Real Estate EN Volume 24 by RE magazin

ISSN 2812-7293

N I Z A G A M NO. 24 | DEC / JAN 2023 / 24.

REAL

ESTATE,

DESIGN

LIFESTYLE

300 DAYS

SINCE THE LAYING OF THE FOUNDATION STONE FOR THE RECONSTRUCTION OF LOŽIONICA

AFTER THE PREMIERE IT BECOMES THE TRADITION - WINTER FAIRYTALE

THE RETURN OF THE SYMBOL CHANGE OF BELGRADE TO THE MANAGEMENT IN CONGRESS MAP OF THE WORLD THE RENTAL SECTOR

CONTENT

08 ANA ILIĆ,

50 ALEKSANDAR KURKANOVIĆ,

Senior adviser to the Prime Minister of the Republic of Serbia for creative industries and tourism

Head of the rental department at Colliers

CHANGE MANAGEMENT IN THE RENTAL SECTOR

LOŽIONICA - THE OLD SPIRIT OF THE CITY IN A NEW SPIRIT

NEWS

MIODRAG KOSTIĆ DONATES THE PALACE OF SCIENCE TO THE SOCIETY

16 COMPANY IWG

32 SAVA CENTER

THE RETURN OF THE SYMBOL OF BELGRADE TO THE CONGRESS MAP OF THE WORLD

IWG EXPANDS ITS 36 FOOTPRINT IN SERBIA ST NICHOLAS PARK WITH TWO NEW PRIME NEAR THE BRISTOL HOTEL WORKSPACES IN BELGRADE 38 AND NOVI SAD KRAGUJEVAC - FROM A PRODUCTION GIANT TO A CANDIDATE FOR GREEN CITY STATUS NEWS

IKOLA DAŠIĆ, N Mayor of Kragujevac

54 TRAVEL

DUBAI - A PHANTASY DESTINATION

62 FURNITURE

BLOK -SIMPLE FORM PREMIUM KITCHEN

44 COLLIERS GREECE 18 JELENA VUKSAN,

Founder of the project and creator of the Winter Fairytale

AFTER THE PREMIERE IT BECOMES THE TRADITION – WINTER FAIRYTALE

22 IN FOCUS

REMHUB 2023 - PROJECT MANAGEMENT IN BUILDING CONSTRUCTION

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COMMITMENT TO CREATING ADDED VALUE THROUGH A 72 RESULTS-ORIENTED A VIEW AT THE HOME THAT APPROACH CREATES THE IMPRESSION OF BEING IN THE TEMPLE OF PEACE FURNITURE

78 PROJECTS

NEW OUTFIT OF THE KRAGUJEVAC INDUSTRIAL ZONE

EDITORIAL

MAGAZINE

TRANSFORMATION FOR THE BETTER FUTURE

NO 24 | DEC/JAN 2023 Real Estate magazine covers all current real estate subjects as well as modern lifestyle topics such as architecture, design, fashion, art, travel, gastronomy, and prestigious fresh new releases. The magazine was established in 2016 and is published on a bimonthly basis. DIRECTOR

Vladimir Popović

vladimir.popovic@realestate-magazine .rs

EDITOR-IN-CHIEF

Nevena Jovanović

nevena.jovanovic@realestate-magazine.rs

ART DIRECTOR

Ilija Petrović IndigoChild indigochild.ilija@gmail.com

EDITORIAL OFFICE

Jovana Nikolić Petra Vasiljević Petar Dobrosavljević Ana Kralj PROOFREADING

Danica Grujić TRANSLATOR

Jovana Nikolić +381 11 4320 501

redakcija@realestate-magazine.rs

PRINTING

Zlatna Knjiga Jagodina Bagrdanski put bb, Jagodina DISTRIBUCIJA

PRETPLATA doo office@pretplata.rs +381 11 314 99 21

PUBLISHER

West Media World Baba Višnjina 38 Vračar, Belgrade Publisher is not responsible for the content of published advertisments.

www.realestate-magazine.rs CIP - Каталогизација у публикацији Народна библиотека Србије, Београд 659 REAL Estate magazine : real estate, design and lifestyle / editor-in-chief Nevena Jovanović. - [English ed.]. - 2021, no. 15- . - Belgrade : West Media World, 2016- (Jagodina : Zlatna knjiga). - 28 cm Tromesečno. - Preuzima numeraciju srpskog izd. - Ima izdanje na drugom jeziku: Real Estate magazin (Srpsko izd.) = ISSN 2466-4170 ISSN 2812-7293 = Real Estate magazine (English ed.) COBISS.SR-ID 53491721

www.realestate-magazine.rs

e always use the end of the year to look back and behold what we have achieved. Perhaps, in those last days, we will put together a mosaic so that the goals we have imagined will be achieved or even surpassed and that the joys of the New Year will be complemented by success on the business and personal level. However, this part of the year also represents a space to plan new successes, which are still waiting for us, or to change something to be better and more successful. That desire to transform ourselves and the world around us is a driver for positive change, much broader than personal agendas, and includes aspects that can make progress on many levels. One of the examples of planned transformations is the project that encompasses the Stokehold, the Turnpike, and the Water Tower, which, over the years, since their construction in 1926, have changed from their original technological purpose for the needs of servicing steam locomotives to their transition into a recognizable facility, which indicates that you are near the Gazela bridge and the Mostar loop. Read on the following pages how, with the new project of adaptation and change of purpose of this complex, we will get a creative and innovative multi-

functional center while preserving its recognizable appearance. How in the Republic of Serbia, the local self-government in Kragujevac relies on the development of a manufacturing giant in the ideas of green construction while preserving cultural and historical monuments, you can read in the interview with the mayor of Kragujevac, Nikola Dašić, as well as in the presentation of the architectural solution of the industrial zone of Kragujevac. The real estate market in the region is still not resting with trends to initiate new or maintain existing development potentials, which Colliers Greece provides you with information on in this issue. During the holidays, the importance of the interior of our home comes to the fore, as well as the tranquility and relaxation it brings to our family. You can read about this topic in the text about the tones of the furniture, which are suitable for this time of year and bring this feeling, while the special passion and emotions that we expect to come from the kitchen can be found in the ideas of the young and successful architect Filip Rašković in designing and equipping the kitchen space. As we enter the pre-holiday period, the atmosphere in our environment is very important. Along with New Year’s decorations on the city streets, the organization of a manifestation attracts the attention of the entire region for the second year in a row, and it takes place in Belgrade. Read about how the “Winter Fairy Tale” was created and prepared. Have a healthy and happy New Year. Yours

DEC/JAN 2023

NEWS

8,000 APARTMENTS ARE CURRENTLY BEING BUILT IN BELGRADE, BUT EVEN THAT IS NOT ENOUGH FOR TODAY’S NEEDS ased on the number of building permits issued from January to September, Belgrade should receive more than 8,000 apartments. The average area of the apartment is 73 square meters, which indicates that investors count primarily on those who can allocate more money. For an ordinary buyer, apartments are too expensive.

Every sixth building permit, out of nearly 2,450 issued in Belgrade in the first nine months of this year, was issued in the municipality of Surčin. Real estate turnover is significantly lower this year, but this is more a sign of stabilization of the market than a crisis in construction because many people decided to invest in real estate during the coronavirus pandemic.

SERBIAN JAPANESE BUSINESS CLUB he Serbian Japanese business club was founded in the Japanese capital of Tokyo, which in the future will work on deepening economic cooperation and play an important role in the promotion of our economy and country of the Far Eastern Empire. The business club brought together 22 Japanese companies and organizations, including investors in the Serbian economy such as Japan Tobacco, NIDEC, Yazaki, Toyo Tires and others. The club is expected to contribute to the deepening of economic cooperation between the two countries through the exchange of information, that is, providing an opportunity for Japanese companies operating in Serbia to share their experiences with other potential investors from that country. The position of president of the newly founded business club was accepted by Mutsuo Iwai, the general manager of the Japanese giant in the field of tobacco Japan Tobacco Industry (JTI).

A BUSINESS PARK WITH TWO BUSINESS ZONES IS PLANNED ALONG THE SECTION OF THE BATAJNICADOBANOVCI HIGHWAY he detailed regulation plan for the business park along the section of highway E-75, Batajnica-Dobanovci in Zemun is available for public overview. The approximate area covered by the Plan is about 29.32 ha. Two business zones are planned here, with an area of about 12.72 ha and 13.15 ha, and roads. The maximum capacity of the zone is 388,050 m2 BRGP, with buildings for the basic purpose of business-commercial zone and compatible purposes. When it comes to traffic roads, as a continuation of the New Novi Sad Road after the intersection with the E-75 highway - state road IA type A1, a main road is planned from the southern side of the Batajnica settlement, which will introduce traffic into the city area from the northwestern side. This highway takes over the role of the Old Batajnica Road, on the section which is in the area of the Batajnica settlement.

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www.realestate-magazine.rs

DEC/JAN 2023

INTERVIEW

The old Ložionica (Locomotive shed) was built in 1925 and, together with the Main Railway Station building, was a great technological achievement. It provided the fuel that powered the drivers of the Second Industrial Revolution - railways, iron and steel, manufacturing machinery, steam, and electricity. Today, Ložionica will be repurposed to fuel the engines of the Fourth Industrial Revolution – creativity, innovation, and knowledge Text: NEVENA JOVANOVIĆ Photo: LOŽIONICA

e talked about how to reconcile and use the potential of the location and the burden of history that it carries with Ana Ilić, senior adviser to the Prime Minister of the Republic of Serbia for creative industries and tourism, who leads the team of the national platform Serbia Creates, which is the initiator of the Ložionica project. Therefore, Ložionica will be the first crea-

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Photo: Nebojša Babić

LOŽIONICA THE OLD SPIRIT OF THE CITY IN A NEW SPIRIT

ANA ILIĆ Senior adviser to the Prime Minister of the Republic of Serbia for creative industries and tourism

tive-innovative multifunctional center in this area a whole century after its creation, designed to gather under one roof the most creative people in Serbia, to be an incubator of creative ideas, projects, art, innovations, and all under the brand of the national platform Serbia creates. The old Ložionica will be entirely preserved and receive a new function for the 21st century - a creative and innovative center with numerous diverse contents for creatives, innovators, and artists of various profiles. The original building will be preserved in its entirety without changes in dimensions and upgrades, and it will have an exceptional hall for events called Black Box, which was designed and equipped according to the elaborations of our greatest experts in acoustics and which can be used for various types of events and gatherings,

numerous spaces for various creative activities - workshops, classrooms, meeting rooms, presentations and rehearsals, exhibitions spaces, but also the first incubator for creative industries. In front of Ložionica there will be a beautiful park and space for outdoor activities - exhibitions, markets, concerts... Also, more than 30 percent of the land plot will be covered with greenery. The basic approach in the architecture of the new Ložionica is to preserve the cultural and historical heritage in the present moment, adding new and modern elements and structures that contribute to its active involvement in the creative processes of modern life. Trying to be a long-term sustainable and healthy ecosystem, it will also have its commercial aspects, but very carefully designed always to meet the ultimate goal - the progress and development of creative industries and the indiwww.realestate-magazine.rs

