MIPIM 2022 (21 MB)

MIPIM 2022: Special digital edition for a sustainable real estate industry 

Teamplayer 

Andrea Dissauer 

Teamplayer 


Know-How & High Quality. 

Brokerage | Valuation | Property Management | Construction Management 

ehl.at 

Ausgabe 01|2022 

01

Millennium City / Tower, Vienna

Global Players. 

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550 

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MIPIM 2022 

10 Consensus Above all 

10 

Consensus Above all 

Interview with 


44 Hospitality 

must 

be revitalized 

2022 

MIPIM 

Column 

Investing in Austria 

Positions & Opinions 

8 EDITORIAL 

66 IMPRINT 

22 SECURE OPTION AUSTRIA 

Round Table with Anton Cermak, David 

Moese & Franz Pöltl 

26 INCREASING RELEVANCE OF ESG? 

34 RESIDENTIAL PROJECTS IN THE PIPELINE 

58 AUSTRIAN OFFICE MARKET 

64 LOGISTICS / INDUSTRIAL MARKET 

IN VIENNA 

10 CONSENSUS ABOVE ALL 

Interview with Andrea Dissauer 

42 IMPACT OF THE EUROPEAN GREEN DEAL 

Comment by Markus Mendel 

44 REAL CIRCLE #24 

Hospitality must be revitalized 

68 IMMOVISION 2022 

Highlights and trends 

Fotos: BTL Media, Gugumuck, Adobe Stock 

06 ImmoFokus

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„From 2023, nuclear 

and gas-fired power 

plants will be considered 

sustainable under 

certain conditions.“ 

How 

sustainable is 

nuclear energy? 

N 

uclear energy remains taboo for 

many investors. The question, 

however, is: for how much longer? 

The controversial EU taxonomy 

regulation has met with little positive response, 

even among experts and representatives of financial 

service providers. The green label is 

unlikely to lead to any major change for nuclear 

power - at least in Austria. The rejection of nuclear 

power is strongly anchored, so a departure 

from the previous line would mean a „loss of 

credibility“ for sustainable funds. 

With the EU Commission‘s „EU Taxonomy“ 

regulation, investments in nuclear power and 

natural gas in the European Union are to be 

considered climate-friendly or sustainable 

in the future, subject to certain conditions. 

The law has caused a storm of indignation in 

many European countries, and actions for annulment 

at the European Court of Justice (ECJ) 

have been announced. 

carbon emissions and a high availability of 

80 to 90 percent, nuclear energy could make 

a decisive contribution to decarbonizing the 

energy system. 

In addition to the climate factor, which the 

French government emphasizes as crucial, 

nuclear power is expected to bring more independence 

- a perfectly understandable idea given 

Europe‘s dependence on gas from Russia. 

Another thought: International, institutional 

investors will hardly want to accept that their 

buildings heated and/or lit with nuclear power 

would lose considerable value in one fell 

swoop. 

However, this should not prevent the non-nuclear 

real estate world from consistently relying 

on alternative energy sources. 

But: in the EU, 14 of the 28 states operate nuclear 

power plants. To achieve climate neutrality 

by 2050, as many as six new nuclear power 

plants should be built in France, according to 

an announcement by President Emmanuel 

Macron. 

France currently has 56 nuclear power plants 

in operation, supplying nearly 70 percent of its 

electricity. Two-thirds of France‘s total energy 

still comes from fossil fuels such as oil and gas. 

Everything can be twisted and turned 

Proponents‘ main arguments: nuclear energy 

offers similar low-carbon characteristics to renewable 

technologies. With no directly caused 

Michael Neubauer 

Editor 

Fotos: Adobe Stock 

08 ImmoFokus

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IHR NEUES BÜRO 

IM HERZEN 

VON FLORIDSDORF 

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Consensus 

Above All 

Teamplayer. In 2022, Andrea Dissauer will celebrate her 20th anniversary 

with the EHL Group. In the middle of last year, she was appointed to the 

management board of EHL Immobilien Management. Prior to that, the Styrian 

native managed the Asset Management division for five years. Jahre lang den 

Bereich Asset Management. 

The interview was conducted by: Michael Neubauer 

20 years in one company in various 

functions - that‘s not common in our fastmoving 

economy. 

Andrea Dissauer: There was never a dull 

moment at EHL. I gained my first experience 

as a commercial real estate agent. As part of 

property management, I still look after a few 

tenants who signed leases back then. I gained 

international experience in various markets 

in Eastern Europe. 

It was an exciting time with much optimism 

and good team spirit. Between 2008 and 2013, 

my three children were born. My husband and 

I shared maternity leave and child-rearing, 

home office and cohesion in EHL and in the 

family were always a given. 

In 2015, I took over as Head of Asset Management 

at EHL. Now working at the top of one 

of Austria‘s leading property management 

companies is an exciting challenge, a very 

diverse, responsible and exciting task. 

Has real estate always been your passion? 

Always. I approached it with great passion 

from the first day of my career planning. 

When I completed my first course of studies 

in real estate management at the Vienna 

University of Applied Sciences, the subject of 

real estate has captivated me and never let go. 

How did you start at EHL? 

I had a long job interview with Michael 

Ehlmaier and my luck as a broker in the 

commercial department was sealed. 

In which Eastern European countries have 

you been? 

I traveled widely - Czech Republic, Hungary, 

Poland, Slovakia and Romania. At that time, 

the Eastern expansion was in full swing. It was 

an exciting time. 

In which country did you find the most 

exciting market? 

I was always very fascinated by the Polish 

market, as Warsaw in particular was a very 

interesting, fast-moving and booming office 

market - it still is today, by the way. Poland 

has always impressed me in terms of the 

dynamics in the market, very well educated 

and loyal employees with whom you could 

work hard but also have a good laugh. I have 

always felt very comfortable with the rest of 

the team, as I can quickly adapt to different 

environments and my fellow staff members. I 

always accepted the challenges offered to me. 

10 ImmoFokus

MIPIM | 2022 

11


Is there a special deal, a exceptional customer 

that you remember fondly? 

Bwin. I was involved in the first lease in the 

old stock exchange building in Börsegasse 

and a few years into the expansion phase into 

City Point in Marxergasse in the third district. 

I was particularly proud of this deal. It is the 

goal of every broker to be able to accompany 

the customer over a more extended period of 

time as a trusted broker. 

How did the job changes within EHL come 

about? 

This was due to Michael Ehlmaier‘s management 

style. He trusts his employees, 

recognizes their potential and supports them 

on their way. Over the years, I have always had 

the support of EHL and have been able to grow 

with our customers. I have always heard: We 

believe in you. We will make it happen. Sensitive 

leadership is what distinguishes Michael 

Ehlmaier; recognizing when an employee is 

ready to take the next career step. 

So, I guess that answers the question about 

your mentor? 

I had many mentors at EHL, but Michael 

Ehlmaier is my great role model, coach and 

motivator. Personally, I think he hasn‘t changed 

and his leadership style hasn‘t changed 

in twenty years. He is still very demanding, 

in touch with the latest trends and very well 

informed. In addition, he has a great sense 

of humour, even if situations that we have to 

master are not always only pleasant. 

Since you brought up emotions: Are you a 

gut or head person? 

Gut person to start with. When my head 

matches my gut, I know I‘m on the right path 

and have made the right decision. To make 

the right decisions, gut feeling alone is not 

enough. Numbers and facts are essential, 

especially in our line of work. I see myself as a 

communicative, open person, determined and 

often impatient. 

I try to address topics openly in the team, 

love to work out the best solutions with my 

colleagues. Even though I am often perceived 

as very annoying, I know that it‘s worth 

sticking with something - I don‘t give up 

so easily professionally - but I do when I‘m 

running. If something doesn‘t work perfectly, 

it has to be readjusted. I myself come from 

a family business - where you learn from an 

early age the importance of a team, team spirit 

and enjoyment of work. 

Can you still remember your first lease 

signing? 

It was a 150-squre-meter lease in the Mariahilfer 

Strasse during the dot.com phase. Michael 

Ehlmaier and Wolfgang Scheibenpflug did the 

big deals. I was incredibly proud that I could 

close this deal on my own. 

What has been the biggest challenge so 

far? 

You forget a lot and remember the good times 

in life. Moving from my asset management 

job to administration was certainly a challenge. 

I was suddenly leading larger teams, 

trying to understand the processes and 

programs, it honestly took me some time to 

come into my own. After six months, I now 

feel very comfortable and have arrived to stay. 

That was in the middle of last year? 

August. 

In the middle of the covid pandemic ... 

