Photo: NovastonYou've decided to invest in an office space construction project, but you don't know what challenges await you along the way? Maybe you already know, and that's exactly why you would like to somehow simplify and shorten the whole process?
Whether you are an investor who is embarking on such a project for the first time or an experienced investor, all the necessary information about what awaits you during the complex undertaking of the development of an office building construction project – from making the investment decision to moving into the office space – can now be found in "Real Estate Development Guide: Case Study – Office Space," which was realized by the expert teams of the Novaston real estate platform and the Gecić Law office.
Why the guide is useful for all future investors in the real estate sector, as well as those interested in the process and activities that lead to a successfully completed project, what each stage looks like during the development of an office building construction project, and why ESG standards and obtaining green certificates are increasingly important for such projects, were the main topics of yesterday's panel discussion during the promotion of the guide at the Mona Plaza Hotel in Belgrade.
Mia Zečević, owner and CEO at Novaston platform / Photo: Novaston
"Our team, with expert knowledge of the real estate market in Serbia and the region and more than 15 years of experience in the realization and management of hundreds of thousands of square meters, participated in the creation of this guide. The guide is designed to help foreign and domestic investors, whether they are investment funds, institutional investors, or other legal entities, with the aim of providing basic guidelines and a comprehensive overview of the processes and requirements that must be met for the realization of an investment in real estate, with certainty that it will be profitable. This was an opportunity for our experts with many years of domestic and international experience to present in one place some of the services provided by our platform," said Mia Zečević, owner and CEO of the Novaston platform.
Ognjen Colić, partner at Gecić Law / Photo: Novaston
Ognjen Colić, a partner at the law firm Gecić Law, said that the Serbian real estate market has been very attractive for investors for some time, which was the reason for creating a guide like this that covers all the legal and commercial aspects of such an undertaking.
"The expert team of specialists in real estate law at the law office Gecić Law saw that there was a need to provide potential investors, as well as other interested parties in this market, with a simple way of gaining insight into the often complicated legal aspects of the demanding undertaking that is the development of office real estate. I am glad that, in cooperation with the Novaston platform, we have the opportunity to present a truly unique publication that fully meets the set goals and will be of practical use to all actors in this dynamic market," said Colić.
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Photo: Novaston
The authors of the guide, who participated in the panel discussion, pointed out that every investor must take into account a whole series of steps, such as assessing needs and opportunities, planning time and costs, and completing mandatory planning, design, definition, and implementation of a sustainability plan.
Marija Urban, director of business planning and financial operations at Novaston Asset Management, said that choosing the right partners in investment campaigns on the real estate market is of crucial importance for the profitability of any type of investment. According to her, the success of the team is reflected in its skill and knowledge in reviving projects, improving them, and maintaining them with the aim of maximizing benefits for all parties, from the investor, his partners, and suppliers, to the property users themselves.
Miloš Petaković, senior associate and representative of the professional team of the Gecić Law office who prepared the legal part of the guide, pointed out that the construction industry and the real estate market represent a significant part of our economy and are the drivers of its development.
"This market experienced great growth in the previous period, and it is important that it continues. With this guide, among other things, we wanted to encourage investors to invest in real estate by showing that, although this process is really demanding, it is still not as difficult as it may seem at first," Petaković said.
Jelena Jolović, project manager at the Novaston platform, said that today on the market, office space is expected to meet the requirements of a hybrid work model and to be energy efficient, as well as that large international companies that do business in Serbia insist on office space in buildings with green certificates.
Nikola Djogatović, executive director of commercial services at Novaston, emphasized that the real estate market in Serbia is extremely dynamic and expanding, with noticeable growth in the amount of money invested in real estate from year to year. According to him, Belgrade, compared to the average of other capitals in the region, still lacks many square meters of office space, and further expansion of the business district is necessary, which makes investing in the construction of new office buildings and the reconstruction of existing ones very attractive and profitable in the coming period.
The online version of the "Real Estate Development Guide" is available to anyone interested at www.novaston.com and www.geciclaw.com.
By: Jovana Nikolić
Photo: Novaston