THE OLD LOŽIONICA WILL BE PRESERVED IN ITS ENTIRETY AND WILL RECEIVE A NEW FUNCTION FOR THE 21ST CENTURY - A CREATIVE AND INNOVATIVE CENTER WITH NUMEROUS DIVERSE CONTENTS FOR CREATIVES, INNOVATORS, AND ARTISTS OF VARIOUS PROFILES viduals who work in them. However, it will also enable completely non-commercial, artistic, independent, experimental programs that do not have enough space in our country. Will the Ložionica project be a part of the vibe that Expo 2027 brings, in addition to the construction of new buildings of importance and the reconstruction of historical DEC/JAN 2023

THE PLACES OF FORMER STEAM LOCOMOTIVE ENTRANCES TO LOŽIONICA WILL BE HIGHLIGHTED BY 48 PAIRS OF 5M HIGH GABION PANELS FILLED WITH RAILWAY STONE, WHICH WILL DRAMATICALLY USHER VISITORS INSIDE buildings and symbols of the city? — The most important purpose of Ložionica is to provide a physical space for gathering creators from all areas of creative activities to network, exchange knowledge, create new projects, inspire each other, and teach younger generations. A place where ideas and inspiration will create the future. Our vision is that everything created in Ložionica should move our society forward. That is why this will be an extremely inspiring space in which there will be conditions for work, learning, and creation, but also the exhibition of various forms of achievement - from technological innovations through artistic forms to contemporary, modern, and even multimedia expressions. In this sense, the Ložionica project is actually the crown of everything that has been done in the creative industries sector in the last five years, which, in addition to digitization and education, is the strategic com-

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mitment of the Government of Serbia and the cabinet of the Prime Minister of Serbia, Ana Brnabić. However, Ložionica will not be the only place for the gathering of creatives, innovators, and people from the business sector, but the vision is that Ložionica, as the only creative-innovative multifunctional center in the region, will also be a new landmark of Belgrade, a city which world media, such as the BBC and New York Times, marked it as one of the most creative cities in the world. This will truly be a gathering place for Belgrade residents and foreign and domestic tourists, of whom there will certainly be a large number, precisely because of the holding of the specialized exhibition Expo 2027 in Belgrade. Is there already an interest of domestic or foreign companies in locating their representative offices in the future business premises of Ložionica? — It is very important to point out that the entire Ložionica, in 4,800 square meters, will be maximally relieved of office space because the idea is that it really serves creatives and innovators. That is why a new office building of 11,000 square meters is being built next to it, which will significantly contribute to this location having a business component and thus be home to the creative development of society and science in the future, but above all to the IT sector and the Office for Information

Technologies and E-administration, who are the investors to the project. Interest in various forms of cooperation is great, both with domestic organizations and partners and with international ones. This is not surprising since Serbia’s creative sector is alive and vibrant. This is one of the youngest and fastest growing sectors of our economy, contributing to the GDP with about 6 percent, which today employs 45% of highly educated people between the ages of 20 and 45. Creative industries generate an increasing number of jobs in Serbia, employ more and more young men and women and highly educated people, and encourage the establishment of an increasing number of companies and entrepreneurs, but indirectly influence the return of talents to Serbia. Excellent results are particularly visible in the export of products of creative industries (compared to 2016, the growth is more than 80 percent). This is particularly important because these are not just export products; they are creative branded products produced in Serbia, with the message Serbia Creates. It is an export product with added value, with which we present Serbia to the world in the light of a modern, innovative, and creative country. This is precisely the mission of the national platform Serbia Creates, which is the creator of this project - systematic support for the development and strengthening of the creative industries sector in Serbia at the lowww.realestate-magazine.rs

cal level and, at the same time, the promotion of Serbia in the world through the export potential of our creative sector. Given that in many cities of Serbia, there are locomotive sheds, which originally all had the same purpose, is there an idea and is there a possibility to reconstruct some more fire pits throughout the country?

THE NEW IDEA STREET, AS THE SRBIJA STRAVA PLATFORM CALLED IT, RUNS BETWEEN THE LOŽIONICA COMPLEX AND THE MOSTAR LOOP, IN A WAY SEPARATING THE WATER TOWER FROM THE REST OF THE COMPLEX — The trend of turning old industrial heritage into new urban, creative and artistic places is really a trend in the world and there are many similar examples. What I wish to point out as a bright example in Serbia is the Creative District or Chinatown in Novi Sad, which, from an abandoned industrial heritage, came to life in a beautiful, new creative light, and all as part of the organization of the European Capital of Culture Novi Sad 2022, where it is from the idea for the project of arrangement DEC/JAN 2023

and reconstruction of Ložionica came from. We hope that this will be an example for other cities in Serbia to initiate similar projects locally, because these are projects that have a huge impact on the development of the community. On how the spirit of the past will remain in the entire Ložionica complex, we spoke to Anđela Karabašević Sudžum and Vladislava Sudžum, the founders of the AKVS Architecture studio and the authors of the project. The original rhythm of the reinforced concrete columns of the Ložionica, and the large flowing space inside will remain completely intact, only supported by the new steel yellow gallery, which we are introducing as the only new element into the reconstructed building - we are not partitioning the space, but preserving it in all its magnificence, with uninterrupted views. The gallery spans the entire rear nave of the Ložionica, and from it, the terraces towards the center of the Okretnica, on which the new workspaces will levitate in the origi-

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In front of Ložionica, there will be a beautiful park and space for outdoor activities - exhibitions, markets, and concerts. More than

percent of the land plot will be covered with greenery

nal volume of the Ložionica. The places of former steam locomotive entrances to Ložionica will be highlighted by 48 pairs of 5m high gabion panels filled with railway stone, which will dramatically usher visitors inside. A large railway stone in a thin gabion forms cavities through which light shines from outside to inside, day and night, thus setting the unique atmosphere of Ložionica. Centralna Okretnica will be displayed in the middle of the public amphitheater space, and railway tracks will extend towards and from it, directing visitors’ movement in the space. The water tower will be completely preserved and gutted so that inside, you can see the big old bronze ball in which the water was stored and the mechanism of the pipes that led from it to the locomotives. The original old facade with the recognizable Ložionica inscription used by locomotives from the Main Railway Station will be renovated and completely preserved and will now welcome new visitors to the complex.

The entire northwest facade is clad with fillets cut from recycled, 100-year-old bricks from old Serbian houses, in the spirit of the original wall of the Ložionica in that place. Each fillet has a unique color and texture and a special story! All the old windows of the Ložionica were replaced with modern windows of a special industrial series, in raster and colors identical to the original ones. The new office building next to Ložionica will be a symbol of progress in the modern moment, just like the railway was 100 years ago and the highway and the Mostar interchange 50 years ago, in this same place - it will be the first office building in the region without columns, suspended from a central reinforced-concrete core, with a large public panoramic terrace on the second floor, to which an escalator will lead from the ground level. A vertical forest of giant bamboo will levitate on the facade of the Annex, which will purify the polluted air in the vicinity of the Mostar loop...

tion of the Main Railway Station now becomes the direction of pedestrian entry to the location, under the business Annex that has been raised from the ground and which becomes a new type of terminal. The rails will be returned to the open park area in the form of footpath delimiters, and from Okretnica they will also radiate into the interior of the Ložionica itself.

How many square meters and intended uses will the new space have? — Ložionica originally has about 3,200 square meters, the new steel gallery about 1,300 more. Business Annex has about 10,000 square meters, with a garage and warehouse of about 7,000 square meters and near 180 parking spaces.

THE ENTIRE UNDERTAKING OF PRESERVATION, RECONSTRUCTION, REPURPOSING, AND, ABOVE ALL, THE Including the reconstruction, a street was REVIVAL OF SUCH AN IMPORTANT CULTURAL ASSET OF OUR also built, which connects two parts of the city and in this way decongests the busy CITY WILL SURELY ATTRACT THE ATTENTION OF BELGRADE Mostar interchange? RESIDENTS AND TOURISTS FOR DECADES TO COME — That’s right, the Idea Street, as the Serbia Creates platform called it, passes between the Ložionica complex and the Mostar loop, somehow separating the Water Tower from the rest of the complex. We solved it by having a new steel footbridge leading to the Water Tower, which will bridge the road and unite all the contents into one whole. How was the relocation of the rails resolved, and will part of the rails remain in the complex as a museum exhibit to remind of its original purpose? — The direction of the tracks that the locomotives used to come to Ložionica from the direcwww.realestate-magazine.rs

Will this symbol of Belgrade gain in intensity, that is, be even more recognizable and in a higher place on the lists than other city symbols? — The entire undertaking of preservation, reconstruction, repurposing, and, above all, the revival of such an important cultural asset of our city will surely attract the attention of Belgrade residents and tourists for decades to come. We are proud to be a part of this great story, and we tried to be worthy of its importance with our architecture and to contribute innovatively to the New Century of Ložionica! DEC/JAN 2023

NEWS

MIODRAG KOSTIĆ DONATES THE PALACE OF SCIENCE TO THE SOCIETY Photo: Marko Todorović

With a donation worth 25 million euros, the Miodrag Kostić Foundation will open the first center for research and popularizing science in Serbia - the Palace of Science. Cooperation was established with the Faculty of Electrical Engineering in Belgrade, which will obtain 19 research centers in the new space Photo: DARKO RADULOVIĆ

t the Faculty of Electrical Engineering in Belgrade, in the presence of representatives of the scientific and academic community, the Miodrag Kostić Foundation was presented, which will open the first center for research and popularization of science in Serbia - the Palace of Science. In addition to being the first center of

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its kind in our country, it will also be the largest in the wider region, with an area of 5,500 m2. One part will provide space for scientific research activities and push the boundaries in the fields of electrical engineering, computer science, and software engineering, while the other part will have numerous educational, attractive, and interactive exhibits and contents intended to pop-

ularize science to the general public, especially to children and young people. With a specific purpose in mind, Miodrag Kostić founded an endowment that bears his name and donated the Palace of Science worth 25 million euros to society. This is the largest allocation in recent endowment history. Speaking at the presentation of his father’s foundation, Aleksandar Kostić, a member of the Board of Directors, emphasized the importance of supporting Serbian science and young scientists. “I am proud that we are positioning science to be a driving force for the development of society. Miodrag Kostić’s wish is for the Palace of Science to provide an opportunity for a new generation of young scientists to build their careers in their own country. To enable them to work here in excellent conditions and creative space, as in the world’s best scientific centers. Because they are the future leaders of Serbia’s scientific and technological progress. The Palace of Science will

Foto: Darko Radulović

be a place that combines curiosity and passion for knowledge and celebrates the ability of the human mind to create, discover, and explore,” said Aleksandar Kostić. The strategic importance of this project was emphasized by the Minister of Science, Technological Development and Innovation, Dr. Jelena Begović. “The Government of the Republic of Serbia recognizes the importance of investing in science and is working to make Serbia truly a country of science, a country of innovation. However, it is also necessary for the private sector to become more involved in this process. Establishing the Palace of Science is a big step for our scientific community and proof of how significant the contribution of the economy can be. Endowment in Serbia has a rich and long tradition, and it was crucial for developing science and innovation. Therefore, this is not only an investment in facilities, infrastructure, and technology. This is an investment in our people. Our youngest ones, our young talents, researchers, and innovators. The Palace of Science, I am convinced, will be one of the catalysts for the development of science and innovation and communication with citizens on these topics in our country,” said Dr. Jelena Begowww.realestate-magazine.rs

vić, Minister of Science, Technological Development and Innovation. The cooperation with the Faculty of Electrical Engineering of the University of Belgrade, whose professors will lead 19 research centers in the Palace of Science, was officially presented at the meeting. The endowment of Miodrag Kostić will provide them and their students with the best working conditions and equipment. The Dean of the Faculty of Electrical Engineering, prof. Dr. Dejan Gvozdić spoke about the importance of these centers.

