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The closure of the “Home plus” chain of stores brought several dozen empty stores to the national market, in the best locations in Serbia. This is an additional blow to the commercial space market, which has already suffered seriously in the previous months, with two “fronts”: affordable because tenants are looking for less rent due to less work and, worse, more and more tenants. they are returning to the store owners. keys.
“For ten years, Chief Simi and I have been paying for a bar on one of the central streets of the capital. the door of ‘my old bar’ is still for rent, “says an owner of a well-known travel agency, adding that examples are not uncommon and where the key is given to the owners even after 20 years of leasing.
At the same time, the pandemic closed a large number of offices in Serbia, both temporarily and permanently. Many bars that were rented out for small shops were also closed. And that’s not the end, because large companies increasingly cancel the lease of large spaces to reduce costs.
Immediately after the introduction of the state of emergency in Serbia, rental prices began to fall by as much as 50 percent. Those who did not cancel the lease, agreed with the owners a lower rent or even a freeze for a specified period of time.
“A large number of companies reduce the number of employees who work from the office or move their entire business to work from home, of course if the business model allows it. For this reason, there is an imbalance in the market, where supply grows more than demand, and therefore according to the logic of the market mechanism, the prices of commercial premises are falling ”, says Miloš Mitić, operational director of the City real estate service Expert by Blic Biznis.
As he adds, with regard to the bars themselves, we are witnessing that the pandemic has endangered mostly small companies and businesses that come from specific activities such as tourism and restaurants. “Many of these small businesses rented stores and now, due to reduced revenues, they are forced to negotiate with the store owners about renting or abandoning the space,” says Mitic.
Kaća Lazarević, the owner of the agency “Kaća Lazarević nekretnine”, also says that the small bars are mostly closed and advertised again.
“There are a lot of smaller bars where there was just no work and whose owners had to re-lease them. And there are a lot of them on sale today,” says Lazarević.
Real estate expert Milić Đoković also believes that the demand for commercial premises and shops has decreased.
As he says for “Blic Biznis”, those who rent the premises in a good place, try to agree with the owner, because nobody is interested in ending that relationship, but that also means concessions.
“The business space is something different, it happens that companies cancel the space, so let’s say they only leave an office or two to maintain the business,” estimates our interlocutor.
On the other hand, the largest number of those who seek the lease of commercial premises are IT companies. Commercial premises are also maintained in shopping centers, but that part of the market will also be dictated by the additional epidemiological situation.
Read how much a hectare in Šimanovci costs in a location that is number 1 for many investors.
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