Unfortunately, we all had to learn to deal 

with the issues of the pandemic. In asset 

12 ImmoFokus

management the beginning of the pandemic 

was especially stressful and a very 

demanding time. The positive thing about it, 

however, was that we all learned to deal with 

it and found a way to keep motivation high 

by it holding together. Employee leadership 

is always important, even more so in 

challenging times. I also came from a small 

structure to a very large one - but with Bruno 

Schwendinger, I have had a long-standing, 

experienced colleague at my side with whom 

I can and want to move a lot. 

Back to the pandemic - it has not been 

an easy time for property managers in 

particular. Did you have to conduct 

a lot of negotiations regarding rent 

reductions? 

The employees in property management 

were required to prepare a lot of data and 

information as a basis for decision-making 

for the owners. Managers, accountants 

and our legal department were also heavily 

involved. Negotiations were conducted by 

the owner-managed asset management 

team. There were very intensive and lengthy 

negotiations, especially in the retail and 

hotel sectors. However, it also resulted in a 

win-win situation for tenants and owners. 

Both sides have learned the value of interacting 

with each other again, especially in 

such difficult times, and are stronger going 

into the future. At the beginning of the 

pandemic, no one knew where the journey 

would lead. I can still remember exactly 

when the then Minister of Justice, Alma 

Zadic, announced that tenants would no 

longer have to pay rent. How is that going to 

work, we all asked ourselves. In the end one 

thing must be said in no uncertain terms: 

landlords have been left high and dry‚ by the 

government. 

We have mastered this challenge as well. 

Another aspect that became clearly evident - 

If there is a dispute, the lease agreement or an 

extension also stands on shaky ground. 

How did you deal with the issue of rent 

reduction? In the eyes of the public, 

property administrators per se are to blame 

for everything. Do you always understand 

all decisions made by owners? 

There are many reasons why owners make 

decisions, often in the background are financing, 

investment strategies, rental packages, 

etc. The administrator makes recommendations, 

but the decision is up to asset management. 

It is the subtle skill of the building 

administration to let the tenant feel that 

you as a manager are dealing with the issue. 

At the same time, to prepare the issues for 

the owner so that he can decide quickly and 

respond to the tenants’ needs and concerns. 

myhive am Wienerberg | myhive Ungargasse 

Eine Marke der IMMOFINANZ 

MIPIM | 2022 13


Property administration is mostly about 

balancing owner and tenant interests; there is 

very often a middle ground. A quiet building 

with a long-standing property manager is very 

important to owners as it guarantees a stable 

property and investment. 

Have the retail, restaurant and tourism 

industries in particular fallen by the 

wayside? 

The situation has not been easy for any party 

to manage, but in my opinion, the tenants 

have behaved very reasonably by continuing 

to pay the operating costs. Unfortunately, the 

Corona period has been with us for a long 

time. Sometimes one could also see which 

tenants actually wanted to cooperate with 

the owner. Cash-strapped tenants are always 

special problem cases and during the pandemic 

the problem has escalated further. 

“Cash-strapped tenants are 

always problem cases and 

during the pandemic, the 

problem has intensified.“ 

Are the leases being done differently now? 

There are even more clauses in the leases now 

as a direct consequence of the pandemic, but I 

think the fundamental tone has not changed. 

Andrea Dissauer, 

EHL Immobilien Management 

Owners are still looking for creditworthy, 

long-term tenants, no matter what asset class 

it is. It has always been important to establish 

who is coming into my building! 

14 ImmoFokus

Have any of your tenants or owners had to 

or wanted to take legal action? 

No, not regarding a COVID dispute, a consensus 

was always found. Court proceedings are 

the last resort to enforce one‘s alleged rights. 

The negotiations dragged on for some time, as 

international owners in particular had to deal 

with a different legal situation in Austria - had 

to go through longer decision-making processes 

and coordination bodies. The complex and 

multi-layered contracts were a contributing 

factor, especially in the retail and hotel sector. 

Poorly formulated contract texts that allowed 

a lot of room for interpretation were clarified 

and reorganized in the settlements. 

It was an xciting time and I think the whole 

industry handled this challenge very well. 

As a manager or asset manager, you are also 

Ihr schnellster Weg zur 

individuellen Bürolösung: 

myhive-offices.com 

myhive am Wienerberg | myhive Ungargasse 

Eine Marke der IMMOFINANZ 


15


WORDRAP MIT ANDREA DISSAUER 

With whom (living or already 

deceased) would you like 

to spend an evening? 

Coco Chanel! 

I In the next ten years, 

I would definitely like to… 

… spend a spa 

weekend with my 

closest girlfriends. 

My favorite cup of coffee is … 

… with my husband. 

What did you do to earn 

your first money? 

By doing a good job 

and with a lot of 

dedication. 

What book is on your nightstand? 

My children‘s 

reading material. 

Morning or evening 

person? 

To my husband‘s 

dismay - evening 

person! 

Do you like to 

take risks? 

Yes, if they are 

somewhat predictable. 

If you won ten million Euros 

in the lottery, what would 

you do with it? 

I would buy a small 

house in Tuscany and 

donate the rest to needy 

children. 

When you turn on the radio 

in the car, what‘s playing?? 

It varies a lot, from 

Ö1 to Ö3, audiobooks 

or just silence. 

Your favorite hobby? 

Gardening - and 

design. 

16 ImmoFokus

a mediator. Bringing tenants and owners 

together toward a consensus is a delicate and 

skillful juggling act. Transparency is particularly 

crucial here. 

„The Corona 

year has 

significantly 

increased the 

administrative 

workload for 

all property 

managers and 

landlords.“ 



Do institutional investors tick differently 

here than private investors? 

Institutional investors have to be accountable 

to their investors. This is also a common 

thread in asset management. Foundation or 

fund directors must be able to prove that they 

have handled the money entrusted to them 

with care. An all-too-casual waiver of rental 

income, for example, could trigger claims for 

damages. 

that used to take place face-to-face are now 

being handled virtually. However, there is no 

substitute for personal contact, regardless of 

whether it concerns international owners or 

our own employees in Vienna, in Carinthia or 

Salzburg. 

Do you believe in the digital purchase 

contract via blockchain? 

One should distinguish between negotiation 

and settlement in this case. When 

negotiating, it is essential to get to know 

your counterpart. There are also emotions 

involved, and you should be able to feel 

them. Personal contact is very important 

here. Once everything has been negotiated, 

digital processes are faster and make work 

much easier. In three years‘ time, we will 

undoubtedly be surprised at how quickly this 

development has established itself. 

How do you define success? Would you 

describe yourself as ambitious? 

For me, success means being satisfied and 

happy with oneself. Ambitious? I pursue 

goals consistently. I keep at it, but at the 

same time I am careful not to lose myself. 

The most important thing for me is that my 

team, my family and I are all doing well. This 

is the be-all and end-all. And this motto has 

accompanied me for many years. 

You live in the Wechsel region and commute 

to Vienna. Do you drive or take the 

train? 

I usually drive, but the train is becoming more 

of an alternative, since the increasing volume 

of traffic. Sitting in traffic jams means that 

the time spent on the train could be used 

much better. 

How many kilometers do you cover in a 

year? 

Quite a few. I drive about 50,000 kilometers 

a year. Vienna, Graz, Salzburg or Carinthia, 

the properties we manage, are spread all over 

Austria. 

I also traveled by train for years. Going home 

by car is also a way to shake off the daily grind 

a bit and come down. In the morning, we talk 

on the phone and listen to music. 

Because you mentioned employee management 

earlier, what is a no-go for you? 

I like to approach people openly. I don‘t want 

to be lied to or tricked. If I sense that, I‘m 

disappointed, but thank God that has been an 

exception in my life. 

The gut feeling we discussed earlier? 

That‘s the gut feeling. I am not a resentful person, 

but I want to be able to rely on employees 

Does this mean significantly more documentation 

effort? 

There‘s no doubt about it: The Corona year 

has significantly increased the administrative 

workload for all property managers and 

landlords. 

... and driven digitization forward? 

The pandemic has significantly driven the 

digitization process. We at EHL have already 

digitized many processes. Many meetings 


17


and to pull together. It‘s important to me to 

treat employees and our customers as equals. 

That is also a sign of appreciation. 

Do you have the feeling that all your 

customers are completely honest and open 

with you? 

Yes, I have always been and still am treated 

very appreciatively. I have the privilege of 

serving many clients for a very long time and 

they also know me very well. 

Let’s talk about pitches. EHL is one of the 

largest property management companies 

in the country. How can you win market 

share in this competitive environment? Is 

it about price or about quality? 