trust given. We are convinced that the projects and activities of our laboratories will represent a significant contribution to the scientific-popular, educational, and scientific-professional content of the Palace of Science and to raising awareness of the importance of hightech research in improving the quality of life, the environment, and society as a whole,” said Prof. Dr. Gvozdić. The Palace of Science - The Miodrag Kostić Endowment will be housed in one of the most beautiful buildings in the center of Belgrade, on the corner

THE MIODRAG KOSTIĆ FOUNDATION WILL BE HOUSED IN ONE OF THE MOST BEAUTIFUL BUILDINGS IN THE CENTER OF BELGRADE, ON THE CORNER OF KRALJ MILAN AND KNEZ MILOŠ STREETS “The Faculty of Electrical Engineering of the University of Belgrade has been given a great honor by being recognized as an institution that can best fit into the program and contribute with its reputation to the Palace of Science project. As the oldest and most prominent educational and scientific research institution in the field of electrical engineering, computing, and software engineering in Serbia, the Faculty will approach this project with maximum responsibility and desire to justify the

of Kralj Milan and Knez Miloš streets, and this cultural monument dating back to 1924 will now breathe new life. Its founder, Miodrag Kostić, is recognized by the public as one of the most successful businessmen in the region, but also a great humanist and philanthropist. He realized numerous socially responsible activities, and with this act and his desire to leave a lasting value to the people of this region, he deserves the title of a modern endowment funder. DEC/JAN 2023

IWG EXPANDS ITS FOOTPRINT IN SERBIA WITH TWO NEW PRIME WORKSPACES IN BELGRADE AND NOVI SAD

Regus Inobačka Novi Sad

WG, the world’s leading provider of flexible workspace solutions, continues to strengthen its’ presence in Serbia with the announcement of two new state-ofthe-art workspaces in Belgrade and Novi Sad. As the demand for hybrid working solutions rises globally, IWG’s commitment to providing innovative, adaptable workspace solutions and nurturing partnerships remains unwavering.

NEW WORKSPACES IN BELGRADE IWG has unveiled a new flexible workspace in Belgrade for the working community of businesses and professionals in the region. The Vračar Business Centre, open as of November this year, is an HQ-brand location offering an expansive 658 square meters of

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co-working, office and different virtual spaces, as well as meeting rooms. Strategically located at 37 Makenzijeva Street, in the very heart of Vračar district, this contemporary centre provides a professional and inspiring environment for both established companies and emerging entrepreneurs, thus fosters collaboration, creativity and productivity. Its’ attractive location, in the centre of the city’s business happenings, additionally emphasizes IWG’s commitment to providing seamless workspace experiences, that is in line with the evolving needs of today’s professionals. In addition to the Vračar Business Centre, IWG is proudly introducing a new Regus centre within The One, one of the most prestigious business complexes in Belgrade. Scheduled to open in early 2024 and spanning a total of 982 square meters, this Regus lo-

Regus Inobačka Novi Sad

cation will provide flexible workspace solutions for established firms and startups across various industries.

NOVI SAD SUCCESS STORY Continuing their record success, IWG revealed the outstanding achievement of its’ recently opened Regus centre in Novi Sad. By opening this Regus centre, in partnership with Inobačka d.o.o. – one of the largest construction companies in the country – IWG launched its’ first location in Novi Sad, the second largest city in Serbia. With the demand for hybrid work solutions in the market continuing to grow rapidly, IWG’s location Regus Novi Sad was met with exceptional interest from businesses

of all sizes. The flexible workspace offers 545 square meters of private offices, co-working space, and meeting rooms, catering to the city’s vibrant workforce, holding the record of the

IWG HAS UNVEILED A NEW FLEXIBLE WORKSPACE IN BELGRADE FOR THE WORKING COMMUNITY OF BUSINESSES AND PROFESSIONALS IN THE REGION highest number of IT employees per capita in the country. Furthermore, IWG has announced its upcoming partnership with AEST, introducing a second state-of-the-art workspace in Novi Sad under the HQ-

Regus Beograd, GTC FORTY ONE www.realestate-magazine.rs

brand. This IWG’s HQ location – K27, scheduled to open early 2024, will feature modern offices, dynamic meeting rooms and creative co-working spaces. As Novi Sad continues to grow as a regional hub, IWG’s expansion aligns with the city’s dynamic workforce and its increasing demand for flexible workspaces. With these strategic expansions, IWG reaffirms its’ dedication to delivering exceptional workspace experiences, empowering businesses to thrive in dynamic and evolving work environments. Additionally, this announcement comes on the heels of IWG posting its’ highest-ever half-year revenue in its’ 34-year history, due to the rapid adoption of the hybrid model by com-

panies of all sizes worldwide. The ‘big bang of hybrid working’ has also seen extraordinary growth in the number of IWG centres, with over 600 new locations signed between January and end of September 2023.

Regus Beograd, Knez Mihailova DEC/JAN 2023

IN FOCUS

AFTER THE PREMIERE IT BECOMES THE TRADITION – WINTER FAIRYTALE Last year, in the event industry, one of the main subjects in our country and the region was the Winter Fairytale, which took place at the Waterfront Belgrade’s Sava Park for the first time. The visitors arrived not only from all parts of Belgrade and the whole country but also with a record number of guests from the region Author: NEVENA JOVANOVIĆ

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Photo: ZIMSKA BAJKA

egarding this year’s Winter Fairytale event, which will be held from December 8, 2023 to January 8, 2024 we spoke to Jelena Vuksan, the founder of the project and creator of the Winter Fairytale.

The second occurrence of the Winter Fairytale was set in place on 8th December, but it seems that it has been present for years and is a part of the long tradition. In just one week since the opening of last year’s Winter Fairytale, have you achieved success in the entire country and region where everyone is talking about it? How did you do it? — Our visitors at Sava Park welcomed our festive and warm aesthetic, which together with the complete concept of the program, the ice rink, open fireplaces, and excellent gastronomic offer, was the reason why the word about this different holiday festival spread. We conquered the city and then the whole magic spread further around the region, just like our slogan that says “Magic is here!”. The concept of New Year fairs and festival squares is popular throughout Europe, but is it a similar, yet different concept? Is it true that last year, one part, the ice rink, continued to operate even after the official closure?

www.realestate-magazine.rs

JELENA VUKSAN,

Founder of the project and creator of the Winter Fairytale

COMPARED TO LAST YEAR’S EVENT, THE ICE RINK IS TWICE AS BIG, SEPARATED FOR CHILDREN AND BEGINNERS. THERE ARE MORE FIREPITS AND PLACES TO HANG OUT, AND EVEN MORE LAMPS AND PLACES TO TAKE PHOTOS AND MAKE MEMORIES

DEC/JAN 2023

ones. We enriched and bit by bit expanded the field for the event. The program is much richer, the ice rink is twice as big now, it is separated for children and beginners, more firepits and places to hang out, and even more torches and places to take photos and make memories. Visitors came not only from all over Serbia but also from the region, planning to enjoy the magic of the Winter Fairytale. Do you have statistics on which countries visitors came from? — Belgrade is a cosmopolitan place, the center of the Balkans, which attracts tourists from all — Winter festivals are traditional all over the world and they are a reason for going out, socializing, and gathering during cold days. The Winter Fairytale differs from others in its content. Free concerts, theater performances, film screenings, get-togethers, and relaxed Belgrade gatherings give it a special charm! I have visited many European squares, and there are many beautifully decorated squares and buildings during Christmas, but the atmosphere of the Winter Fairytale is unique. This year we focus on a month of duration, from December 8 to January 8. Get ready and come to celebrate, as there will be no overtime. What was the guiding principle and the dominant inspiration for creating the magic of the Winter Fairytale? — My desire to gather with the warmth and smell of fire, to proudly show visitors that we can and know how to organize a world event, was the motive for creating the Winter Fairytale. I have always loved holidays, that joy and hope, before the new year, something childish, what remains in me is an inexhaustible inspiration. Have you experienced any doubts about the success of the first occurrence and what were your feelings before the opening of the second one, such as the responsibility to make it better? — This year’s Winter Fairytale will delight all last year’s visitors and will certainly attract new

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WITH ITS MAGICAL AND AUTHENTIC CONTENT, THE WINTER FAIRYTALE LAST YEAR ATTRACTED VISITORS FROM ABOUT THIRTY COUNTRIES AND SEVERAL CONTINENTS

over the world. With magical and authentic content, we have attracted visitors from approximately 30 countries and several continents. One and a half million visitors in the first year and statistics show that the most visitors are from Croatia, Slovenia, France, and Italy. As I already mentioned, these are countries with traditional advents in the squares, but without our unique atmosphere.

THE WINTER FAIRYTALE DIFFERS FROM You could say that the concept of the Winter Fairytale is a place for family gatherings, OTHER SIMILAR and what program is expected this year? EVENTS IN ITS — Visitors will enjoy great music, as we wish to gather with great rhythms even on week- CONTENT

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days, which is why we invite you to join us. Of course, we devoted ourselves mostly to the youngest, especially on weekends, when we have the most time for family gatherings. The entire program will be published on our website, so choose something for your soul and come. If the magic in the idea and the exclusivity of the events that you organize for Belgrade and its guests is something that inspires you, what can be expected during the next seasons? — We have a multi-year development plan for the Winter Fairytale. We will surprise you with new content from year to year.

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PROJECT MANAGEMENT IN THE CONSTRUCTION OF BUILDINGS 05. december 2023. – Hyatt Regency Belgrade – Studio 2

IN FOCUS

REMHUB 2023 PROJECT MANAGEMENT IN BUILDING CONSTRUCTION This year's REMHUB conference, titled "Project management in building construction," was held on December 5, 2023, at the Hyatt Regency Belgrade Hotel Text: NEVENA JOVANOVIĆ

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Photo: WEST MEDIA WORLD

EMHUB (Real Estate Magazine Hub) is a regional conference organized with current real estate and construction industry topics. The conference aims to gather leading companies from this sector, exchange experience and good practices, define acute problems, and trace trends, which will contribute to transforming the construction and real estate sector in Serbia and the region. The conference’s organizer is the media company West Media World, with the institutional support of the Ministry of Construction, Transport and Infrastructure and the Green Building Council of Serbia, and the media sponsor is Real Estate Magazine. Bearing in mind that one of the most important economic branches, which is the driving force behind the development of society, is the construction of facilities for all purposes, it is of crucial importance to effectively manage the complex process of carrying out works, to turn the investor’s idea into reality. Without the

ter resources, and finance. The management of such projects takes place at the level of the Republic of Serbia, the autonomous provinces, and the level of local self-government, which makes it particularly difficult to fit all projects with the strategy and to manage the risks that arise from this connection. “The biggest problems arise when the implementation of the activities starts from the planning phase according to the selected project. Unfortunately, the biggest problems so far have been in the execution of the works. The state determines important projects and their financing by special decrees, which we believe provide a basis for good planning of such projects,” the Secretary emphasized.

