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2023 SEE Real Estate Market Outlook
CBRE Research experts share their views on what’s in store for the SEE region economy, office, industrial, retail and capital markets for 2023 and beyond.
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We represent the largest industrial real estate platform in the world, offering an integrated suite of services for occupiers and investors.
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Related Insights
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In the first quarter of 2024, Zagreb’s industrial stock remained stable at below 1 million sqm, with approximately 37% being speculative.
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Lower activity in the office segment was already visible in the 2023 delivery figures as annual completion volume fell to 506,000 sq m in CEE-5 capitals and 986,000 sq m in total CEE region (including Baltics-3 and SEE-4). Office development pipeline continues to be moderate, with many office developments stuck in planning stage. Take-up volume remained stable in CEE-5 capitals but individual markets differ a lot. As the wave of construction recedes, vacancy stabilizes or even decreases in some cities: the vacancy rate in Prague and Warsaw decreased by the end of 2023 (y/y), while in other capitals the rate moved out. Asking rents (for currently available office spaces) in the region stands between 14.0 and 16.4 EUR/sq m pm in the region, Warsaw is the leader with 16.4 EUR/sq m pm, followed by Prague with 16.0 EUR/sq m pm.