Definitely quality. We don‘t have to grow 

over dimensionally fast. We like to grow with 

our customers. Quality and performance 

are in the foreground. This is increasingly 

an internal standard at EHL and also by our 

customers. Basically, it is important to me to 

continue growing with our stable teams and 

challenge them. Building administration 

is a training ground. It is the basis for every 

asset manager and investor. Of course, I have 

ambitious goals. We manage 2.1 million 

square meters and have 112 employees. I 

would be pleased to see both figures to go up 

further. The important thing is maintaining a 

common goal and making sure that our employees 

enjoy what they do, for the benefit of 

our customers. There will always be a certain 

amount of fluctuation, but I am convinced 

that a common WE is a part of who we are at 

EHL, a WE that strengthens and convinces. 

The Condominium Act was recently 

amended. Can you already estimate the 

additional expense? 

The reform was necessary. The additional 

effort is limited. The owners‘ meetings will 

not become more complicated. The main 

advantage is that it has become easier to pass 

resolutions. 

If you could intervene in legislation 

concerning real estate, where would you 

apply leverage? 

To clearly define the legal framework in 

terms of sustainability and ESG. In order to 

be able to pursue the goals for sustainable 

„It is 

important to 

me to meet 

employees and 

our customers 

at eye level.“ 



development, it is important to set a clear 

legal framework because this is the only way 

to achieve the climate goals quickly and resolutely. 

The issue of sustainability affects us all 

and has become very important, particularly 

in our industry. Especially in the real estate 

sector, we are talking about high investment 

sums in order to build or renovate a property 

in a climate- and future-proof way. There is 

enormous potential in the real estate industry 

to implement sustainability. With the EU 

taxonomy, a dynamic has come into the real 

estate market and there is already a trend 

towards a common standard on how ESG 

compliance can be implemented in practice. 

I see a clear legal framework at the federal 

level as an important basis for the entire real 

estate industry to make fact-based decisions 

for the individual real estate segments. This is 

the only way to ensure that climate targets are 

efficiently implemented and achieved. 

18 ImmoFokus

IMMOBILIENBEWERTUNG. 

Warum wir? 

Weil wir´s können. 

www.reinberg-partner.com 


19



Andrea Dissauer completed the first part of the degree program 

in real estate management at the University of Applied Sciences 

Vienna from 2001-2005. 

She has been with the EHL Immobilien Group since 2002 and 

after holding various positions in sales, property and center 

management, she took over as head of the asset management 

department in 2015. 

Since August 2021, she has been the head EHL Immobilien 

Management together with Bruno Schwendinger, focusing on 

office, retail, logistics and hotel properties. 

She is a Member of the Royal Institution of Chartered Surveyors 

(MRICS), the world‘s most prestigious industry association of 

real estate professionals. 

20 ImmoFokus


21


Secure 

Option 

Austria 

Safe Haven. What makes the Austrian real estate market 

attractive to international investors? What hurdles do they 

face here? Will the war in the Ukraine trigger a shift in the 

investment market? ImmoFokus challenged Anton Cermak 

(Beacon Invest), David Moese (Nuveen) and Franz Pöltl 

(EHL Investment) with these questions. 

The discussion was conducted by: Patrick Baldia 

According to the current trend barometer 

(Real Estate Investment Market 2022), 93 

percent of the market participants consider 

the Austrian real estate market attractive 

and 52 percent regard it even as very much 

so. What makes Austria so interesting, 

especially for international investors? ? 

David Moese: We have seen in recent decades 

that the Austrian market is relatively stable and 

that you can earn quite well here. However, you 

can't expect double-digit returns, as in Southern 

Europe, for example. It's more a matter of 

adding stability to the portfolio. 

Keyword stable harbour … 

David Moese: Exactly. You can also see that 

with our investors, who are mainly insurance 

companies and pension funds. In accordance 

with their investment guidelines, they are 

looking for a certain degree of diversification 

in Austria. 

Franz Pöltl: Stability is undoubtedly the main 

driver for real estate investments in Austria. 

The Germans, who tick similarly to the 

Austrians, are the largest international investor 

group in the domestic market, are also not 

looking for volatility. An important point for 

international investors is definitely legal security. 

We Austrians certainly see this somewhat 

more critically than external observers. But if 

we take, for example, the developments and 

legislative initiatives in the housing sector 

in Berlin, then Austria is a haven of stability 

despite all its minor shortcomings. 

Anton Cermak: International investors 

certainly appreciate the legal certainty, predictability 

as well as the economic stability in 

Austria, which we Austrians perhaps perceive 

somewhat differently. One can also compare 

the Austrian market with an investment-grade 

bond. 

In some market reports, investors in Austria 

are divided into domestic, German 

and international groups? 

Franz Pöltl: Before the pandemic, some 

non-European investors were active in Austria. 

Koreans, for example, have also invested 

in the building we are sitting in right now 

(note: Millennium Tower). But since the 

outbreak of the pandemic, investors from 

outside Europe have not really been active. 

But I have to say that this only applies to the 

buyer side. On the seller's side, some people 

are currently thinking very carefully about 

whether they should part with their property. 

We will see how the market develops this 

year when the travel restrictions are lifted 

and the international public can come to 

Vienna again without any problems. Maybe 

then the market will become a bit more 

"global" again. 

David Moese: I also call myself an international 

investor because our parent company 

is from the US. But I can't think of many 

Americans who invest in Austria. The only 

one with a larger investment here is Greystar. 

We're here because our company offers 

a wide selection of products - including 

funds that invest across Europe, but also 

special funds, like "The Austria Fund No. 2," 

which is aimed at international investors. 

Anton Cermak: We were recently looking 

for a headquarters for a Canadian company 

22 ImmoFokus

"The investment 

market is certainly 

still somewhat more 

localized in Austria 

than elsewhere." 

Anton Cermak, 

Beacon Invest 

in Europe to cover Eastern Europe. The area 

around Vienna was the obvious choice. 

The reason why the big international 

investors don't come to Austria is perhaps 

that they can't assess the market well 

enough. Austrians are also reluctant to 

invest in the USA for legal and economic 

reasons. 

Franz Pöltl: Low volatility and stable developments 

do not really fit the strategy of the 

opportunistic Anglo-Saxon investors. Their 

business model is usually to exploit the 

fluctuations of the cycle. The amplitudes on 

the Austrian real estate market are simply 

too limited. 

David Moese: I can fully confirm that. 

From the perspective of the US American, 

investments in Austria are just not that 

interesting. The market is perhaps also too 

dull for them. 

What are international investors looking 

for in Austria? Is it primarily office and 

residential real estate? 

David Moese: I wouldn't rule out any asset 

class. We see that with our investors as well. 

Basically, all of them are interesting. Whereby 

the country hotel outside of Vienna is certainly 

not the main focus focus. 

Anton Cermak: I think residential and office 

properties are the focus. Some asset classes are 

perhaps somewhat less of an option. Mainly 

because the size of the properties is too small. 

For example, logistics. What we see here as a 

large logistics project is considered small or 

at most medium-sized in Germany, France or 

Italy. Overall, it is safe to say that the Austrian 

market is simply too small for large international 

investors. 

Will the fact that a German institutional 

investor acquired an apartment building 

portfolio last year remain just an exception? 

Franz Pöltl: That is likely to remain an 

outlier. It is difficult enough for Austrians to 

deal with the Austrian Tenancy Act (MRG) 

in its full scope of application. One certainly 

cannot expect international investors to 

tackle it. That is also why hardly any foreigners 

have invested in the apartment house sector 

in the past. When they did, they always 

had connections to Austria or Austrian roots. 

Another factor is the returns: If you had 

kept your investment for a long time, you 

certainly could have been able to earn good 

money. But the cash-on-cash returns that 

international investors like to see has, as you 

know, eroded a lot in the apartment building 

sector. 

Since you mentioned the MRG: What 

hurdles and challenges do you still see in 

Austria for international investors? 

David Moese: Because we just talked about 

apartment buildings, there is also the tax 

aspect in Austria. I have a tax disadvantage if I 

don't have an operation, such as pension funds 

or insurance companies. This is different in 

Germany when I can buy similar products. 

As far as the legal hurdles are concerned, the 

example of nursing care real estate comes to 

mind. International investors would have to 

deal with nine different building regulations 

and care legislation procedures here. 


23


. 

Anton Cermak: The Austrian market is 

certainly a closed society. If you don't have a 

local partner or a representative office here, 

it can be challenging to get into the market. 