REMHUB (REAL ESTATE MAGAZINE HUB) IS A REGIONAL CONFERENCE ORGANIZED WITH CURRENT REAL ESTATE AND CONSTRUCTION INDUSTRY TOPICS

use of project management methodology, conducting a complex construction process is very risky, with serious consequences in the form of the impossibility of meeting the expected deadlines or breaching the planned budgets. Proof that what has been implemented during the construction process is of the appropriate level of quality is the validation of documents defined by legislation, while a certificate in accordance with a certain standard can provide additional value to the object itself. Aleksandra Damnjanović, Secretary of the Ministry of Construction, Transport and Infrastructure, opened the conference. In her introductory speech, she pointed out the seriousness of strategic planning in the management of projects with capital importance, as well as the sustainability of all types of facilities that are in the Ministry’s area of responsibility. The frameworks in which important state projects are carried out are primarily legal and by-law regulations, which are not only in the area of construction and traffic but also energy, wawww.realestate-magazine.rs

„Legislation clearly provides instructions with a tender approach to the selection of contractors. Public economic partnerships and concessions allow a special way of managing projects defined by appropriate contracts. Also, a different approach exists when the provisions of international agreements are applied, which are more important than national regulations but must not. The first FIDIC contract in Serbia was concluded for constructing the Pupin Bridge, after

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First panel

which we started applying this contracting model. In preparing contracts for capital projects, we use two models of FIDIC contracts - red and yellow, depending on which principle we apply according to the principle of risk distribution,” Ms. Damnjanović continues. She emphasizes that by choosing a contracting method, one also chooses the way in which risks are managed. This is when the situation comes to the fore, when there is an imperfection of project

PUBLIC ECONOMIC PARTNERSHIPS AND CONCESSIONS ALLOW A SPECIAL WAY OF MANAGING PROJECTS DEFINED BY APPROPRIATE CONTRACTS and technical documentation, as the most common risk in capital projects. The lack of updating of the cadastre often leads to delays, unforeseen works, and misunderstandings with contractors. According to her, sustainability is a very important topic for planning and project management. The Republic of Serbia adopted the National Strategy for Sustainable Development, which, according to the reports of some international bodies, puts the Republic of Serbia in the position of leader in sustainable development in the region. In the Ministry of Construction, eleven amendments to the

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law were initiated, the last of which are “green“ laws, such as green infrastructure, green certificates in construction, green construction, construction waste management, and other topics that deal with sustainability. Obtaining an energy passport currently refers to the consumption of thermal energy on an annual basis, but harmonization with the laws and practices of the European Union is being further prepared. The term of validity of the energy passport is now limited to a duration of ten years, and it must be attached during the notarization of the contract on the purchase and sale of real estate. Interestingly, the first energy passports expired these days, for which the settlement “Stepa Stepanović” is an example. The first panel at the conference, called “Project Management Methodology” was moderated by Robert Matić, while the participants were Milan Šmigić, graduate in electrical engineering, executive director of the Center for Project Management, Dragan Bjelica, associate professor at the Department of Management and Project Management, Faculty of Organizational Sciences University of Belgrade, Vladimir Lukač, senior project manager at CTP Invest and Dragana Korica, executive director of the Serbia Green Building Council. The panel’s first question was an attempt to define project management in the construction sector. Milan Šmigić gave the chronological order of creating the Project Management Associ-

der to better manage risks. “The Faculty of Organizational Sciences at all three levels of study basic, master’s, and doctoral, has departments for project management.

THE REPUBLIC OF SERBIA ADOPTED THE NATIONAL STRATEGY FOR SUSTAINABLE DEVELOPMENT, WHICH, ACCORDING TO THE REPORTS OF SOME INTERNATIONAL BODIES, PUTS THE REPUBLIC OF SERBIA IN THE POSITION OF LEADER IN SUSTAINABLE DEVELOPMENT IN THE REGION ation PMI, which has been systematizing project management practice for over thirty years. Such systematization also existed in other organizations which were seriously engaged in project management. Spending human resources and money to invest in training, certifying participants, and using tools represents a serious challenge. Foreign investors consider this as an additional obligation rather than a tool and help in or-

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This year, we have 1,300 students in the second and third year alone who are studying Project Management. This means that some young experts will enter the labor market with project management competencies to help them in their careers,” commented Professor Dragan Bjelica. Vladimir Lukač from the CTP company presented the role of project management in the industry. “The most important part of the

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project is good documentation. The system of work on construction projects requires good preparation so that you have good communication and control over risks,” said Lukač. Sustainability as a principle and focus on green construction in full scale starts from the design itself and is an integral part of all construction phases. In addition to energy efficiency, which includes insulating materials, sources of alternative energy sources, and reduction of greenhouse gas emissions, it is also necessary for investors to pay attention to the way of use, the life of the building and its equipment, as well as to the optimization of energy consumption, which may arise.

SPENDING HUMAN RESOURCES AND MONEY TO INVEST IN TRAINING, CERTIFYING PARTICIPANTS, AND USING TOOLS REPRESENTS A SERIOUS CHALLENGE “Green building should not be seen only as an environmental effect, which makes the investment in it seem like a high cost. We are promoting that there should be a balance between the ecological aspect and profitability,” stated Dragana Korica. „As a concept within the concept of sustainability, green building represents a topic

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Second panel

that can be covered in the early stages of general education. There is room to improve this further and recognize the importance of understanding the concept through topics from everyday life that are clear and visible to everyone. There is a difference between investors who build facilities, which they plan to use in their lifetime and those who build a facility to sell it. This can be regulated through the certification of facilities, which verifies the validity of the technologies and materials used.“ One of the questions related to whether there is direct monetization of project management in construction investments. “Every period of time that you are not renting the facility or not using it for production represents an expense. The direct reason for breaking deadlines or budgets is poor project management. From there, there is a direct need to manage the projects best,” said Milan Šmigić. Some of the conclusions of the first panel, on which all participants agreed, is that a positive approach to project management in construction starts from education, that implementation through practice is a very important phase, and that the improvement of standards and legislation helps to improve the construction of buildings. Comments and questions from the audience brought interesting views on the use of

advanced BIM technologies for monitoring construction projects, as well as the need to improve the control of the implementation of detailed legislation. The first case study related to preparing and executing the construction project of the Toyo Tires factory in Inđija, which was presented by Vladimir Mihailović, director of operations in the EK SR. The construction project lasted three years, and the investor is one of the world’s largest tire manufacturers with seven factories on three continents. The project was started in 2019 when the company was founded in Serbia, where they planned to build a factory on 66 ha. One part of the project team worked remotely from Japan. The construction contract was signed according to the yellow FIDIC and “Design and Build” model, and in 2020, the main contractor was selected in October, while the works started in December of the same year. At the same location, along with the factory construction project, the test track construction project, and the construction project of what was then the largest solar power plant in Serbia, were realized. Vladimir also touched on important topics in project management and the new certification within the PMI organization - Construction Professional in Built Environment projects. The second panel on the topic “Contracts in the construction of buildings” showed the imwww.realestate-magazine.rs

portance of preparing a contract as a condition for full control over the entire process, from design to obtaining a use permit for a building. The panel moderator was Katarina Kostadinović, graduate civil engineer and CEO of Urban Building Consultancy. The participants of the panel were Katarina Gajić, director of design and construction of Delta Real Estate; Miloš Petaković, lawyer in the field of commercial law, member of the Gecić Law law office team; Vlatko Đuriček, master of civil engineering, director of Besico Serbia; Nikola Matić, executive director of the VMS company. and member of the Board of Directors of the European Association of Consulting Engineers.

SUSTAINABILITY AS A PRINCIPLE AND FOCUS ON GREEN CONSTRUCTION IN FULL SCALE STARTS FROM THE DESIGN ITSELF AND IS AN INTEGRAL PART OF ALL CONSTRUCTION PHASES At the beginning of the panel, the question related to the importance and role of contracts in construction. Nikola Matić emphasized the difference between small and large projects and what the contractual documentation should contain. “International financial institutions recognize that it is not enough to have a project, DEC/JAN 2023

but also a standard acceptable contract model. FIDIC contracting methods have existed for 55 years, where members jointly develop and improve contract models and supporting documentation. Until now, practice here was using the red contract model, which obligates the existence of a project with pre-measured dimensions, while now the yellow FIDIC - “Design and Build” is be-

THE MEASURE WHEN PREPARING THE PROJECT FOR CONSTRUCTION AND HOW MUCH TIME IT TAKES DEPENDS ON HOW WELL WE KNOW THE INVESTMENT AND THE PARTICIPANTS IN THE PROJECT ing used more and more, where the responsibility for project documentation is transferred to the contractor,” Matić pointed out. The next question was whether the contract’s structure depends on the investment type. A concrete example was FIDIC contracts, where the essence of choosing the color of the contract depends on the certainty of the final price, where in state capital projects, there is responsibility towards the project, but also to the community where there is control and clarification for spending money. Red FIDIC often does not have a sufficiently well-estimated final value due to poor

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items and specifications or subsequent costs that arise through unforeseen works and remain a risk for the client in this model. Katarina Gajić gave an overview of the approach taken by Delta Real Estate. “We apply the contract model depending on the type of project - whether it is a reconstruction or a greenfield investment, whether it is a shopping mall or an industrial facility, or a hotel, which means that we apply very different contract models even depending on the market we work on.” All projects are based on FIDIC principles, basic postulates, and guidelines, but they

Aleksandra Damnjanović, Secretary of the Ministry of Construction, Transport and Infrastructure

are adjusted in relation to the individual project. It is important that each party knows the obligations and responsibilities,” emphasized Katarina. According to the Besico representative, the modified “turnkey” approach, the closest principle to silver FIDIC, is the model that suits the company he represents. “The idea is to form a total price immediately. The participants in the project are more important than the contract itself, like the internal team and the contractor, and the contract itself will not save you. We believe that the selection of partners and the team leading the project is the most important, after which comes the importance of the contract. This means that the contract is not taken out of the drawer until the payment is calculated,” said Vlatko Đuriček. Miloš Petaković from Gecić Law believes there is no recommendation that only the FIDIC contract should be an obligation. A housing project of four floors or a hall of 1,000 m2 should not be burdened with a very thorough FIDIC model contract. “It is quite satisfactory to create types of contracts, which may borrow certain parts, but are not complex and meet the requirements in practice.” The biggest challenge with simple contracts is the fact that no example or template is the same every time, while FIDIC contracts offer a template based on which each contract is created for each type of investment. It is enough that you have worked out exactly what the project is, what the Gantt chart looks like, and all of that has been transferred into a series of responsibilities and rights of each party is a good basis,” said Petaković. The participants of the second panel agreed that in addition to the contract, it is also important to respect the work procedures because the contract cannot solve every situation. If the team does not do its job and the communication in the team is not good, then there are no good results either. The key is, therefore, proper project planning, communication of common goals and the goals of individual groups, and not just the final goal of the project. One of the questions related to the time needed for preparation as a prerequisite for contracting the work. www.realestate-magazine.rs

Katarina Lazić says: “The measure when preparing the project for construction and how much time it takes depends on how well we know the investment and the participants in the project, as well as how good the project task is. An example of the Sava Center is a particularly demanding reconstruction, where it is very difficult to determine how many investigative activities need to be done, and the requirement is that this should

