolution
as the director of the asset management and sales department, with great success. In 2021, she founded her own company, Valuation Advisory, and since the beginning of 2023, she has been head of valuation at Colliers Serbia. She owns license numbers 310 and 410 issued by the Serbian Chamber of Engineers. In September 2014, she became a Recognized European Valuer (REV) through the TEGoVA member association. In 2015, she has earned a RICS certificate for commercial real estate valuation and is the only holder of this certificate in Serbia. In 2017, she also earned a certificate for business valuation from ACCA. Since 2017, she has had a national license for real estate valuation. In 2020, she earned the title of MRICS.
THE ONLY APPRAISER WITH A RICS CERTIFICATE FOR COMMERCIAL REAL ESTATE IN SERBIALogistics centers experienced a peak during the pandemic, and that trend continues Photo: Freepik
Investing in an apartment hotel provides an attractive opportunity for investors to generate passive income, enjoy luxury amenities and potentially realize a significant return on their investment over time
Text and photo: COLLIERS SERBIA
In the latest survey of the real estate market and its progress, Colliers Serbia came to the conclusion that investing in condo hotels is becoming an increasingly popular option for those who want to invest smartly. The concept of owning a hotel room in a luxury condominium building like Zlatiborski Car, whose exclusive sales representative is Colliers Serbia, offers multiple advantages that make it a smart investment choice in today’s market.
Owning a room in a condo hotel provides a unique opportunity for passive income as the unit can be rented out to tourists for short or long term stays throughout the year. Unlike traditional rental properties, a condo hotel management team takes care of all guest reservations, marketing and room maintenance. This means that owners can relax and enjoy the income generated by their investment without having to deal with the usual responsibilities of a landlord.
The condo hotel concept provides unparalleled amenities and services for both owners and guests. These amenities can range from spas and fitness centers to 24-hour room service, providing guests with first-class, luxurious accommodations. As a result, condo hotel room owners can enjoy using these amenities themselves or rent out their units to generate additional income.
ZLATIBORSKI CAR
Object type:
Condo Hotel Location:
Zlatibor
Area: 5.100 m2
Apartments: 80
Delux apartments: 6
Parking places: 85
Exclusive sales representative: Colliers Serbia
Condo hotel ownership provides a flexible investment option. Owners can choose how often they want to use their room and don’t have to stay in their unit. This means that the investment can be used for personal use, income generation or even a combination of the two.
Finally, condo hotels tend to have increased appreciation potential compared to traditional real estate investments. With continued growth in tourism and demand for luxury accommodations, condo hotel rooms tend to increase over time, offering a potentially lucrative return on investment.
Investing in an apartment hotel provides an attractive opportunity for investors to generate passive income, enjoy luxury amenities and potentially realize a significant return on their investment over time. With these benefits, it’s no wonder why Zlatiborski Car Condo Hotel has become a popular investment option in today’s thriving real estate market.
NOVASTON
Numerous difficulties that we face on a global scale also have an impact on Serbia's commercial real estate market. As the expert experience of the NOVASTON real estate platform demonstrates, each new project must meet the requirements of flexibility and diversity of content in order to survive in such a changing environment
Text and photo: NOVASTON
With more than 40 strategic projects in its portfolio and half a million square meters of area managed by nearly 100 employees, NOVASTON is a unique real estate platform and one of the leading asset management companies in the region. Already a well-known brand in the retail sector, NOVASTON has strategically expanded its operations in Serbia and the region in the sectors of office space, logistics, and hospitality.
When it comes to the office space market, it has increased its offer by almost 240,000 new square meters in the last two
years alone, especially in Belgrade, where the total stock is already 1,254,000 m2. The low vacancy rate of office space and the increased influx of foreign companies significantly influenced the increase in demand and, therefore, rental prices. The most sought-after properties are in the Belgrade CBD (Central Business District), with investors increasingly interested in investing in Novi Sad, Niš, Subotica, and Kragujevac. Also, the logistics sector has potential in good transit locations and with low operating costs; logistics spaces are often rented out even before the construction of the project.
As for the retail sector, business in 2022 was most affected by the impact of inflation on rental prices and maintenance costs, with a simultaneous positive trend in the performance of retailers. Existing projects are supplemented with new phases, and new ones are already planned throughout Serbia. The NOVASTON team is still very active in that sector, managing 16 retail parks and shopping centers in its portfolio and working hard on new projects.