The investment market is certainly still 

somewhat more localized in Austria than 

elsewhere. Another challenge is certainly 

the long administrative procedures. Legal 

security is obviously out of the question, but 

why the authorities need so much time for 

various matters is difficult to explain to an 

investor from one of the Benelux countries. 

The possible returns are disproportionate 

to the effort involved. Special issues, such 

as the MRG, are of course an additional 

challenge. 

Franz Pöltl: Another critical point is the 

transparency of the market. Foreign 

investors need a certain minimum level of 

transparency or research on the markets they 

invest in. This is undoubtedly the case in 

Vienna and some of the provincial capitals. 

There are regular market reports from 

several providers on the office market and 

now also on the residential market. I can still 

remember how we accompanied a German 

fund in its first residential investment in 

Graz. After the first possible projects had 

been examined, those responsible felt that 

Anton Cermak 

Anton Cermak is a managing 

partner at Beacon Invest and is 

responsible for the successful 

implementation of transaction 

processes. Before joining the 

Austrian investment broker, he 

held sales management positions 

in various corporations. 

it was impossible to invest in a new city 

without research-based market preparation. 

Together with a local partner, we then set 

about compiling the first Graz market report. 

Following Vienna, Graz has also become 

the focus of international, or rather 

German, investors. Will other provincial 

capitals or even smaller cities follow suit? 

David Moese: We are of course interested in 

provincial capitals. But how many products 

with larger volumes are there really on the 

market? Office buildings with less than ten 

million Euros are hardly interesting for us. At 

the end of the day, you also have to make sure 

that you exceed the purchase price in 10 to 15 

years. In the office segment, we feel comfortable 

in Vienna and Graz. In the retail segment, 

it's all of Austria. 

Franz Pöltl: The provincial capitals only come 

into question as tenants if they are in very 

good locations, have extremely long leases 

and serve the public sector. Essentially, you 

have to look at a market on a usage-type 

specific basis. Some international clients 

would like to invest in residential real estate 

in Salzburg and Innsbruck. But not even 

Viennese people can afford anything in those 

cities. If you look at the prices there, it often 

makes little economic sense. But what is 

certainly more and more in demand among 

foreign investors is the area around Vienna, 

where more and more people are moving 

towards. Cities that will certainly up and 

coming are Korneuburg, Tulln and Krems. 

Some investors are already looking at Wiener 

Neustadt. However, since these markets 

are much smaller than the metropolis of 

Vienna, the projects have to be adapted to the 

respective demand and, above all, have to be 

the right size.. 

David Moese 

David Moese is responsible for 

real estate investments in Austria 

at the US investment house 

Nuveen. In addition, the Graz 

University of Technology graduate 

is fund director and responsible 

for various Austria strategies 

at Nuveen Real Estate. 

Anton Cermak: I see it the same way. Of 

course, a product has to make sense in terms 

of the size of the respective city. A project 

with 120 apartments in Wels fits the city. In 

Hollabrunn, that would be too much. You 

mustn't forget the issue of spread. The big 

question is: Are you sufficiently compensated 

for the risk you take? 

How will the Austrian investment market 

develop in 2022? After all, the cycle has 

been going on for a relatively long time. 

At the same time, the war between Russia 

and Ukraine is threatening adversity on 

the geopolitical front. Not to mention 

24 ImmoFokus

„Take the legislative initiatives in the 

residential sector in Berlin, Austria is a haven 

of stability despite its little shortcomings.“ 

Franz Pöltl, 

EHL Investment 

Franz Pöltl 

Franz Pöltl is Managing Partner at EHL Investment Consulting 

and specializes in the large-volume investment 

business. Before that, the passionate marathon runner 

was Managing Director at Bank Austria Real Invest Immo 

and Raiffeisen Immobilien KAG. 

possible interest rate hikes and the Corona 

pandemic. 

Franz Pöltl: : If you look at the past, real 

estate cycles have usually turned because 

of an external event, like the oil crisis or the 

Lehman bankruptcy. Whether or not the war 

between Russia and Ukraine will initiate a 

trend reversal, I don't dare to say. The only 

thing that is clear is that when trend changes 

come, they usually come quickly. 

Assuming that the war does not trigger a 

trend reversal, can the level or transaction 

volume of 2019 be exceeded again this 

year? 

Franz Pöltl: That may well be the case. The 

question is, how much volume will come 

"You can't count on 

double-digit returns in 

Austria, like in Southern 

Europe, for example." 

David Moese, 

Nuveen 

onto the market? The volume of completions 

is too low at the moment, especially in the 

commercial sector. However, portfolio 

holders will take advantage of the currently 

very good environment to make one or two 

exits. There are definitely signs of this and 

concrete plans for it. For example, in the office 

sector, our company has already sold more 

existing properties in recent years than new 

developments. Recently, ESG (Environmental 

Social Governance) considerations may have 

also played a role. Not every property owner 

has the development expertise to make his 

buildings ESG-compliant. 

It is important to consider that a good part of 

the increase in transaction volumes is also 

due to the fact that real estate is being turned 

over much faster than it used to be. When I 

first started getting involved in real estate, 

the typical business model was buy-andhold. 

That's where an institutional investor 

bought a property intending to hold it in 

"perpetuity." Today, most funds have clearly 

defined holding periods of between seven and 

ten years. Then the intention is to sell again. 

And in a dynamic market phase, three years is 

often enough to achieve returns on equity and 

multiple targets. You can also see this with 

developers: Many sell their projects as soon as 

they receive the building permit. 

Anton Cermak: : The volume of 2019 could 

certainly have been achieved or even exceeded. 

But the current conflict will throw all 

forecasts out the window. One must not forget 

that Ukraine is closer to Vienna than Lake 

Constance. The local real estate market does 

not have to collapse, but many an investor 

might look elsewhere. . 

What about the pressure on yields? Will it 

remain high? 

Anton Cermak: The pressure on yields is 

great because there is a shortage of properties. 

I believe developers and sellers are 

stretching the market to the limits right now. 

There are too few properties everywhere, no 

matter which asset class you look at. That's 

not going to change. On top of that, financing 

is getting more expensive. The banks are 

tightening the capital requirements not only 

for the private sector but also for us. 

Franz Pöltl: I also believe that yields will 

remain under pressure. But we have already 

reached a very low level, remaining at under 

three percent. At the same time, interest 

rates are pushing up at the other end. So, the 

potential for a squeeze is limited. But a little 

bit can always be managed. 


25


Increasing relevance 

of ESG? 

Strong performance. Compared to the previous year, Austrian investment volume increased by 25 per cent 

to approximately 4.3 bn Euro. The experts expectations were in fact exceeded. Drivers included the residential 

and office sectors as weil as , contrary to the general contemporary trend, the retail sector. 

H 

owever, the strong performance 

of retail can be attributed to two 

large transactions, which together 

accounted for about two-thirds 

of the total retail share. Regardless of the results 

in absolute terms, we have seen continued strong 

demand for core office, residential and logistics 

properties this year. Although investors are now 

once more viewing hotel and retail properties 

less critically due to their dependence on various 

influencing factors related to the evolution of 

the pandemic, a full recovery of the two asset 

classes is not expected before 2023. 

Based on our general assumption, the investment 

market in Austria will continue to develop 

positively. For 2022, CBRE currently forecast 

a transaction volume of approximately 4.5 

bn Euro. Based on investor interest, a higher 

volume is also possible, although the supply in 

the sought-after asset classes is limited. Many 

of the products that will be completed this year 

have already been sold to end investors as forward 

transactions. 

The pressure on less modern office 

properties increases 

The ever-increasing relevance of ESG has not 

so far had such a strong impact on any asset 

dass as it has on office properties. Last year we 

noticed that investors were much more critical 

when considering investment options and 

some cases tended to refrain from acquisitions. 

Additionally, not every property could be sold 

at the originally expected price. In our view, 

the gap between core and non-core properties 

will widen even further in 2022 and the noncore 

properties will also undergo further price 

reductions. 

Yields continue to fall, but the curve 

flattens slightly 

Purchase prices have risen massively in some 

cases in 2021. In the logistics sector in particular 

we have registered strongly declining yields. 

At the end of the year the prime yield was 

around 3.8 percent, bringing Austria closer to 

the level of other Western European countries. 

Yields for hotel and high street properties as 

weil as for shopping centres remained stable 

last year. Lower yields were only registered for 

retail parks. 

The Experts von CBRE expect to see a similar 

development in 2022. Yields in the soughtafter 

asset classes: above all offices, residential, 

and logistics, will remain under pressure. Considering 

the low levels which are already being 

achieved, however, it can be assumed that the 

curves will flatten more strongly. 

