The market of office space in Montenegro is less represented and less developed compared to the residential real estate market, which plays the main role and attracts the greatest attention of investors.
– When we talk about the commercial real estate market, the focus is on Podgorica, which represents the main hub of business activities with the largest number of registered companies and a third of the population. In the north, this market is non-existent, while on the coast it is active in certain locations, but on a much smaller scale than in the capital – said Đikanović.
He points out that, as far as Podgorica is concerned, the main business district is concentrated in the area around Rimski trg, starting from the City quarter and Capital Plaza and ending at the Morača coast. Most of the companies and newly built, modern business premises are located in this zone.
Office space prices vary by location and size
The price of renting office space varies considerably depending on the location, size, quality and equipment of the space itself, says Đikanović. For offices in less attractive locations, of low quality, prices generally range from 6 to 9 euros per square meter, while for medium-quality offices, it is necessary to allocate 10 to 15 euros per square meter.
For modern, high-quality offices in attractive locations, rental prices range from 16 to 25 euros per square meter.
Problems in Podgorica
Podgorica, according to Đikanović, lacks modern office spaces of high quality and large capacity intended for medium and large companies. According to Đikanović, the offer mostly consists of smaller offices in older buildings that are not equipped to high standards, while new office buildings do not have enough capacity for the increasing interest of international as well as domestic tenants.
– Demand is generated by the arrival and opening of new companies, but also by the expansion of existing ones. Among the key sectors driving interest in modern office spaces are financial, IT and consulting companies.
In recent years, we have witnessed the significant growth of the IT sector in the country, both domestic and foreign companies looking to move their offices and operations to Montenegro. The
number of newly opened companies is increasing year by year, and the growth trend is particularly impressive in the segment of IT services – he added.
As he stated, these are businesses that need to have modernly equipped offices and high-quality technical systems. The demand is growing, and the offer of such spaces is generally scarce, especially the offer of quality spaces with capacity for over 50 employees.