NOVASTON is particularly active in the matter of ESG trends and intensively advises clients to include them in their business policies, taking into account that the most profitable buildings are those that are energy-efficient and independent. Certificates such as BREAM or LEED are almost a given, not only when it comes to quality business space but also in other sectors of the industry. The expert team from Novaston Project Management is actively working on the reconstruc-
Taking into account the perspective of the real estate sector, NOVASTON, in cooperation with the law firm Geci Law, prepared a “Guide to Real Estate Development“, in which the basic guidelines and a comprehensive overview of the processes and requirements necessary for the realization of an investment in commercial real estate are presented in a transparent and comprehensible manner, while also taking into account the aspect of its profitability.
tion of the Novkabel industrial hall in Novi Sad into a modern development center of 17,000 m2 of gross space, which will be occupied by the Schneider Electric Hub. The LEED Gold certificate will confirm that this facility meets energy sustainability standards as well as that it will be maximally adapted for employees.
The NOVASTON team continues to develop projects that will enable partners to recognize and use the potential of long-term investments in the real estate industry. The plan is to further expand business in the region through services—from support in project development and property management services to valuation and mediation in the sale and lease of real estate to marketing—but also through strategic positioning in projects as a business partner and investor.
This year, the NOVASTON real estate platform celebrates 10 years of successful work in Serbia and the region. With one hundred employees, 40 strategic projects, and 500,000 m2 of area that it manages for more than 15 foreign and domestic clients, the Novaston platform consists of three recognizable compa -
nies on the real estate market: Novaston Asset Management, Novaston Project and Facility Management, and Novaston Marketing Consultancy, which cooperate with renowned companies like CPI Property Group, IKEA Serbia, BIG CEE, NEPI Rockcastle, GTC, Schneider Electric, etc
Very few fire detection systems provide fire protection as reliably as SecuriFire 3000 does. Indeed, all its components, from the microprocessor to the operating system, are available twice, allowing you to use every precious second and react in time
Text and photo: SECURITON
SecuriFire 3000’s consistently redundant design achieves what no other system does: if the active system fails, the secondary system takes over full operations seamlessly. This guarantees maximum availability, and any incipient fire is detected in a flash, even if the fire detection system is damaged due to several breaks in its wiring.
SecuriFire 3000 is not only extremely reliable; it is also enormously versatile and therefore cost-effective. This is all down to its decentralised, modular architecture. It consists essentially of the control units, the SecuriLine eXtended ring circuits, and the signalling, alarming, display and control units. These modules are used in whatever number is needed for the size of the premises and its safety requirements. Several control units – up to 16 of them – are connected via the redundant SecuriFire LAN to create a powerful overall system.
Up to 14 SecuriLines eXtended (with a total length of up to 3500 m) can be connected to each of these control units –each with a maximum of 250 devices (fire detectors, manual callpoints, input and output devices, etc.).
When a fire breaks out, every second you gain before you start tackling the fire is worth gold. The display and control panel has been designed so you are able to find your way quickly and respond in the right way, even in situations of stress. SecuriFire 3000 is so simple to operate that you are certain to gain those crucial seconds. It is operated using function keys and, as an innovation, the SecuriWheel, which lets you navigate through the menu on the 5.7” TFT color display, intuitively and in a user-friendly way. The design of the front panel of the housing is just as straightforward: all it contains are icons rather than labels. That means you’re able to grasp the current situation at a single glance.
All the system states are indicated in plain text on the TFT color display. The operator can select from four dif-
ferent languages even while the system is up and running. The device also has an interface for hooking up a log printer and an expansion bus for connecting up to three additional control and display units. It is available as a built-in version (control unit) and as a detached version with its own housing.
Thanks to the unique “Config over Line” function, the SecuriRAS ASD and SecuriSens ADW special fire detectors can be conveniently configured, commissioned and maintained from the SecuriFire 3000. The chore of accessing each fire detector individually is thus rendered unnecessary. The existing SecuriLine eXtended provides the means for data exchange and communication.