Katarina Kostadinović and Robert Matić

DEPENDING ON WHETHER THE DISPUTE IS SEEKING THE COLLECTION OF A GUARANTEE OR THE TERMINATION OF A CONTRACT, A GOOD CONTRACT CAN MOTIVATE THE OTHER PARTY TO FULFILL ITS OBLIGATIONS last as long as possible, while many surprises arrive only later when the works begin, and the elements are visible.” Vlatko Đuriček, representative of Besico emphasized: “Well planned is half done. The preparation for greenfield projects itself is different it usually takes a month from due diligence to creating a concept. Preparation for the execution of works is a period that, depending on the planning documentation, lasts about 4-6 months. An example is the invitation we got to participate in the project that came at the end of December, with the request that it be realized in November DEC/JAN 2023

of the following year. Land purchase, design, and construction - everything was successfully completed for an industrial facility with an area of 25,000 m2 in Kragujevac.” Another important topic was the most common reasons for disputes. Miloš Petaković from Gecić Law stated that the conclusion of the contract is not arm wrestling, so a deadline that is not realistic and possible is put into the contract. Depending on whether the dispute is seeking the collection of a guarantee or the termination of a contract, a good contract can motivate the other party to fulfill its obligations. The contract represents a kind of risk management, but certain things cannot be predicted, such as an archaeological site at the construction site or an increase in the price of materials, which significantly contributes to the cost of execution. Nikola Matić emphasized that securing access or possession of the construction site is one of the biggest generators of disputes. Various sections of roads, pipelines, or gas lines

THE REMHUB 2023 CONFERENCE BROUGHT A LOT OF USEFUL THINGS IN THE DISCUSSION OF EXPERTS IN THE BUILDING CONSTRUCTION PROJECT MANAGEMENT FIELD, AS WELL AS IN THE PRESENTATION OF CASE STUDIES AS PART OF THE MAIN CONFERENCE PROGRAM start with the idea that ownership is secured. An example of this case is a situation where the designer has foreseen something that cannot be carried out on the site due to the type of land, which is why expropriation must be undertaken, which prolonged the period for the completion of the project. After the second panel, the case was presented by Ivana Letić from Delta Real Estate, who showed what the reconstruction of the symbol of Belgrade, the Sava Centar Congress Center, looked like. Facility A, which represents the greater part of the Sava Center, has been completed and opened, and the implementation of Facility B remains to be completed. It was an in-

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credibly complex and demanding project, and even though Delta was an experienced investor and the team members had extensive experience, it moved boundaries for all project participants. They all entered together into the great unknown in a building that everyone knows and considers a recognizable symbol of Belgrade and the region. The approach was very careful, but once they got into the project, such an investment would never get the green light for construction because of its inefficient return on investment. On over 90,000 m2 of the building, a space of 12,000 m2 for congress purposes is organized. Each function was considered separately during the project, and it was a challenge to realize each idea. The green certificate was successfully obtained, even though the building was completely inefficient in terms of energy. Delta Real Estate expects that next year, we will enjoy the rest of the complex in its full glory. The REMHUB 2023 conference brought a lot of useful things in the discussion of experts in the building construction project management field, as well as in the presentation of case studies as part of the main conference program. During the breaks and at the cocktail party after the event, attendees had the opportunity to expand their business network and exchange ideas and experiences with potential business partners. The new REMHUB conference is planned for April next year, which you can find out more about on the website and printed editions of Real Estate Magazine.

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DEC/JAN 2023

IN FOCUS

he company Delta Holding invested more than 118 million euros in the reconstruction of the Sava Center, and the result is a modern, sustainable facility with significantly increased capacity so that Belgrade can now host events that gather more than 5,000 visitors. The Delta Holding company divided the reconstruction of this iconic building into two phases, copying the very dynamics of the construction from 1977 - the congress and business part was completed first, while the renovation of the famous Blue Hall is planned for the summer of 2024. By reorganizing the space, the congress capacity of this facility was increased from 16 to 46 halls, including the unique Immersive hall. The main congress hall could now accommodate more than 1,000 visitors, while the number of seats in the Blue Hall will be increased from 3,672 to 4,000.

THE RETURN OF THE SYMBOL T OF BELGRADE TO THE CONGRESS MAP OF THE WORLD After less than two years of reconstruction, the congress and business part of the Sava Center was opened on November 14, 2023, and the first European Congress of Nutritionists, with 1,500 participants, began on the same day Text: JOVANA NIKOLIĆ

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Photo: SAVA CENTAR

BY REORGANIZING THE SPACE, THE CONGRESS CAPACITY OF THIS FACILITY WAS INCREASED FROM 16 TO 46 HALLS, INCLUDING THE UNIQUE IMMERSIVE HALL

The main congress hall could now accommodate more than 1,000 visitors, while the number of seats in the Blue Hall will be increased from 3,672 to

4.000

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“Serbia’s congress industry is not the same with Sava Center and without it. Belgrade can now apply for the organization of large international gatherings, and when the Sava Center fills its capacity, it means that all hotel accommodations in the capital will be filled. Restaurants, carriers, providers of various services, and numerous small businesses will also have additional work. The renovation of the Sava Center is not only important for Delta Holding, it is important for the congress industry, and we can say the entire economy of Serbia,” said Kristina Milinčić, general director of the Sava Center. The space of Sava Center is now divided into three functional parts: a congress, a business, and a cultural zone. Each hall is a story for itself, and the most impressive story is told by the Immersive Hall, the first in this part of Europe and one of the largest in the world. UsDEC/JAN 2023

ing the most modern technology enables the projection of digital content onto the hall’s interior, thus creating an “immersive” sensation and unique experience. During the reconstruction of the building, the architecture of the Sava Center was completely preserved, which is the work of the famous Serbian architect Stojan Maksimović and for which this center was nominated for the Pritzker Prize, the world’s highest recognition in the field of architecture. The old glass facade was replaced with energy-efficient glass but the same facade color and the oblique lines that make this building recognizable remained. Most of the famous details of the architect Aleksandar Šaletić have been preserved in the interior, such as large rough concrete surfaces, the fa-

DURING THE RECONSTRUCTION OF THE BUILDING, THE ARCHITECTURE OF THE SAVA CENTER WAS COMPLETELY PRESERVED, WHICH IS THE WORK OF THE FAMOUS SERBIAN ARCHITECT STOJAN MAKSIMOVIĆ 34

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mous chandelier, and other interior elements that have been recognizable for generations. Famous tapestries in the Main Congress Hall and several works of art have also been preserved. After the reconstruction, the Sava Center will become a smart and green building, which will be ecologically certified as the only congress center in this part of Europe that has such a certificate. The building is designed to save electricity and produce it, thanks to the solar panels installed on the roof. Just as it was built in 1977 with a view to the future, the renovated Sava Center has the same vision today: to rely on its glorious past to be the center of the biggest future events in the capital of Serbia.

AFTER THE RECONSTRUCTION, THE SAVA CENTER WILL BECOME A SMART AND GREEN BUILDING, WHICH WILL BE ECOLOGICALLY CERTIFIED AS THE ONLY CONGRESS CENTER IN THIS PART OF EUROPE THAT HAS SUCH A CERTIFICATE

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NEWS

n the former garden of the famous Serbian benefactor and philanthropist Luka Celovic, which was later turned into St Nicholas Park, today only 40 to 50 trees remain, and after the reconstruction, more than 200 adult trees of autochthonous species from our climate, such as maple, plane tree or oak, will be planted in it. All aesthetically representative and completely healthy and preserved specimens, mainly plane trees, will be kept in the park, while they will be joined by adult trees up to 15 meters high, which will fit perfectly into the ambient whole of the park with an exciting history, longer than a century. In the underground part of the park, there will be a large public garage with two floors

I ST NICHOLAS PARK NEAR THE BRISTOL HOTEL Upon completion of the renovation, the park will have five times more trees than it has now, a monument to Luka Celovic, and an underground public garage with 420 parking slots By: JOVANA NIKOLIĆ

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Photo: BELGRADE WATERFRONT

once an integral part of many postcards of Belgrade from the beginning of the 20th century. In addition to being largely self-sustaining, the greenery will be of different storeys and will consist of lawns and bushes, up to the already mentioned tall, mature trees of various species. In this way, one of the first parks in our country will get its natural ambiance, as it once adorned it, and a smaller, modern fountain will be placed in the middle of the greenery. To pay symbolic tribute to Luka Celovic, the former president of the Belgrade Cooperative, who did a lot for his people, Belgrade Waterfront will build a long-awaited monument to this famous Serb from Trebinje in the renovated St Nicholas Park. On the other hand, the and almost 420 parking slots, the construction of which will also be financed by Belgrade Waterfront, and which will be managed by PUC “Parking Servis” Belgrade. By building a new garage, the Serbian capital will take another important step in the fight against the chronic lack of parking slots in the city center. It will be completely adapted to the design of the park, so it will have two entrances, i.e. two exits for vehicles and chargers for electric cars, while near the roundabout near the current Belgrade Bus Station (BAS) there will be an underground passage for pedestrians with an elevator. Thanks to a modern engineering solution, on the “roof ” of the garage, i.e. in St Nicholaus Park itself, optimal space is provided for the unhindered growth of existing and new greenery that will once again adorn this iconic place,

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THE LONG-NEGLECTED ST NICHOLAS PARK NEAR THE BRISTOL HOTEL WILL SOON, THANKS TO THE BELGRADE WATERFRONT, BE COMPLETELY RENOVATED, AND UPON COMPLETION OF THE WORKS, IT WILL BECOME ONE OF THE MOST MODERN AND THE MOST ENGINEERINGINNOVATIVE PARKS IN THIS PART OF EUROPE “Cross from the Little Market”, one of the oldest monuments in Belgrade dating back to 1862, will be temporarily moved and restored and then returned to the same place in the park where it was before. However, now a special path will be made to the trademark of the park, as a monument of this importance deserves.

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INTERVIEW

KRAGUJEVAC - FROM A PRODUCTION GIANT TO A CANDIDATE FOR GREEN CITY STATUS Besides building a state data center, the city of Kragujevac invests in energy efficiency and green building principles, while preserving cultural and historical monuments Text: NEVENA JOVANOVIĆ

Photo: GRAD KRAGUJEVAC

NIKOLA DAŠIĆ,

Mayor of Kragujevac

rom a city that was once a synonym for heavy industry, it went to a city that is becoming a “Silicon Valley”, and a center of digitization. We spoke to the Mayor of Kragujevac, Nikola Dašić, about what has been done in Kragujevac in recent years, when it comes to investment in real estate and environmental protection, and where the city is today.

In the previous period, several squares and monuments were reconstructed and built, representing a city’s business card. The most recent might be the opening of the reconstructed Square of Vojvoda Radomir Putnik representing one of the capital investments from the city budget? — The idea to restore the old glory of the inner-city center, the Square of Vojvoda Radomir Putnik, a person who has a special place in the history and life of Kragujevac, once upon a time the symbol of elegance and the beginning of the new bazaar, we gave it a modern look. The new center of public life connects the existing pedestrian zone to a unity. The Vojvoda Radomir Putnik Square is just one step forward in the direction of creating a modern and functional city center. One of the biggest symbols of the city, the legendary rock group Smak, has been immortalized with a monument to the newly formed Square

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of Youth. The Freedom Square in front of the municipality building was also reconstructed, which covers 4200 square meters. The bohemian Dragiša Nedović Square arrangement in front of Zelengora Hotel is also planned. In addition, we have started another big project that we finance with funds from the city budget, and we are talking about the renovation of the facades. We have included in the project 22 buildings dating from the 19th and 20th centuries that were declared monuments of culture in the innermost center of Kragujevac. This way, buildings important for the culture of memories will be preserved in their original style, and with style and illumination will become the decoration of Kragujevac. When we observe energy efficiency and environmental protection, which have been www.realestate-magazine.rs

considered in recent years, one of the capital projects is also the replacement of boilers in the city heating plant from coal to gasfired. How much did the percentage of air pollution decrease in Kragujevac and its surroundings?

