Erste Group invests an additional EUR 25 million, contributing to Milutin Milanković’s Bulevar becoming one of the most dynamic business zones of the capital

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The second phase of the construction of the business complex Sirius Offices in New Belgrade started with a ceremony at the construction site in Milutin Milanković Boulevard 3b. Erste Group Immorent is investing an additional 25 million euros to build another 12,500 gross square meters on eight floors, as well as 200 parking spaces. The works will be completed by mid-2020, and the first beneficiaries will move to the building in the autumn of that year. The total value of the investment, including the first part of the complex that was built last year, is 65 million euros.

“This part of the city is becoming one of the most dynamic business zones in Belgrade, a city that recognized the need for high-quality business premises. We believe in Erste Group Immorent in Belgrade and we are very committed to providing support to fast-developing cities in Southeast Europe. The high demand of potential renters has led to the spread of Sirius Offices. This part of the complex will be built in accordance with the highest standards and the most up-to-date construction methods and will have a high potential for issuing, “said Volfgang Hausner, General Manager of Erste Group Immorent, and added:” We can also announce that the market will be in front of Sirius Offices, big artery of New Belgrade, become a green area that the building users and citizens will be able to use for rest and relaxation, but also for the organization of various types of events. ”

Hausner emphasized that among the factors for additional investment were the fact that the Belgrade real estate market is in the expansion stage after stagnation in the period 2008-2014. and recovery from 2014 to 2016, and that New Belgrade became the center of first class office space – the available business space in this municipality last year was six times higher than in 2004.

The project is being built according to the highest ecological standards, while respecting the requirements of energy efficiency and the use of recycled materials. The offices of the “A” class will have a unique floor height of 2.9 meters, providing additional comfort for the users. When the first part of the complex was built at the end of June last year, Erste Bank moved among the first.

“I can say with certainty that employees of Erste Bank are very pleased that Sirius Offices has been the new headquarters of the Bank since last July. In addition to their higher productivity and overall satisfaction at the workplace, I would also emphasize that our clients are also satisfied with the look and service in the new branch office within the building, designed and tailored to their needs. With this investment in Sirius, Erste Bank and Erste Group invested a total of 345 million euros in real estate development projects in Serbia. In addition to business premises, our portfolio includes shopping malls, retail parks, hypermarkets and logistics centers. All projects have contributed to the creation of new jobs and the improvement of the construction industry in Serbia, which is also the mission of Erste Group in terms of expanding prosperity in Serbia and all the countries in which it operates, “said President of the Board of Erste Bank Slavko Carić.

Sirius Offices are currently used by companies in the construction, IT and retail sectors, as well as the insurance industry. Among those with the most leased space so far is the Strabag Concern, which was built by Sirius Offices in the first phase, and he was also entrusted with the trust for the equally high-quality construction of the second phase.

“The fact that we have chosen to be one of the key leaseholders of Sirius Offices is only a confirmation of the high quality, modern and functional design of this facility, as well as the advantages provided by its location and connection with the important points of the capital. In the upcoming period we expect further growth of our business in all segments of construction. It will be a great pleasure for us to take an additional business space in the newly constructed second phase and thereby increase the capacities of our regional administrative building, “Dragan Pavelić, Regional Director of Strabag and a member of the Steering Board of Strabag Austria, pointed out.

Since 2010, demand for office space in Belgrade has been steadily increasing – from 63,000 square meters in 2014, over 97,000 three years later and 26,000 in the first quarter of 2018, data from the houses of Kashmen & Wakefield ). The largest number of renters comes from the IT industry (43 percent), a quarter of them are from the manufacturing and energy sectors, while a dozen of leasing customers are from the consumer services segment.

Compared to the center of Belgrade, whose business area makes up approximately one quarter of the total available in the city, almost three quarters of the available space is located in New Belgrade. The largest municipality in Serbia has thus become the key to business real estate, with 80 percent of renters targeting exactly that part of the capital.

The Sirus Offices complex was opened on June 30, 2017, when the first phase of the investment of 40 million euros was completed and the construction of 18,500 square meters and 230 parking spaces.

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