• lightning-fast detection of incipient fires
• fully redundant hardware and software design
• modular and decentralised architecture
• up to 16 ring circuits with 3,500 elements per control unit
• data interfaces to the outside and to higher level systems
• simple planning, programming and operation
• highest security standards
PREDRAG
While commercial building construction technologies have not changed significantly in the last 20 years, new standards have been set in the organization, furnishing, and use of buildings with an emphasis on interiors, comfort, and amenities that weren't previously available in commercial spaces, says architect Predrag Milutinović, founder of the MAPA Architects studio
By: GORDANA KNEŽEVIĆ MONAŠEVIĆ MAPA ARCHITECTSHigh-class modern commercial buildings that bring innovative and avant-garde solutions and dictate new design and construction trends have never been rare on our market, and today there are more of them than ever. What new trends does the new era bring? What are standards and what is avant-garde when designing an office building or shopping center? How far has the application of new technologies and materials progressed? What are users’ requirements today? What challenges do contemporary architects face? These are some of the questions we asked Predrag Milutinović, founder of the MAPA Architects studio. For this multi-awarded architect, with prolific experience in designing and building a large number of commercial buildings of various types throughout the region, from industrial and retail facilities to office buildings and hotels, where he worked as a designer, design manag-
er, project manager, and investment manager, there is no dilemma: changes are constant, and the only way to design something even more beautiful and advanced than the existing one is to have a passion and desire for innovation, without flirting, and an open creative approach.
How much have construction trends and standards in commercial real estate changed in the last twenty years, and what has had the greatest impact— new technologies or increasingly sophisticated users’ requirements?
— Changes are constant. They are a consequence of the development of technologies and materials, attempts to speed up construction processes, reduce construction and later maintenance costs, and also create new values and new comfort conditions for work processes. Production technologies for industrial facilities, the application of increasing restrictions and control of waste elements and materials, the impact on ecology, as
well as the increasing requirements for reducing energy consumption and the use of renewable sources, certainly influenced greater thinking in the design process itself and more responsible construction processes.
Speaking of construction technologies, they have not changed too much in this time period, but new standards have been set in the organization, furnishing, and use of buildings. Office buildings used to be more strictly designed, with a clear separation of levels, sometimes rigidly taking into account the efficiency and subordination of the processes and responsibilities of the pyramidal structure. With the change in corporate culture, management modalities, and work processes, with changes brought on by the IT industry and digitization, the program requirements for designing have also changed. In an effort to motivate employees as much as possible, office spaces became a mutated form of home offices, which contributed to a more relaxed attitude towards
earlier strict business cultures and led to new trends in the design and furnishing of work spaces. I think that these trends put an emphasis on interiors, comfort, and amenities that were not previously found in commercial spaces. That change refreshed approaches to architectural design and enabled greater freedom in the organization and functioning of the space.
Is it impossible to imagine designing huge commercial projects nowadays without being sustainable and green?
— I think that it is definitely necessary to design responsibly at any time, taking all aspects into account: quality, comfort, sustainability, durability, and impact on the environment, users, and consumers. Facilities must be sustainable. We have witnessed that some buildings designed a long time ago had a lot of thoughtful details and elements that were somehow lost in times when we skipped profession and fought for more profit. It took its toll and sharply
divided nature and man. Architecture must find clear and real answers that are not just a trend brought about by a certified object; it must return to itself and to nature. Large commercial facilities certainly have a big impact on resource use and global warming, and they would have to significantly respect sustainability and ecological standards. Apart from sustainability itself, it is also important to know what materials we used during construction and how much energy and natural resources were irreversibly consumed to build the building. It is important that complex buildings have a responsible attitude towards sustainability, but not as a fashion or for the sake of certification, but for the sake of real indicators that what was taken from nature has somehow been compensated. The trend of green buildings, or I would rather say certified ones, is very present, especially in the commercial real estate sector,
which is good because it warns and guides all those who build at the start.
Can we say that contemporary commercial buildings, such as modern office buildings, which are increasingly emerging in our country, are in some way the most avant-garde, in the sense that they bring new architectural solutions and construction trends to the market?