Depending on the further evolution of the pandemic, 

yields for hotel and retail properties will 

either remain stable or could record a slight 

decline for the first time since the pandemic 

began. 

The trends of tomorrow 

The share of international investors feil to 

about 50 Percent in 2021. The fact that approximately 

just half of the investment volume 

is foreign money is another sign that international 

product in particular is currently scarce. 

26 ImmoFokus

Volume bandwith 

2010 2011 

Nevertheless, investors are still under strong 

investment pressure and risk diversification 

plays a major role, especially in times of crisis. 

In order to meet this demand, new asset classes 

are continually being established, which can 

turn from niche products into real investment 

hits within a very short period of time. Such 

new trends usually arrive in Austria with a 

certain time delay. Market observations from 

other European countries suggest, for example, 

that life science real estate or data centres 

could be among the next big trends. 

Transaction volume by origin of investors 

2010 2011 

Land consumption must be reduced 

High costs of land in urban areas, competition 

with other types of use, and the need to 

reduce land sealing are leading developers 

to increasingly focus on re-densification and 

conversion. According to the government 

programme 2020 - 2024, the daily increase 

in land use is to be reduced from the present 

figure of 11.5 ha to 2.5 ha per day, or 9 sq km per 

year, by 2030. In order to achieve this goal and 

to guarantee an efficient use of building land, 


27


innovation is essential in project planning. 

The federal government, together with the 

provincial administrations, envisages a number 

of measures. By surveying and mobilising 

vacancies, for example, the existing supply of 

living space can be expanded and used more 

effectively. In addition, a nationwide monitoring 

of land consumption is planned. 

In connection with these developments the 

resurgence of Grätzl (neighbourhood development) 

in larger cities should also be strengthened 

and further developed. Grätzl are characterised 

by their small-scale structure, short 

distances, and accessibility by bicyde or on foot 

to infrastructural facilities and workplaces. 

Upward trend on the hotel investment 

market 

Although the ongoing pandemic continues 

to affect the hotel investment market, there 

is a clear upward trend. In 2021 more than 

twice as much capital was invested in hotel 

properties as in 2020, and prime yields have 

registered stable development. Thanks to the 

government‘s stimulus package the distressed 

sales initially predicted continue to be averted. 

Subsidies to the hotel industry were originally 

scheduled to expire at the end of 2021. In November 

it was decided to extend and partially 

adjust the existing subsidy programme until 

mid-2022. This includes, among other things, 

an increase in the default bonus to a maximum 

of EUR 2.3 m per business in place of the original 

EUR 1.8 m upper bound. 

The upturn should continue in 2022. We are 

observing that investors are once more looking 

for appropriate hotel properties as pressures 

related to capital availability remain high. Meanwhile, 

buyers are again willing to pay prices 

similar to pre-crisis levels, something that has 

also been demonstrated by recent transactions. 

However, the result could be dampened by 

insufficient supply as some new construction 

projects have been postponed or stopped, with 

others put to a different use owing to the impact 

of the pandemic. 

Leisure hotel industry 

recovers the fastest 

As already observed in 2021 we now expect 

that a recovery will be feit most quickly in the 

leisure hotel industry. Vacation demand in the 

domestic market, often labelled „staycations“, 

has increased enormously due to the pandemic 

and associated travel restrictions. In this 

context strong domestic tourism, combined 

with a trend towards earthbound, eco-friendly 

and decelerated travel, will precipitate a rapid 

recovery of the vacation hotel market. 

New concepts enter the hotel market 

Hospitality start-ups are increasingly up-andcoming. 

These are young companies with an 

investor in the background, most of whom 

28 ImmoFokus


29


operate inner-city hotels with as few staff as 

possible, thereby keeping operating costs low. 

The operating margins of these companies are 

consequently higher, meaning that they are 

able to pay more competitive lease rates and 

sustain these higher lease rates due to their 

operating structures. 

Vienna residential market: new construction 

reaches a peak in 2022. 

While high demand and low supply will ensure 

further purchase price increases, rental growth 

is ex-pected to be more restrained. 

In 2020, there was a surprising changing of the 

guard on the Austrian investment market for 

commer-cial real estate: For the first time, residential 

properties were the most sought-after 

asset class, while office, the long-time leader, 

came in second. The same picture emerged in 

2021: According to data from EHL Immobilien, 

residential (transaction volume: 1.4 billion Euros) 

ranked ahead of office (1.09 billion Euros). 

Given the persistently low interest rate levels, 

the lack of secure alternative investments and 

attractive financing options, investors have 

stepped up their involvement in the residential 

sector. The Corona-induced challenging economic 

environment has also likely contributed 

to the shift. 

The largest and most important in Austria, 

the Vienna residential market, has recently 

seen brisk new construction activity. With 

almost 20,000 units, more apartments will 

be completed this year than ever before. This 

means that 2020, which was also a record year 

with a completion volume of around 15,500 

residential units, will be exceeded by another 

30 percent. In the coming years, Vienna‘s new 

construc-tion activity will be significantly lower 

again. On the one hand, this is indicated 

by the declining number of building permits 

and dedications in the residential category. 

In addition, market experts now see a certain 

saturation of the market. 

An oversupply of apartments is to be expected 

not only in the coming years but also currently. 

„The new projects are pre-sold to a considerable 

degree,“ explains Andreas Holler, Managing 

Director of the residential construction specialist 

BUWOG. The demand is driven on the 

one hand by the further increasing population 

(forecast for 2022: plus 12,300) and decreasing 

household sizes, and on the other hand by the 

desire for change and improvement of the 

housing situation - pandemic-related, for example, 

more living space is in demand. Adds 

Holler: „There is still a great structural need for 

modern housing.“ 

A lot of capital is looking 

for investments 

In the medium term, new residential construction 

in Vienna is expected to even out at the 

level of the 2010s. According to the BUWOG 

expert, this also corresponds to the structural 

need and ensures a healthy market with a 

balanced relationship between supply and 

demand. Interesting: since 2019, for the most 

part, only the number of new rental apartments 

has grown, but not the supply of new 

con-dominiums - except for the growing share 

of investor apartments purchased for rental. 

Since a lot of capital is still looking for attractive, 

long-term investment opportunities, this 

situation should not change anytime soon. 

Due to the significantly larger supply, Michael 

Ehlmaier, CEO of EHL Immobilien, also expects 

some-what more restrained price increases for 

new rentals. Specifically, the growth is likely to 

be between two and three percent. „Depending 

on the location, I expect a price increase of 

three to five percent compared to the previous 

year,“ claims Ehlmaier, who sees purchase prices 

rising much more signifi-cantly, nonetheless. 

Currently, the price per square meter in 

first-time occupancy starts at 5,000 Euros. 

CBRE Austria considers the fact that the gap 

between developer costs and achievable rents 

is widening as another reason for the decline 

in construction activity. 

The fact that residential yields have been falling 

for some time is less surprising. While 

three percent can now be earned in the new 

construction sector in the provinces, this limit 

has already been broken in Vienna - downward, 

mind you. Various market forecasts assume 

that prime yields will continue to decline. According 

to EHL Immobilien, the downstream 

quality segments will also continue to increase 

in price due to the prevailing supply shortage. 

„High land costs in urban areas, competition 

with other types of use and the need to reduce 

soil seal-ing are leading developers to increasingly 

focus on post-densification and conversions,“ 

according to a market outlook by CBRE 

Austria. The government program 2000 to 

2024 is also behind this, according to which the 

daily increase in land use is to be reduced from 

the current 11.5 to 2.5 hectares per day or nine 

square kilometers per year by 2030. Austriawide 

monitoring of land use is also planned. 

Accord-ing to CBRE and EHL Austria, there 

is no doubt about one thing: Sustainability is 

becoming the defining issue for the housing 

industry, both in Vienna and nationwide. 