VOJVODA RADOMIR PUTNIK SQUARE IS JUST ONE STEP FORWARD IN THE DIRECTION OF CREATING A MODERN AND FUNCTIONAL CITY CENTER — One of the capital projects that fundamentally changed the future Kragujevac is the gasification of the city’s heating plant, which meant the replacement of coal boilers at the end of life with new gas boilers. Air pollution was for decades the problem of Kragujevac. We managed, with the help of the state, to complete this huge DEC/JAN 2023

and significant project. Kragujevac was the first city in Serbia that has turned off coal-fired boilers when it comes to local government heating last year.

THE MAGNIFICENT NEW TEMPLE OF JUSTICE HOUSES ALL JUDICIAL BODIES, WHICH WERE BEFORE THAT LOCATED AT 11 DIFFERENT ADDRESSES IN THE CITY

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This is the second gas heating season, and air pollution has been reduced by as much as 70 percent. In addition, Kragujevac is proposed to achieve a green city status considering two other decisions in that domain. From January 1 of this year, all hospitality establishments are obliged to use equipment for the reduction of smoke, steam, and odors by using active coal filters. On September 1 last year, the decision was effective relat-

ing to no construction without planting, which obliges the investors to compensate each newly built apartment or business premise by planting one tree. Kragujevac is also one of the judicial centers, and during the past period, even the Palace of Justice was built? — With the construction of the Palace of Justice, Kragujevac acquired the status of a judicial center which covers a territory with almost 2.5 million inhab-

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KRAGUJEVAC WAS THE FIRST CITY IN SERBIA THAT SWITCH OFF COAL-FIRED BOILERS LAST YEAR WHEN IT COMES TO DISTRICT HEATING itants. The magnificent new temple of justice houses all the judicial bodies, which were before that located at 11 different addresses in the city. This modernly equipped facility enables citizens to efficiently, quickly with mini-

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mal costs, perform in one place all tasks related to the competencies of the institutions located at this facility. What does the newly built Data Center represent for the city of Kragujevac and the Republic of Serbia, within which, among other things, is the national artificial intelligence platform?

with which it is connected by a modern along a 25-kilometer expressway. A relatively small distance from the state borders of neighboring states to the city (250-320 km), as well as the airports in Surčin and Niš (up to 150 km), open up opportunities for intensive international cooperation. Investors follow quality roads and one of them is the northern ring road, declared as a project of national importance, which will enable the relocation of freight traffic from the city center, as well as the formation of new business-industrial zones along its route.

WITHIN THE FIRST PHASE OF THE “CLEAN SERBIA” PROJECT, THE FIRST 40 OF THE PLANNED 350 KILOMETERS OF SEWAGE INFRASTRUCTURE AND ATMOSPHERIC SEWAGE, We are witnessing the construction and reWILL SOLVE ONE OF THE PRESSING COMMUNAL ISSUES construction of university clinics centers in Serbia?

— The construction of the State Data Center positioned the city of Kragujevac as a leader in the IT sector. As a project of national importance, the State Data Center in Kragujevac, according to technical and safety standards, is one of the most modern in the region and it houses the key informational and communicational infrastructure of the Republic of Serbia. The first state platform for artificial intelligence is in the Data Center intelligence available to the state, local governments, universities, science and technology parks, and startups. Around that, several contracts on the commercial use of State Data have already been signed center with numerous domestic and foreign companies that store theirs here data - Huawei, IBM, SOX, Orion Telekom, Poštanska štedionica, AIGO, Comtrade, RTS and Telekom Srbija. The third phase of the State Data Center is An innovation district that will cover 56,000 square meters, Kragujevac is becoming a “Silicon Valley” as a center of digitization and innovative - creative technologies in which the smart city will develop concepts. How is Kragujevac, when it comes to traffic infrastructure, connected to other centers in Serbia and regional roads? — The city of Kragujevac is in the central part of Serbia, about a hundred kilometers south of Belgrade. It is geographically positioned near the pan-European infrastructure corridor 10,

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— The contract for the construction and reconstruction of the UCC Kragujevac has been signed in half this year. Construction, extension, and reconstruction project of the Kragujevac University Clinical Center, about 22.000 square meters of new buildings, while about 14.000 square meters will be covered extension and reconstruction. The implementation of this capital project will raise the level of health care to the highest ever, not only for citizens of Kragujevac and Šumadija region, but also for central and western Serbia, which is over two million inhabitants. What does Kragujevac, as a city, gain by building the largest skate park in Serbia? — Kragujevac added a skate park, in the area between the tennis courts and a Boxing Club in the Great Park. It is in the complex where there are open and closed swimming pools, a basketball court, a beach volleyball court, the hall Gordana Goca Bogojević, and the Creative Park. The whole complex, in which there is something for everyone, so that young people, instead of next to a screen spend their free time. Given that skateboarding is an Olympic discipline, the space of 826 square meters is also www.realestate-magazine.rs

an investment in future Olympic champions from our city and surroundings. Regarding capital projects like “Clean Serbia”, what is in in the past period done in Kragujevac and its surroundings? — Within the first phase of the “Clean Serbia” project, the first 40 of the planned 350 kilometers of sewage infrastructure and atmospheric sewage, will solve one of the pressing communal issues. In addition, we are particularly proud of the Centers of Excellence with the parent stem cell bank of the University of Kragujevac, in the construction of which the state invested 14 million euros. At the end of last year, work on the construction of the new Fire Department base began, which is very important to us, because it was the first and last one handed over for use in 1934. A state housing construction project for members of state security services was also implemented, and close to a thousand apartments were built in the Denino Hill settlement. Kragujevac is entering a new investment cycle of strong development and will no longer be the same. Kragujevac, as the heart of Šumadija, must grow and develop, yes invest in its future. DEC/JAN 2023

From left to right NIKOS KOUNTOURIOTIS, Managing Partner, Head of Transactional Services, IOANNIS ORFANOS, Partner, Head of Capital Markets, GEORGE VITOULAS, Partner, Head of Technical Advisory

INTERVIEW

COMMITMENT TO CREATING ADDED VALUE THROUGH A RESULTS-ORIENTED APPROACH In the first half of 2023, the Greek economy grew by 2.4%, driven by strong private consumption and increased investment. According to data from the National Bank of Greece, projections for the full year also point to growth of 2.4%, beating the eurozone average but below the 2022 level Text: NEVENA JOVANOVIĆ

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Photo: COLLIERS GRČKA

s Greece is an attractive destination in terms of investment activities in the field of tourism and hospitality, we spoke to the representative of Colliers Greece, Nikos Kountouriotis, about who were the investors in this branch in recent years, how the Golden Visa program attracts buyers who invest in real estate there, and also on other topics, in the field of real estate and investments.

ing on roads, ports, and airports, and adopting new building design practices. In the first half of 2023, the Greek economy grew 2.4%, led by strong private consumption and increased investment. According to the Bank of Greece, the year’s projections also indicate a 2.4% growth, surpassing the Euro area average but falling short of 2022 levels.

— Regarding the real estate market, the increased inflation and interest rates have started impacting the local real estate transactional and development activity. However, we remain optimistic in the mid-term for the local market as it has untapped development and regeneration potential, whereas weighted average prices in the CRE sector are still below the 2008 historical highs. Positive contributions include rebounding tourism, fiscal support measures (mainly the Recovery and Resilience Facility Plan of € 5.8b), ongoing infrastructure projects focus-

If we look at regional trends, major corporate occupiers either relocate or plan to relocate to energy-certified Grade A+ offices. Investment interest remains robust in resilient, green-certified, digitally advanced offices with wellness features in strategic locations. Interestedness in secondary locations is increasing, driven by the limited availability of quality spaces at competitive rates in prime locations. Repurposing toward more high-quality mixeduse facilities is becoming more common. ESG alignment becomes crucial for institutional investors focusing on international certification

ALIGNING TO ESG STANDARDS IS BECOMING CRITICAL How do you assess the real estate market FOR INSTITUTIONAL INVESTORS WHO FOCUS ON in the entire region? Also, what regional trends can you see happening in Greece? INTERNATIONAL CERTIFICATION FOR ADDITIONAL VALUE What are the sectors with the most investAND SOCIAL CONTRIBUTION ments right now?

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to sustain value and social returns. We have expectations that interest, demand, and investment activity remain high for highend, luxury, tourism-related properties (resorts, branded residences), prime logistics (especially in West Attica and West Thessaloniki), high-standard, certified, sustainable office spaces, residential developments in specific areas (own use and buy-to-rent), and repurposed retail space (last mile/dark stores) As an investment market, Greece is very interesting in the tourism sector. How do you see the development of this trend, and what would be the biggest opportunity between affordable property prices, picturesque locations, or a favorable investment climate? — Greece is an established, attractive destination for incoming tourism and hospitality investment activities. In recent years, individual investors, institutional entities, family offices, and private equity money have actively sought investment opportunities in the Greek hospitality real estate market, each with a different focus and agenda. This includes different types of properties, such as city hotels, resorts, large seaside estab-

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THE BANKING SYSTEM IS EXPECTED TO SUPPORT THE HOUSING SECTOR AFTER A LONG PERIOD OF REDUCED CONSTRUCTION ACTIVITY, WHILE AT THE SAME TIME, THERE IS ROOM FOR IMPROVING THE ENERGY EFFICIENCY OF BUILDINGS

lishments, and boutique hotels in unique destinations. Greece’s tourism markets involve both tour operators and individual high-end visitors. The dynamics in the Greek hospitality real estate market include the interest of international hospitality brands, including upscale names like Hilton, Marriott, and Hyatt, along with luxury brands such as Rosewood, Mandarin, and Six Senses, actively seeking to expand their presence in Greece. The Golden Visa program launched in 2013 still attracts buyers who invest in Greek real estate. What are the expectations in the residential market for the following period? — The change of the investment threshold from €250,000 to €500,000 in certain areas is expected to favor mainly transactions of more opulent residential properties, both for personal use and commercial exploitation, in certain attractive regions of Athens and within major tourism destinations and hotspots. Investments primarily relate to buy-to-rent properties and fewer own-use cases. Recent data shows that besides China, Turkey, Russia, and the Middle East, there is a steady increase in investor transactions from other countries. It is worth noting that although golden visa transactions in the past were usually related

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to old properties with refurbishment prospects, the market is now witnessing the introduction of properties specifically designed to meet golden visa standards and specifications to attract investors of all nationalities. What is the frequency of requests for information from business investors originating from surrounding countries? — We receive requests for information on behalf of business investors from neighboring countries monthly.