— That’s a good observation. They bring not only trends but also the application of new construction technologies, the
use of new materials, or custom-made products just for those projects. Our market has become very interesting. Serbia has long since begun to open up to foreign designers who bring a different approach, precisely because of the experiences they bring but also partly because of branding. A part of large corporations had the need to brand their projects with the foreign signatures of wellknown architects, but this also brought some other good circumstances, for example, that domestic architects became more free in their design approach. Today, we have very interesting approaches and different concepts of objects that do not lag behind the innovative world in anything. In the past, everything was lacking on our market, so the trend of development of commercial buildings in the last 20 years has been noticeable— from ordinary, reduced ones to sophisticated ones in every respect, and we can even say avant-garde ones.
Can you give examples of some commercial buildings that once had the
greatest influence on the spread of new construction trends in our country, and which modern buildings, recently built, would you single out as representative?
— We fondly recall what our professors and senior colleagues told us about the golden period of construction in our country. At that time, conceptualization and innovation ruled, and the profession was respected and listened to. You couldn’t do without knowledge, and time was analog. In that analog communication between production and de -
IN AN EFFORT TO MOTIVATE EMPLOYEES AS MUCH AS POSSIBLE, OFFICE SPACES BECAME A MUTATED FORM OF HOME OFFICES, WHICH CONTRIBUTED TO A MORE RELAXED ATTITUDE TOWARDS EARLIER STRICT BUSINESS CULTURES AND LED TO NEW TRENDS IN THE DESIGN AND FURNISHING OF WORK SPACESMind Office, Mind Park Photo: Relja Ivanić
sign, Serbian companies managed to design and build many buildings both in the country and abroad that remained impressive. Looking locally, structures like the Sava Center and the Intercontinental Hotel, the Energoprojekt office building, the Museum of Contemporary Art, or the Federation Palace have influenced the matrix, maturing, learning, and spreading the trend. At that time, architects had a need for innovation because it was necessary to build quickly and with quality; they used a lot of prefabrication, new construction technologies, new materials—everything was new and innovative. Many of these buildings experienced their first revitalization or reconstruction after 25 years or more. The Sava Center complex was the only one from this area to be nominated for the famous Pritzker Architecture Prize. In more recent times, it is certainly the Zepter Palace, a modern and special office building created at a time when there were only two cranes in Belgrade. I would also like to single out the long-designed and long-built shopping mall complex in Rajieva, which is one of the largest mixed-use projects in our country. The newly built buildings on Milutin Milanković Boulevard—GTC Green Heart, the NCR campus, and the latest GTC X, which has the Golden LEED certificate—are certainly representative commercial buildings.
The integration of high technology and nature in buildings is also one of the notable construction trends in the commercial real estate sector, both in the world and in our country. What are your experiences with socalled biophilic design and modern smart systems?
— The use of highly sophisticated technology is certainly needed, and sometimes even necessary. I had experience with both commercial and some demanding residential buildings with the use of high technology in order to create a more comfortable space for both work and life. Technology has enabled
us to have extremely clean water in our facilities, using filters of newer generations. With technological devices, we have enabled a more comfortable stay and extended vitality in our work spaces. Many companies follow all these trends and implement them in their facilities. Biophilia, on the other hand, gives us a sense of naturalness and brings us back to our relationship with nature, from which we have become completely alienated in recent years. I believe that with a modern approach to design, in the initial setting of the concept of objects, all the mentioned aspects and possible technological applications should be taken into account. The previously mentioned buildings, built more than 40 years ago, really had nature in them, so I claim that the consciousness of the designers has always been on that line of biophilia.
Aesthetics and functionality are two equally important requirements that modern commercial buildings must fulfill. What are the most sought-after standards in this sense today? Are glass facades and modular open-space concepts still the ultimate?
— Aesthetics and functionality, but also comfort in a broader sense, sound and acoustics, light, horticulture, flora, natural materials... The trend is a return to the basics, the identity of the locality, fitting in, and sustainability. This is not only conditioned by global efforts to reduce warming, save energy, and make buildings sustainable, but also by the saturation of generic objects with strict functionality and standards that are transferred. In recent times, there has been an increasing search for identities, the culture that companies create, and the values that they communicate, which are reflected in design and construction.
We mentioned certification; it has slowly become a must-have, and it also affects the financial aspect of investment. Glass has also experienced technological advances, and the application of that material in architecture is large—not ultimate, but significant. We still cannot imagine skyscrapers without glass envelopes; they are now even in several superimposed layers. The reasons for the continued use of glass, especially in office buildings, are faster construction, technological assurance, but also comfortable spaces that are protected, open up the view, bring in clean light, are easy to maintain, etc.