30 ImmoFokus


31


Selected investment transactions 2021 

Property Type of use Size/sqm Seller Buyer 

Europlaza Office 28,500 DWS ARE Austrian Real Estate 

Square One Office 27,300 Strabag RE Warburg HIH 

Nordbahnstraße 50 Office 15,500 REInvest Family Office 

Ikano Office Park Office 11,600 Family Office Family Office 

Ghegastraße 3 Office 5,800 Immofinanz Family Office 

Canon Gebäude Office 5,500 LHI Octapharma 

Square One Office 27,300 Strabag RE Warburg HIH Workstation 

Workstation Wien West Office 17,900 Nuveen Global Family Office 

Allianz Tech Center Office 12,000 RPHI Swiss Life 

Ikano Office Park Office 11,600 Family Office Family Office 

Solaris Office 10,200 Amundi GalCap Europe 

Schottengasse 10 Office 7,300 Ergo Versicherung AVV Real Estate 

Nordbahnstraße 50 Office 15,500 REInvest IMFARR 

Grabenhof Office/Retail ÖBV Wiener Ärztekammer 

Zinshaus-Portfolio Residential 16,360 CPI aik 

Wohnprojekt „Laaer Wald“ Residential 16,300 vermehrt Gruppe Catella Residential 

Quartier Reininghaus Residential 12,360 Mischek / BE-WO ZBI AG 

Wohnprojekt „Rankencity“ Residential 12,300 UBM / NHD GalCap Europe 

Danube Flats Bauteil 2 Residential 10,000 Soravia & S+B Gruppe Auris Immo Solutions 

Wohncampus Reininghaus Residential 7,310 Mischek / BE-WO Hamburg Trust 

Wohnprojekt „Das Herzog“ Residential 7,300 STC Swiss Town Consult Corpus Sireo / Swiss Life 

Grünstück 22 Residential 5,391 BUWOG BVK 

Felmayerpark Schwechat Residential 5,000 Grossmann Immobilien ARE Austrian Real Estate 

Wohnprojekt „Kofferfabrik“ Residential 4,100 Sedlak Immobilien Catella Residential 

Wohnprojekt „Karl27“ Residential 3,500 Immola GalCap Europe 

Maximilian Reich Weg Residential 10,525 

Haring Group/Orca 

Development 

ZBI AG 

Dampfgasse 9-11 Residential 6,200 Avoris LLB 

Simmeringer Hauptstraße 89 Residential 4,035 Pilz & Partner Gruppe Swiss Life 

32 ImmoFokus

Selected investment transactions 2021 

Property Type of use Size/sqm Seller Buyer 

45% Anteil SCS Retail > 100,000 Unibail-Rodamco-Westfield Crédit Agricole 

AGM Portfolio Retail 32,000 REWE Metro 

FMZ Taborland Retail 10,200 Rutter Immobilien KGAL 

K2 Kittsee Retail 9,614 Privatinvestor LLB 

FMZ Kolibri Knittelfeld Retail 8,800 LLB Immo KAG Betha Zwerenz & Krause 

FMZ Klagenfurt Retail 7,014 Union Investment Family Office 

Mariahilfer Straße 3 Retail 2,800 Privatinvestor Privatinvestor 

Seniorenzentrum Hoffmannpark Retirement home 9,800 IMMAC GmbH Auris Immo Solutions 

Seniorenzentrum Tillmitsch Retirement home 84 rooms IMMAC GmbH Auris Immo Solutions 

Logistikzentrum Loosdorf Logistics | Industry 50,000 Hofer Family Office 

Logistik Center Simmering Logistics | Industry 47,000 WLS Garbe Industrial 

BENA Hubs Logistics | Industry 32,000 BENA Hubs Swiss Life 

Gewerbepark Weikersdorf Logistics | Industry 21,400 Granite REIT Westcore 

DHL Verteilerzentrum Logistics | Industry 12,250 Karimpol AEW Europe 

DHL Express Linz Logistics | Industry 9,000 Meir Logistik Center GmbH Palmira Capital Partners 

Amazon Verteilzentrum Logistics | Industry 9.000 Exeter Property Group Allianz 

Hotel Ibis Styles Wien Messe Hotel 102 rooms Betha Zwerenz & Krause Schiehser Hotels 

Austria Trend Hotel Lassalle Hotel 140 rooms Amisola /KWPS JPI Hospitality 

Renaissance Hotel Wien Hotel 309 rooms Amisola /KWPS JPI Hospitality 

MEININGER Hotel Wien Downtown Franz Hotel 131 rooms CA Immo LLB 

Mooons Hotel Hotel 170 rooms Bridge Group /Moser Architects Real IS 

DORMERO HoHo Wien (50% shares) Hotel 143 rooms Kerbler Holding AVV 

FRANZ ferdinand Mountain Resort Nassfeld Hotel 144 rooms K1 Hotelerrichtung Arena Hospitality Group 

Marietta Hotel 120 rooms Privat Valamar 

Q!Resort Health and Spa Hotel Hotel 80 rooms Privat JPI Hospitality 

Sporthotel Fontana Hotel 125 rooms Verkehrsbüro Group Auszeit Hotels & Resort AG 

Der Grüne Baum Ehrwald Hotel 45 rooms Privat 

Deutscher 

Immobilienunternehmer 

Hotel Böck Brunn Hotel 85 rooms MTK Group Jamal Al-Wazzan 


33


Residential projects 

in the pipeline 

Where or what is being built and when. Exploreal‘s developer database provides answers to this question, 

among others. This ensures that only those apartments that are actually needed come onto the market. 

VIENNA 

1–2 room apts: 53 % 

3 room apts: 33 % 

4+ room apts: 14 % 

All apartments on offer (n = 3.913) 

With loggia: 31 % 

With balcony: 52 % 

With terrace: 32 % 

With garden: 14 % 

With open space: 91 % 

(loggia/balcony/terrace/garden) 


Apartments: 99 % 

Terrace house/Duplex: 1 % 

Detached house: 0 % 

All residential units iN EXPLOREAL (n = 123.973) 

ø 60 Apartments/Project 

Arithmetic average of suitable 

projects (n = 1.959) 

ø 64,2 sqm Living area 

Median of all residential units on 

offer(n = 8.154) 

ø 8,9 sqm Open areas 

(loggia/balcony/terrace) 

Median of all residential units 

on offer(n = 8.154) 

ø 0,80 Parking spaces/apartment 

Arithmetic average of suitable projects 

(n = 1.009) 

ø Land cost share: 985 €/sqm 



Source: EXPLOREAL/Stand: 02.02.2021 

RE/MAX Forecast - Vienna 

Demand: +5,5 Prozent 

Supply: -0,2 Prozent 

Price: +5,4 Prozent 

In central locations, condominiums prices are 

expected to increase by 4.9 percent. Newly 

concluded leases regulation-free rents are 

expected to rise by +0.9 percent in 2022. On 

the outskirts, the picture is similar: prices for 

condominiums will increase by +4.2 percent in 

2022 and those of new contracts (free of rent 

regulations) by +0.5 percent. 

34 ImmoFokus

C 

urrently, the database covers new 

construction projects throughout 

Austria with five or more residential 

units. The entire project development 

process is illustrated, from the purchase 

of the property to the sale of the last apartment. 

Included is substantiated information from the 

most sought-after apartments and current prices, 

right through to the land cost share. This makes 

it easy to answer the most important questions 

from project acquisition to project development 

and marketing with just a few clicks. For example, 

current and future projects can be easily 

retrieved at the district level. 

Exploreal uses publicly available data and 

keeps it up to date on an ongoing basis. More 

than a dozen different data sources are entered 

by hand, merged, supplemented and verified 

by the company‘s own surveys. 

„A particular highlight of the database is the 

basic cost component, which is determined 

for each project,“ says Alexander Bosak, Exploreal‘s 

managing director. „The wealth of 

information on the demand situation allows 

developers to adjust their projects accordingly. 

This means that only those apartments that are 

actually needed really come onto the market. 

LOWER AUSTRIA 





















offer(n = 4.998) 







(n = 1.513) 



projects (n = 253) 


RE/MAX Forecast - Lower Austria 


Supply: +1,5 Prozent 


Prices of condominiums in central locations are 

expected to rise by 5.7 percent, rents by 1.1 percent. 

On the outskirts, prices are expected to 

grow less, by 4.9 percent. For rental apartments, 

the trend is more sideways at 0.0 percent. Condominiums 

in rural communities are picking up 

+3.6 percent, while rents are slipping 0.4 percent. 


35


BURGENLAND 











All apartments on offer (n = 810) 










offer(n =893) 




on offer(n = 810) 



(n = 307) 




Source: EXPLOREAL/Stand: 22.11.2020 

RE/MAX Forecast - Burgenland 




Prices for condominiums in very good locations 

will rise by 4.5 percent, in rural communities by 4.2 

percent. Residential rents in prime locations with 

regulation-free rents are expected to increase by 

+2.7 percent in 2022, and by +1.4 percent in rural 

areas. 

36 ImmoFokus

STYRIA 
















Comparison of holiday apartments (n = 67) 






offer(n = 3.826) 

ø 12 sqm Open areas 






(n = 727) 





RE/MAX Forecast - Styria 




The demand for condominiums in central locations 

is to rise again by 5,4 percent; a minimal increase in 

supply will drive the price upwards to around +8,7 

percent upward. On the outskirts as well as in rural 

communities, +7.0 percent price increase is expected. 