RECENT DATA SHOWS THAT BESIDES CHINA, TURKEY, RUSSIA, AND THE MIDDLE EAST, THERE IS A STEADY INCREASE IN INVESTOR TRANSACTIONS FROM OTHER COUNTRIES Colliers Greece was awarded a leading role in the last couple of years as a real estate consultancy in the country. What makes you stand out from your competitors? — Colliers Greece represents the commercial advisory services arm of Arbitrage Real Estate, a resourceful real estate advisory team committed to impartial and customized advice, setting, and upholding the highest standards of professional excellence and integrity. Dedicated to creating value surplus through a re-

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sult-oriented approach, detecting and unlocking growth opportunities. Arbitrage/Colliers Greece platform has been awarded as the Best Place to Work for 2023, with the key to success being its talented and multi-faceted team, which covers a variety of disciplines, including civil engineers, rural engineers, architects, MEP engineers, economists, and marketing experts.

ESG HAS BECOME A PRIORITY TOPIC FOR INSTITUTIONAL REAL ESTATE INVESTORS IN GREECE (REICS, PE FUNDS) AND IS EXPECTED TO AFFECT REAL ESTATE VALUATIONS SOON How important do you find collaboration with the Colliers Adria group, and how do you rate the partnership that gives you the power of connections that puts you ahead of the competition? — Enhanced networking opportunities. Access to valuable resources. Increased credibility, particularly when involved in cross-border projects. The association fosters robust connections within the industry, opening doors to potential collab-

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orations, partnerships, and strategic alliances. The group’s collective strength and international reach offer a broader market penetration and influence scope. The real estate market has experienced many crises and challenges. What are your expectations for the next period? — Despite the uncertainties, the appeal of the Greek commercial real estate market remains high, with returns of value-added propositions remaining attractive, driving both domestic and international investment interest. The Ellinikon regeneration project and new large developments (especially along the Athens Riviera) are also expected to attract foreign capital and new occupier movements. ESG has become a priority topic for institutional real estate investors in Greece (REICs, PE Funds) and is expected to affect real estate valuations soon. Real estate has historically been seen as an inflation hedge compared to other types of investments (bonds, stocks, etc.). At the same time, the banking system is expected to support the residential sector after a long period of decreased building activity, whereas there is still room for energy efficiency improvement of the building stock. These are expected to contribute to an upward cycle for the market.

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INTERVIEW

ALEKSANDAR KURKANOVIĆ,

Head of the rental department at Colliers

CHANGE MANAGEMENT IN THE RENTAL SECTOR As we look to the upcoming year 2024, from the perspective of the Serbian business real estate market, we conclude that it is ready for a dynamic transformation driven by emerging trends and continuous stable economic growth. Anticipating a further increase in demand for modern business premises, the domestic real estate market is moving toward redefining the office business

Text: NEVENA JOVANOVIĆ Photo: COLLIERS SRBIJA

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As we gradually return to normal life, how do you see employees returning to office jobs, and what role does Colliers play in this transition? — Returning to offices is a complex and gradual process. Although working from home has proven its justification, the importance of the physical workspace in which the activity is carried out is still very significant. Colliers

bout the direction of further development of commercial real estate in Serbia, looking back at the challenges in 2023 and following the trends that will continue in 2024, we spoke with Aleksandar Kurkanović, head of the rental department at Colliers.

Uncertainties and global changes marked the year that is coming to an end, so how did the office space market in Serbia deal with those challenges? — The calendar year which we are about to send off 2023, was undoubtedly a year of adjustment. The global pandemic has left a significant mark on established work dynamics, forcing companies to reassess their realistic needs for renting office space. We have seen a significant increase in demand for flexible solutions as companies seek agility, valuing the economic aspects of leasing. Colliers responded proactively, working closely with clients to adapt lease options and reconfigure space per the evolving demands of a changing work environment.

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THE GLOBAL PANDEMIC HAS LEFT A SIGNIFICANT MARK ON ESTABLISHED WORK DYNAMICS, FORCING COMPANIES TO REASSESS THEIR REALISTIC NEEDS FOR RENTING OFFICE SPACE

Green Escape

recognize the importance of fostering collaboration and a sense of community, best developed in the right physical work environment. We work closely with clients to implement hybrid work models with their instructions, offering flexible solutions that meet the various needs of modern companies.

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Alco inside

Looking to the coming year 2024, what trends do you predict will affect the office space market in Belgrade, bearing in mind the current socio-economic conditions? — In 2024, we expect further changes in the commercial real estate market, influenced by several key trends. The technological boom in Serbia will continue to impact the demand for modern and flexible workspaces, attracting new local companies and global technology giants. Sustainability will take center stage, emphasizing ecologically oriented business premises, as environmental protection awareness becomes a common topic. Flexibility will remain an important factor, and Colliers will adapt its offer, offering different lease options and work solutions. How do the economic stability of Serbia and current infrastructure projects contribute to the attractiveness of the commercial real estate market? — The economic stability of Serbia positions it as an attractive destination for investors. Ongoing infrastructure projects, especially the Belgrade Waterfront project, affect the

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COLLIERS RECOGNIZES THE IMPORTANCE OF FOSTERING COLLABORATION AND A SENSE OF COMMUNITY, BEST DEVELOPED IN THE RIGHT PHYSICAL WORK ENVIRONMENT

The One

attractiveness of the capital city. Improved transport links and modern amenities in attractive locations further boost demand for commercial real estate, and we expect continued growth in this sector.

Managing these changes, how does Colliers see its role in shaping the future of commercial real estate in Serbia? — Colliers acts as a strategic partner to our clients operating in this changing market environment. We strive to be leaders in creating innovative, sustainable, and adaptable business spaces, which should be harmonized with the changed requirements. Our experience, together with a client-oriented approach, enables Colliers to contribute to the dynamic future of commercial real estate in Serbia.

THE TECHNOLOGICAL BOOM IN SERBIA WILL CONTINUE TO IMPACT THE DEMAND FOR MODERN AND FLEXIBLE WORKSPACES, ATTRACTING NEW LOCAL COMPANIES AND GLOBAL TECHNOLOGY GIANTS Moving from the challenging year 2023 to the new and promising year 2024, we are ready to face all the changes the commercial real estate market brings. We believe in our expertise, and we believe that only dedication and hard work can bring us back to the stage of the big commercial real estate market, where we will prove why we carry the Colliers name. Skyline www.realestate-magazine.rs

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TRAVEL

DUBAI - A PHANTASY DESTINATION The Arabian world itself has always had a dose of mysticism, but you will be convinced that Dubai has combined the traditional, modern, and futuristic in one city. Not every day, but every minute in Dubai, the architecture changes. It is known not only for its luxury but also for the neatness and meticulousness of the people who live and work there. Wide boulevards, skyscrapers, greenery, and flowers - all placed in an unprecedented world Text and photo: BIG BLUE

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he best time to visit this city, in one of the seven Emirates, is at the end of the year. The season starts in October and ends in May. The best time to visit Dubai is during December, January, or February, because of the pleasant temperatures of the sea and air, and everyone who loves and enjoys the summer weather will fulfill their desire for that. Long sandy beaches and the beautiful turquoise color of the sea are just some of the things Dubai is known for. There are parts of the beaches that are private and mostly belong to hotels, which hotel guests can use indefinitely, and others can buy a ticket for some of them and spend the day at the well-maintained beaches. However, we should not ignore the fact that most of them are city beaches, where the entrance is free for everyone. Whether you decide to stay at a beach bar or somewhere isolated, enjoyment is guaranteed.

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Dubai is a city where, in addition to the beaches, there are many other facilities that you can visit. One of them is, of course, the famous Palm, an artificial island that represents the pinnacle of the Arab tendency toward luxury and achievement, which the world has not yet achieved anywhere, except in Dubai. The island can best be described as a small, charming tattoo of our planet that can be seen from the moon. Therefore, when you find yourself in Dubai, you should not miss the opportunity to climb the place, from where it is possible to see the entire island on one side, the skyscrapers on the other side, and the well-known view of the city panorama. In addition to the view, which will be provided by “The View at the Palm”, before going out onto the terrace, from which the view is accessible, you will have the opportunity to watch a short film, including the entire history of the creation of the Palm, which includes the journey from idea to realization.

THE FAMOUS PALMA, AN ARTIFICIAL ISLAND, CAN BEST BE DESCRIBED AS A SMALL, CHARMING TATTOO OF THE EARTH, WHICH CAN BE SEEN FROM THE MOON

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and many others, you can also see an aquarium with different types of fish. Right in front of the Dubai Mall, every half hour, a choreography is broadcast, which is “performed” by the fountain, with a view of the symbol of the city and the tallest building in the world, the Burj Khalifa. With its imposing 163 floors (154 floors are usable), above the ground and 829.8 m high, it is a sight that truly takes your breath away. Another symbol of the city is the Burj al Arab Hotel, which from afar resembles a huge sail decorated with a helipad.

THE BEST TIME TO VISIT DUBAI IS DURING DECEMBER, JANUARY, OR FEBRUARY, DUE TO THE PLEASANT TEMPERATURES OF THE SEA AND AIR, AND EVERYONE WHO LOVES AND ENJOYS THE SUMMER WEATHER WILL FULFILL THEIR DESIRE FOR THE SAME

A visit to the Museum of the Future is also something that should not be missed. Namely, there are ideas here, about how the world will look in the next fifty years, with which you will start your journey through time, by “boarding the shuttle” and embarking on a magical journey. For shopaholics, Dubai is the center of the world. Shopping centers abound with many stores of various brands, from the cheapest to the most exclusive. The Mall of Emirates shopping center also has an indoor ski resort, so fans of this sport will find something fun if they decide to “winter” in Dubai. In the Dubai Mall, the most famous shopping center, along with the luxury stores of Chanel, Louis Vuitton, www.realestate-magazine.rs

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As Dubai is a crossroad of cultural influences, it is possible to sample dishes from all over the world. From the experience of dining in numerous restaurants with Michelin stars, awards, and recommendations, to the stalls on the street. Every part of the city can be reached by metro, and all stations where the metro is waiting are air-conditioned. City transport lines and taxis are available for moving around the city. Dubai is a destination for all those looking for a combination of luxury, adventure, and cultural diversity. It is known for its iconic skyline, extravagant shopping experiences, and worldclass hospitality. Through the arrangements of the Big Blue agency, this destination promises an unforgettable experience for everyone’s taste.

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IN THE DUBAI MALL, THE MOST FAMOUS SHOPPING CENTER, IN ADDITION TO LUXURY STORES, YOU CAN ALSO SEE AN AQUARIUM WITH VARIOUS TYPES OF FISH

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NAMEŠTAJ

BLOK -SIMPLE FORM PREMIUM KITCHEN BLOK is a domestic manufacturer-owned brand of kitchen elements that brings freshness and new design to the stage through its simple and reduced form. The brand arose from a deep passion for architecture, by the author Filip Rašković Author: JOVANA NIKOLIĆ

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Photo: FILIP RAŠKOVIĆ

LOK kitchens bear the stamp of emotion in every detail. The characteristic red interior color of the body symbolizes the fire in the hearth, passion for food preparation, and inspiration. The design of the kitchen blocks is simple but powerful, just as fond memories of childhood remain forever. BLOK is based on already defined kitchen elements of different sizes that, in the form of blocks, are arranged in a row and thus enable different configurations. Regardless of the size of the space, simple forms adapt to the needs of the user.