The modularity of the open office space is not ultimate, but the multifunctionality is, and it brings us back to some modules. Symmetry and excessive order are rarely found in today’s matrixes of office space; they are occasionally “broken” by islands, places for leisure, conversation, relaxation, and venting, which break the rigidity of the idea of strict modularity. We certainly achieve modularity in various ways; it is very important for installers, and it is a challenge for architects to make spaces not boring but inspiring.
We are witnessing the increasingly widespread trend of building mixed-
use projects; there are more and more residential-office or hotel-business complexes that combine space for multiple purposes in one place. Why is this trend so popular?
— That trend started years ago, when the great classics ruled the architectural scene. These were once innovative and avant-garde projects that enabled a greater number of functions in one place. We can see a distinct trend in the development of such complexes in recent times. The popularity may have increased since the time of the pandemic, when we needed a greater concentration of functions in a smaller space without barriers and distances. I think that it is partly fashion, but also the need to form new city mini-centers
SHOPPING CENTERS AND RETAIL PARKS HAVE BECOME BIG STAGES FOR SPECTACLES, ENABLED BY THEIR HUGE AREAS AND THE LARGE NUMBER OF FUNCTIONS THEY HAVE
with multiple functions. Those centers are therefore better advertised in terms of sales as “everything in one place”. What is wrong is to develop such concepts at any cost. There are several recent examples that are declared green mixed-use complexes, but when you enter them and inspect the facilities, it is not exactly the comfort that should be aimed for.
How do you like the trend of office towers that is slowly taking over Belgrade? Do you see further development of commercial real estate in height or width in the capital since there are more and more examples of relocating business space to the outskirts?
— I wouldn’t call it just a trend. I think that this is the need for narrower city spaces that have the ability to only go up, of course, if the plan and regulations allow it. I am not strongly against it, and such facilities are justified be -
cause, for the relatively small area you occupy, you have enormous capacities. It’s a question of the infrastructure that accompanies it, parking, and everything else. Belgrade does not have an excessive number of such facilities in relation to its area and needs; one would expect more. I could not predict further development, but New Belgrade can accommodate such facilities, and we can certainly expect them in the future. The old city center is not able to accommodate such new structures without its quality and identity being damaged and devalued. The Beogradjanka building remained lonely. Parking in that zone is still problematic.
The reconstruction of old industrial complexes into business parks is a great thing, especially those on the outskirts of cities. Belgrade, Niš, Novi Sad, and Kragujevac have great potential in this sense. Huge complexes are already being successfully converted into spacious offices with high ceilings and biophilic elements, making them a great
place to work. In addition to the reconstructions, which I welcome because in this way we recycle and reduce both energy consumption and global warming, there are many fine examples of IT parks outside big cities. Some of the industrial and business parks are also in areas far outside cities, in nature. One of them is the Mind Park in Cerovac (on the outskirts of Kragujevac), on which my team and I worked on the master plan and design. That complex started with industry and business, with accompanying contents that complement the needs of the people who work there, such as restaurants, shops, kindergartens, sports facilities, and even its own airport. The expansion is planned precisely in this direction so that the entire complex is sustainable in all aspects.
During your career, you designed office buildings, shopping centers, retail parks, and hotels. Which of these types of commercial real estate has gone the furthest in applying modern design and construction solutions?
— Shopping centers and retail parks have become big stages for spectacles, enabled by their huge areas and the large number of functions they have. There
are many innovations on those projects due to construction technologies, but also new, modern solutions and applications of materials; somehow, these innovations are best “received” on those buildings. Modern solutions for those objects are, however, subordinated to the function and attraction of customers, so it is difficult to escape from the
architect David Chipperfield, this year’s laureate of the Pritzker Prize.
New markets and new destinations want to attract attention, such as Dubai or Qatar, where there are large mixeduse centers, ground-breaking hotels, and office buildings. It is a question of lifestyle and what other aspects of social life provide. Architecture must also
imposed iconography, which is why all these objects look a bit alike. Office buildings and hotels, in my opinion, are more durable than shopping and consumer culture. In this sense, the innovations and expressiveness of those objects are more reduced, but not necessarily less modern and avant-garde; on the contrary, Some objects, although perhaps once very simply matrix-defined in space, become benchmarks, like the Square Nine hotel in our country or some foreign solutions worked out by
follow that or be accepted as avant-garde and drive this development.