However, rents will only go up by 4.1 percent in central 

locations, by 1.8 percent on the outskirts and by 

3.5 percent in rural communities. 


37

CARINTHIA 





With loggia: o4 % 











Comparison of holiday apartments (n = 203) 




ø 77 sqm Living area 


offer(n = 754) 







(n = 247) 





RE/MAX Forecast - Carinthia 




For condominiums in prime locations, prices are expected 

to rise rapidly by +12.5 percent in 2022. But 

even in rural communities, the price scale for condominiums 

is tipping up to +8.7 percent, after only +1.5 

percent for 2021. Rental apartments in good locations 

with regulation-free rents, on the other hand, are 

behaving more moderately, and an increase from +3.1 

percent to +5.4 percent is still expected. 

38 ImmoFokus

UPPER AUSTRIA 



4+ room apts: 21 % 












All residential units in EXPLOREAL (n = 30.449) 













(n = 1.054) 




Source: EXPLOREAL/Stand: 18.01.2022 

RE/MAX Forecast - Upper Austria 




Condominiums in central locations are increasingly 

moving into the midfield. Price forecast 2022: +5.1 percent 

compared to 2021. On the outskirts: +4.3 percent, 

in the countryside +2.9 percent. The trend in new 

leases for rental apartments is moving in a positive 

direction. In central locations to +1.8 percent for 2022, 

on the outskirts +1.2 percent and in rural communities 

from -2.0 percent to +0.6 percent – in any case around 

two percentage points more than recently. 


39


SALZBURG 
















Vergleich Ferienwohnungen (n = 291) 


















RE/MAX Forecast - Salzburg 




Condominiums on the outskirts are expected to benefit 

in terms of price by +5.7 percent, in rural communities 

by +2.6 percent. Rental apartments in central 

locations (regulation-free rents and new contracts) 

are expected to increase in price by +3.3 percent, on 

the outskirts by +4.0 percent, and in rural communities 

by +2.9 percent. The differences in residential 

property development for rent are thus smaller than 

in other provinces. 

40 ImmoFokus

REMAX Forecast - Vorarlberg 

The price level is at the absolute ceiling in comparison 

to the other provinces. The rate of new construction 

is higher than in any other region. Price increases 

in the double-digit percentage range are expected. 

TYROL 
















Vergleich Ferienwohnungen (n = 185) 

ø 21 Apartments/Project 





offer(n = 1.240) 







(n = 563) 





RE/MAX Forecast - Tyirol 




Condominiums in central locations and in rural communities 

are expected to cost +7.0 percent more than 

in 2021. On the outskirts, prices are expected to go 

up by 6.6 percent. In contrast, the situation for rents 

looks completely relaxed: For new contracts with 

regulation-free rents, increases of +0.8 percent (center, 

outskirts) and +0.5 percent in rural communities 

are to be expected. 


41


About the author 

Markus Mendel is Managing Director of EHL Investment 

Consulting EHL Investment Consulting GmbH and in this 

function entirely responsible for the Investment/Capital 

Markets division.. 

Impact of the European Green Deal 

on real estate investments 

Kommentar: Markus Mendel 

The European Union‘s Green Deal and the related EU Taxonomy Regulation 

will have a lasting impact on the real estate investment market. 

Enormous efforts will have to be made to achieve the EU‘s climate targets 

by 2050, while at the same time creating sustainable growth. However, a 

taxonomy-compliant, „green“ and thus sustainable investment is usually 

also associated with higher investment costs. Subsidies on the investment 

and financing side are intended to create corresponding incentives 

for market participants to implement sustainability goals. 

Real estate is particularly affected by this development, as the long useful 

life of buildings has a substantial 

impact on CO₂ consumption 

and the careful use of limited 

resources. This starts with the 

construction of the property as 

well as the raw materials used 

for it and continues through 

the use of the buildings, which 

usually last many decades, 

during which approximately 

65 to 70 percent of the resource 

consumption takes place. This 

is why it is so important to set 

the right course during the development 

of a property, as its 

consequences will be felt over an extremely long period of time. 

The EU taxonomy bundles these trends toward sustainability, which we 

have already been increasingly following in the real estate industry for 

several years. It will ensure that in the foreseeable future, development 

will only be ESG-compliant and thus sustainable, and sustainability will 

also become a central objective in refurbishments. Demand for properties 

that meet these ESG requirements is already outstripping supply, and this 

trend will continue in the future. 

EU taxonomy already been clearly noticeable 

Similar to office leasing, where confirmation of sustainable construction 

and management through appropriate environmental certificates has 

been „state of the art“ for many years. This standard is also increasingly 

found in the institutional investment requirements, but also gradually 

for private investors - regardless of the specific type of use. Thus, there 

is a lot of pressure on developers to focus intensely on sustainability 

and energy efficiency in all facets of their planning in order to be able to 

deliver a product that is in line 

with the market and that will be 

rewarded both by its users with 

attractive rents and by investors 

with good returns. 

The influence of the EU taxonomy 

has already been clearly 

noticeable for some time in the 

decisions of portfolio managers 

of large institutional investors. 

Strategies and investment 

programs are currently being 

developed to make real estate 

portfolios ESG-compliant. In 

some cases, de-investment choices are also being made to dispose of 

inadequate portfolios or individual properties and thus to clean up the 

portfolio or, in other words, to meet the ESG specifications. 

42 ImmoFokus

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MIPIM, Cannes, 

15.–18.3.2022, 

stand R7.E2, 

Espace Riviera 

www.erstegroup.com 

Take new perspectives 

to find new possibilities 

in real estate. 

We see the big picture and manage the details that are necessary to 

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Europe. Erste Group offers financing solutions for your visions across 

the entire real estate value chain. 

Time to believe. Time to invest.


Real Circle 

#24 

Hospitality must 

be revitalized 

Hotel and leisure real estate. Forty selected decision makers discussed pressing issues in the hotel industry 

at the 24th Real Circle hosted by n IMMOunited, Erste Bank, ERSTE Immobilien KAG and ImmoFokus in the 

Winter Garden of the Erste Bank Campus. 

Authors: Patrick Baldia, Gerhard Fritz, Lisa Grüner, Amelie Miller, Rudolf Oezelt und Heimo Rollett. 

D 

omestic tourism has once again 

suffered massive losses in the 

second Corona year 2021. This is 

emphasized by the preliminary 

data from Statistics Austria. According to the 

statistics, overnight stays fell again by almost 19 

percent to 79.57 million compared to 2020. That 

was 48 percent less than in the year before the 

pandemic (2019). This means that the tourism 

industry has regressed by around 50 years: in 

1970, 79.52 million guests had booked into guesthouses, 

hotels and vacation apartments. 

ESG in the hotel and tourism industry. 

The hotel and tourism market works a little 

differently from other asset classes in terms 

of sustainability. Only regulations such as 

CO2 taxation and the taxonomy or a change 

in demand could bring a relevant turnaround, 

according to the opinion of the experts. However, 

this would not solve overtourism and the 

fundamental essence of the tourism trade. 

Even though everyone is currently talking 

about ESG, „to be honest, sustainability has not 

really been an issue in hotel transactions in the 

last two years,“ admits Melanie Waraschitz of 

44 ImmoFokus

Christie and Co Austria. Obviously, the technical 

due diligence checks these issues, but CO2 

neutrality or similar is not a major investment 

criterion, Waraschitz says. Only time will 

tell how much the mandatory taxonomy will 

change. The fact is that there is an enormous 

amount of money in the market. Furthermore, 

the large-scale bankruptcies initially expected 

by everyone have not occurred, partially owing 

to the aid provided by the government. 

What operators are pushing for, on the other 

hand, is digitization. It can contribute not only 

to economic sustainability but also to social 

sustainability, says Christian Pillwein, Beckhoff 

Automation. At the moment, for example, 

a receptionist is busy with many different 

systems: the parking ticket here, the room card 

there, and so on. If you digitize this in a sensible 

way, then you have more time for hospitality, 

for personal contact with guests - and that‘s 

what hospitality is all about. 

But what really makes a tourism property 

sustainable? „Any plus-energy hotel on the 

edge of a village is less sustainable than a refurbished 

apartment building in the city,“ plainly 

states Markus Steinböck, Head of Purchasing 

at 3SI. Vacation hotels are primarily located 

in the countryside, often in isolated locations 

and are usually not well connected in terms of 

transport and infrastructure. They have to satisfy 

the wishes of a wide variety of guests (for 

some it‘s too warm, for others too cold), and 

they operate energy-intensive amenities such 

as pools, saunas and spas. What‘s sustainable 

about that? Therefore,Harald Galla, a partner 

at the auditing and tax consulting firm Leitner- 

Leitner, believes that energy and its efficient 

use are probably the easiest commodity to 

calculate. 