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Filip Rašković, master engineer in architecture, interior designer, and founder of BLOK, spent more than ten years creating spaces that convey a special story and emotion. „What motivated me the most to start BLOK kitchens were my childhood memories of spending time in the kitchen with my mother and grandmother. Those were the moments of passion for food and the warmth of home that shaped me. I wanted to preserve and transfer part of that tradition and gathering around a common meal, through modern design, to what the kitchen is today. Our philosophy is to create kitchens that transmit emotion and inspire.“ - emphasizes Filip Rašković.

THE DESIGN OF THE KITCHEN BLOCKS IS SIMPLE BUT POWERFUL, JUST AS FOND MEMORIES OF CHILDHOOD REMAIN FOREVER

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Inspired by the brand’s philosophy, BLOK kitchens are available in three collections: Original, Classic, and Solid. All kitchens strive to create a simple, pleasant, and functional space for users. Kitchens are made of quality materials and mechanisms, with the idea that they will last for many years and generations. Blok Original – This collection appears as the first and original design of BLOK kitchens. Although at first glance, it has a reduced form, it is characterized by the strong character of the enlarged block-shaped handles. It is possible to choose two design directions for the handles: pressed and engraved form of the block, in the front of the kitchen, the same finish, as the front itself, or pronounced thin metal handles on the front panels. Both options bring original but also functional design.

THE KITCHEN HAS BECOME A CENTRAL PLACE FOR MANY OF US - AS AN OFFICE, CLASSROOM, GATHERING SPACE, AND A PLACE TO RELAX

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A GOOD ORGANIZATION OF THE KITCHEN AFFECTS OUR DAILY HABITS AND THUS BRINGS BENEFITS TO OUR LIVES

Blok Classic - The Classic collection is a presentation of the design of a new tradition. It is characterized by a reduced appearance with a modern view of the heritage, but also a small touch of Japanese culture, visible through pronounced vertical elements in the form of slats. These verticals not only give the kitchen a finer look but also a tribute to some different and older times. It is sculptural and has character; therefore, it leaves a strong impression in every space. Whether it is a home, restaurant, or business space, this collection brings the necessary touch of elegance and warmth.

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Blok Solid – This model displays a clean and minimalist design with architectural precision and more elegant lines. Without any additional elements and with simple fronts, this collection is a safe solution because it easily fits into any space. The handles are hidden and cut into the kitchen drapes so that they are invisible from the front and thus give the kitchen a completely refined form. It is available in nine carefully selected color shades, which carry earthy neutral tones, as well as in three veneered shades of oak - natural color, dark or black brushed.

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The pandemic, which is behind us, has accelerated the perspective on how we see and use our homes, and the kitchen has become a central place for many of us - as an office, a classroom, a gathering space, and a place to relax. BLOK was born in the fall of 2023 with the idea of adapting the kitchen to the daily changing needs of users. BLOK is a project focused on modern kitchen design, with an emphasis on carefully selected materials and colors. We want to eliminate unnec-

essary elements and reduce things to their essence, achieving a balance in design, colors, and materials. We believe that the choice of materials and design affects how we live and feel in a space. A good organization of the kitchen affects our daily habits and thus brings benefits to our lives. Although a young company, the goal of BLOK kitchens is to develop in an organic way that meets the high ambitions of the BLOK team while maintaining the original qualities that made BLOK come into existence.

ALL KITCHENS STRIVE TO CREATE A SIMPLE, PLEASANT, AND FUNCTIONAL SPACE FOR USERS

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FURNITURE

A VIEW AT THE HOME THAT CREATES THE IMPRESSION OF BEING IN THE TEMPLE OF PEACE Although being outside this time of year is inspiring, it's the inside of our home that allows us to relax. It is our home that gives us peace and allows us to relax with our family. It is a space where we are safe and where we can forget all the worries of the present Text: JOVANA NIKOLIĆ

Photo: DALLAS GROUP

or interior decoration, timeless earth tones that blend together to create a calm and attractive combination are currently the most popular. Everything related to natural and organic will continue to trend in 2024. This materializes in natural color palettes: earth tones, ocher, brown, terracotta... As this winter season approaches, you will spend more and more time at home. It is the main reason why the organization of space is necessary. To improve your interior, there are several home projects that you can deal with. The key is to know how to place furniture to achieve the greatest effect on your home.

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TTF AS A CENTRAL POINT IN EVERY SPACE The central part of the room must have balance which can be achieved by placing the perfect piece of furniture, which will also give the space the ability to breathe due to its functionality. With TTF in a neutral color and perfect style, you will bring the rest of the furniture into focus and thus add elegance to the entire space. The TTF Moon set brings together elegance and functionality. The idea is to create a neutral living room where the rest of the furniture in earth tones will bring that much-needed peace.

SINCE WE ARE AT HOME MORE AND MORE IN THESE COLD DAYS, THIS WAY YOUR HOME WILL BE A LUXURIOUS AND STYLISHLY DECORATED SPACE You can also go deeper into earthy tones with the Icon living room, which, with its unique design, will fit perfectly into the space and create your own personal oasis. The idea is to make your home look elegant and comfortable, as this combination turns the living room into a wonderful space where you can relax. You will complete entire ambience with a club table and practical hanging elements, which will show your lifestyle. If you wish to connect the living room with the rest of the living space, you can continue in the same style and complete the whole story. www.realestate-magazine.rs

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The Icon dining set consists of all the necessary elements for a high-quality and modern dining room. In addition to aesthetics, the dining table has good functionality. There is a possibility to extend the table as needed and in a very easy and modern way. The dining chairs are solid and stable, and their fabric creates a good balance of nature and modernism, with an earth tone and a slight sieving in the material. A chest of drawers that has enough space to store the necessary things, as well as an irregularly shaped mirror, which is an expression of artistic passion, that merges with functionality.

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Overall, the form and design of the dresser, as well as the irregularity of this mirror, bring a touch of originality and exclusivity, making the dining room special and unforgettable. You can combine the tones of the upholstered furniture as you wish because the Dallas Group allows you to choose the material and tone that you like best. Therefore, in part, you become the designer of your own space and give it a unique finish you will enjoy every day.

IF YOU WANT YOUR HOME TO FEEL LIKE A TEMPLE OF PEACE, IT IS BEST TO CHOOSE SOFT, NATURAL TONES THAT EVOKE NATURE

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NEW OUTFIT OF THE KRAGUJEVAC INDUSTRIAL ZONE In addition to the revived "grand" automobile industry, FIAT, for which the city was known for decades, Kragujevac is increasingly becoming home to successful medium and small manufacturing companies Authors: MARIJA i PETAR SIMOVIĆ

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Photo: RELJA IVANIĆ

The front facade of the building with a transparent showroom

To architecturally solve the problem of direct sunlight, a

2.5m larmier was designed

ing the business-administrative part of the company from the old location and to provide adequate space for product presentation. The building is located within the business-industrial zone of Kragujevac. There is no direct reliance on some established forms and values in the environment, but the configuration of the terrain had a significant influence on the way the building was placed and how the main entrance, through which visitors have their first contact with the building, was designed. The initiated terrain configuration made it possible to perceive the first floor of the building as the ground floor on the side where the official entrance was planned. To highlight the difference in levels even more dramatically, a decision was made to highlight it additionally with a pedestrian bridge, which enabled visitors to experience the surprise of crossing the bridge that the building is not one-story.

rchitectural spatial features and the character of those business buildings are always organically linked to the features of the company, for which the space is intended. The internal and external performance of a company is defined by values that architects should articulate in spatial form. The project request made it possible to shape the project following the vision and business sensibility of the company that has nurtured the entrepreneurial spirit of this city for almost 100 years. The facility was primarily designed to meet the needs of mov-

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View from above on the object - a pure geometric form of use in the design of space

Pure geometric forms and principles, such as squares, circles, symmetry, rhythm, order, and proportion are the reference systems within which the basic properties of the object are treated: function, construction, and finishing. The management disposition below the sale and the visual and user surprises during the approach and

movement through the facility were used as basic design principles. Directional, linear movement through space alternates with free movement on an open surface. Offices and service rooms communicate directly with the plateau, which is due to the previously mentioned disposition of the building on clearly uneven ground.

Business disposed below sales and connections via a circular atrium with a rooted tree in the center

THE GROWTH OF SMALL AND MEDIUM-SIZED COMPANIES ALMOST ALWAYS LEADS TO THE NEED FOR NEW BUSINESS PREMISES The glass facade of the exhibition part of the building was intended to communicate in the most direct way what is produced within this complex. To architecturally solve the problem of direct sunlight, a 2.5 m larmier was designed. The idea of a circular atrium with a staircase is a direct connection to the symbol of the sun, also the name of the company. This shape can be seen in the interior of the building and is

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THE MATERIALS USED IN THE INTERIOR ARE SIMPLE AND UNOBTRUSIVE IN TERMS OF COLOR AND TEXTURE

An olive tree planted directly in the ground in the atrium of the business floor

a surprise within the rather simply shaped square concept. This way, the use of this elemental form was not trivialized and enabled gathering functions to be concentrated around that circle. The functions of the object continue further on and present addition to the previously mentioned composition of different types of movement. The first physical contact of the visitor with the object is over the bridge that is connected to the plateau with organized parking for visitors, which directs the movement to the exhibition hall, whose base is square and within which the movement is undirected and free. The existence of the lower floor can only be seen by crossing the bridge. The facade of the sa-

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lon is made of glass with the idea of directly communicating the company’s activities. The exhibition hall is free without fixed partitions, to enable the loose organization of samples and their presentation. The administrative part of the building is located on the ground floor and is connected to the showroom via a staircase, with-

The bridge that connects the exhibition floor of the building with the parking lot and from which the business floor at -1 level can be seen for the first time

Office rooms that are in direct contact with the ground floor

DEC/JAN 2023

in the new geometric shape in the space, a circle that unambiguously symbolizes the company’s name. The circle on the ground floor becomes a gathering place around the olive tree. All offices are placed centripetal without hierarchical order. The materials used in the interior are simple and unobtrusive in terms of color and texture. The terrazzo floor of the exhibition part of the building, visible steel elements painted

Connection of the exhibition ground floor with the office -1 floor

PURE GEOMETRIC FORMS AND PRINCIPLES, SUCH AS SQUARE, CIRCLE, SYMMETRY, RHYTHM, ORDER, AND PROPORTION ARE THE REFERENCE SYSTEM WITHIN WHICH THE BASIC PROPERTIES OF THE OBJECT ARE TREATED: FUNCTION, CONSTRUCTION, AND FINISHING white to disintegrate in the space and play a role in the transparency of the ground floor, cassette suspended ceiling with tin filling in the color RAL 9006, which is also the color of the roof, a circular wall made with a thick layer of specially hand-processed plaster, especially with a serrated tool, achieve a particularly tactile feeling. The central motif - the olive tree is planted directly in the ground, by deliberately excluding a part of the base plate in that area. The lighting is a combination of classic indus-

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Linear circular lamp as a symbol of the sun

trial within the coffered ceiling, with special emphasis on the circular part of the building in the form of linear round lamps with a diameter of almost 5m in the atrium part, along with delicate point lighting of the circular corridor in the administrative part of the building. The business facility we present is a design response to external inputs and forces from the client’s needs, all the way to the terrain configuration. On those grounds, an unobtrusive office building was obtained, which is partly transparent, and partly an intimate workspace.

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DEC/JAN 2023

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