What type of project is the biggest challenge for you, and what realized projects are you particularly proud of?
— A special challenge is getting new projects that seek innovation rather than simply rewriting the program. I’m looking forward to the new micro-mixed-use complexes and neighborhoods that are sustainable because these are concepts that we haven’t had the opportunity to
LARGE COMMERCIAL FACILITIES CERTAINLY HAVE A BIG IMPACT ON RESOURCE USE AND GLOBAL WARMING, AND THEY WOULD HAVE TO SIGNIFICANTLY RESPECT SUSTAINABILITY AND ECOLOGICAL STANDARDSMind Park master plan, Cerovac, Kragujevac
try out until completion and construction. Of the completed projects, I am particularly proud of the Home for Developmentally Disabled Children on Bežanijska Kosa and the Iskra Paralympic Center in Kragujevac. These are two facilities that have been recognized and awarded by the professional public and gladly accepted by users, and which set new standards in the construction of facilities of this type. Speaking of com-
mercial buildings, the Mind Office within Mind Park is the most inspiring to me. It is special in terms of the investor’s attitude towards the architect and the process, but also programmatically, because it is set up with elements that somewhat bring us back to the classics we looked up to, but at the same time it is modern in design and concept and adapted to modern business conditions and the tenant company culture.
How do you find inspiration today to design a large commercial building that will be more beautiful, more functional, and more advanced than the existing ones? Do you follow what your colleagues are doing worldwide, and can you name some modern structures that you would like to see in our country or design something similar yourself?
— Answers to this question can be found in everything written above, but the most important thing is the opportunity that is offered and where it comes from. Each project is approached very responsibly, with an examination of several spatial concepts that are found in correlation with nature, locality, music, users, consumers, and clients. You must have passion and desire for innovation, without flirting, and an open creative approach. I wouldn’t list buildings, but I would mention those whose buildings inspire thousands of architects and investors around the world. Those that I would single out as special, whose works I would like to see in our space, and in whose works I find provocation and inspiration. They are: Jean Nouvel, Alejandro Aravena, Herzog & de Meuron, David Chipperfield, Neri & Hu.
The iconic Belgrade hotel, an anthological example of modern Serbian architecture, after more than a century of existence, is experiencing a renaissance and is about to shine with new brilliance
Its guests were the famous financiers and bankers John Rockefeller Jr. and David Rockefeller, the lifelong president of the SFRY, Josip Broz Tito, chess grandmaster Garry Kasparov, Belgrade bohemian Momo Kapor, pop artists with rich voices, Cune Gojković and Meri Cetinić, and numerous other celebrities. From the moment when, thanks to the idea of the famous Serbian architect Nikola Nestorović, it was presented to the public in 1912 in full splendor and opulence, Hotel Bristol became a symbol of Savamala and one of the most elegant places in Belgrade.
This anthological example of modern Serbian architecture, after more than a century of existence, is experiencing a renaissance and is about to shine with a brilliance that it has not exuded for decades.
Hotel Bristol, herald of the architectural transformation of Belgrade into a modern European metropolis, will soon, thanks to the Belgrade Waterfront company, not only captivate again with the beauty of the renovated facade, on whose restoration as many as 16 artists and three face carving artists are working devotedly, but also with the enchanting interior, the contents of which are now exclusively, for the first time, presented to the public.
Combining the old-town spirit of Savamala with the modern design for which it will be recognizable, Hotel Bristol will once again become the center of the city’s events and the gathering place of the elite, just as it was in those old, romantic times at the beginning of the 20th century.
The hotel rooms will be decorated with reproductions of the original decorations found in the Bristol building. Elements representing a fusion of French art nouveau and Eastern European motifs will accompany visitors through the hotel’s suites and public areas.
Bristol is one of only a few Belgrade buildings that were built in the early 20th century in the styles of academicism and art deco, and this architectural expression will receive its modern interpretation with the current reconstruction.
Object type: Hotel Location: Belgrade
Rooms: 150
Investor: Belgrade Watrefront
Reconstruction project: Bureau Cube Partners
Contractor: KOTO d.o.o.
Subcontractor: ALP Inženjering
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