Tourism is not sustainable 

„The very idea of tourism is not sustainable!“ 

Boom! What Markus Steinböck says hits the 

nail on the head, explaining the essence of the 

problem and why ESG in tourism real estate 

is slow to catch on compared to other asset 

classes. There can be no exchange, no knowledge 

transfer, no cultural expansion without 

travel. And finally, it‘s about socializing itself: 

the fun, the recreation, the experience. What 

good does it do us if we consume less energy 

but are depressed? „Can we oblige tourism to 

be instructional?” wonders 3SI‘s Steinböck, 

“If processes are sensibly digitized, 

then there is more time for hospitality, 

for the personal touch.“ 

Christian Pillwein, 

Beckhoff Automation 


45


comparing tourism to the steel industry. The 

latter doesn‘t have a slim sustainability footprint 

either, he says, but we all agree it‘s necessary. 

“Any plus-energy hotel 

on the edge of a village 

is less sustainable than 

a refurbished apartment 

building in the city.“ 

Markus Steinböck, 

3SI Immogroup 

“If people live sustainably 

in general, they will also 

consider how and where 

they go on vacation.“ 

Harald Galla, 

LeitnerLeitner 

Image change as a game changer 

And then there is something else that needs 

to be considered. Vacations are also always a 

prestige issue. Some people like to brag about 

heliskiing, extraordinary destinations and 

staying in luxury accommodations. „Tourism 

caters to these instincts,“ says Steinböck. Possibly, 

however, there might be a significant 

shift right here. People can no longer afford 

every possible image. „Just as companies have 

to live and prove their values, there could also 

46 ImmoFokus

“Sustainability hasn‘t really 

been an issue in hotel 

transactions in the last two 

years.“ 

Melanie Waraschitz, 

Christie und Co 

be a focus on sustainability among private individuals, 

and if guests demand sustainability or 

even ESG, owners and operators will respond. 

Harald Galla adds, „I think awareness will 

become more prevalent. If people live sustainably 

in general, they will also consider how and 

where they go on vacation. The price will still 

remain a key decision criterion nevertheless.“ 

wants his hotel to be fully occupied,“ Galla says 

realistically. But for investors, soft tourism is 

not an option anyway; they may have shifted 

from city hotels to resort hotels, but hidden regions 

are off their radar, Waraschitz confirms. 

What is going to happen when the Corona recovery 

kicks in? Will Hallstatt and Florence be 

packed with people again? „I think tourism will 

come back the way we had it before Corona,“ 

Christian Pillwein says, „but you can steer it 

through quality, through new ideas, and make 

it sustainable that way. I‘m not sure whether 

everyone must fly up to the Mehlsack in a helicopter. 

But if you allow it, people will do it - and 

some of them will be taken to the hospital right 

away by the next helicopter.“ 

All that glitters is not gold 

2019 was a boom year for tourism in Vienna. 

Accordingly, many hotel projects were in 

planning or already under construction. The 

question is whether Vienna is missing out on 

the market? 

„There will be a big shifting-out because of 

the pandemic. Hotels whose presence we 

have questioned in recent years will likely 

disappear,“ project developer Anton Bondi 

de Antoni (Bondi Consulting) sums it up. „In 

Vienna, we can see that hotels in all categories 

are being developed and built, so I don‘t think 

we have an overcapacity, but we will see strong 

consolidation in the market,“ interjects Wolfgang 

Fessl of Reinberg und Partner. Hotel consultant 

Frans-Jan Soede (HAM independent 

hospitality & tourism advisor) is of the same 

opinion: „I also expect a market shakeout; hotels 

without unique selling features will have 

an even harder time in the future. However, 

where I see the biggest challenge is in the congress 

business. Vienna is a convention city; 

the international events won‘t come back for 

another four or five years when the airlines 

have resumed their full-scale intercontinental 

flights.“ 

Huge oversupply 

„In the record year of 2019, the average rate 

in the Vienna hotel industry was around €109 

net. During Corona, the rate has dropped to 

When we think about tomorrow, a different 

generation with different values will decide, 

points out Christian Pillwein. The challenge 

is that vacations must be considered as a complete 

package, says Pillwein: „It‘s about getting 

there, the leisure activities, the environment, 

the people, etc. For me, the super-efficient 

property alone is of no use if the rest is not right 

- for example, if the ski hill is 500 meters above 

sea level.“ 

Opportunity for new destinations? 

If sustainability, deceleration and recollection 

become essential vacation decision criteria, 

this would also offer an opportunity for previously 

remote or underdeveloped regions. 

Markus Steinböck cites Admont and Johnsbach 

as well as Defereggen valley as examples. 

„Of course, this is a double-edged sword,“ as 

Melanie Waraschitz puts the idea into perspective. 

„Yes, for many regions it‘s an opportunity, 

but as soon as it becomes a successful model 

and interesting for tourists, many people start 

going there.“ And the spiral begins to turn - 

more and more, bigger and bigger, more and 

more awesome. „A rational investor naturally 

“With every new hotel project, you 

have to think carefully about what the 

guest needs very specifically at this 

location.“ 

Anton Bondi de Antoni, 

Bondi Immobilien Consulting 

“We expect online meetings to reduce 

business travel by up to 10 percent in 

the future.“ 

Rochel Sarikov, 

CBRE 


47


“The success of a hotel 

happens before the guest 

arrives; I have to get the 

guest to book with me in 

the first place.“ 

Wolfgang Fessl, 

Reinberg & Partner 

“If the airport loses its 

importance, then it’s goodbye 

for Vienna as a tourism 

location.“ 

Martin Lenikus, 

LENIKUS 

“I expect a market shakeout. 

Hotels without unique selling 

features will have an even 

harder time in the future.“ 

Frans-Jan Soede, 

HAM independent 

hospitality & tourism advisor 

around €90,“ Rochel Sarikov (CBRE) provides 

the current figures. For Fessl, „... price stability 

primarily comes from the hotelier. We see 

right now that there is an enormous oversupply 

on the market, but the rooms still do not 

cost half.“ Hotelier Martin Lenikus also sees 

it similarly from his experience: „For us, 2019 

was an absolute boom year with €200 net in 

our two boutique hotels in the first district. But 

in the fall of 2021, we could also achieve similar 

average rates again, with only a marginally 

lower occupancy.“ 

Luxury is always in demand 

„You have to think carefully about every new 

hotel project and what specifically does the 

guest need at this location. In our case, located 

on the outskirts of the city, I have to offer the 

guest infrastructure, a fitness center and a 

gastronomic variety,“ says Bondi. Sarikov sees 

this quite pragmatically: „Across all categories, 

you can say that a few undeniable aspects are 

definitely needed: smooth check-in, whether 

it‘s with a machine or with a person and trouble-free 

WIFI, since the guest doesn‘t want to 

struggle there. Furthermore, being a hotel, 

good sleep is quite important, on a comfortable 

mattress or a box spring bed, as well as a modern 

walk-in shower.“ 

Martin Lenikus is pleased to report: „In the 

spring of 2022, we will open The Leo Grand, 

an absolute high-end hotel, at Bauernmarkt, a 

stone‘s throw away from the St. Stephen‘s Cathedral. 

The Rosewood Hotel will open in the 

former Erste Bank on Graben in early summer. 

We see this as the future market leader in the 

luxury segment. Followed by Park Hyatt Hotel 

and the Hotel Sacher, and then we want to rank 

ourselves in with the Leo Grand.“ 

„It is a fact that the luxury class will continue 

to exist in the hotel industry,“ Bondi agrees. „If 

I wake up in the top suite of Martin Lenikus‘ 

new hotel and see St. Stephen‘s Cathedral right 

outside the window, I don‘t have to be a great 

believer to impress any partner with that.“ 

Business travel slumps 

The tourist segment will bounce back very 

quickly, but what about business travel? Experts 

disagree on this question. „Business 

travel will continue to happen,“ Bondi said. „I 

already see that with my international business 

partners. They tell me, ‚Please give me a reason 

48 ImmoFokus

so I can finally travel to Vienna again.‘“ Sarikov 

counters, „We expect business travel to reduce 

by up to 10 percent in the future, because meetings 

that don’t absolutely need to be in person 

can still take place online.“ 

Lenikus is even less optimistic: „I see the sector 

slumping by more like 20 to 25 percent, just 

like the home office will remain with us for 

one-third of the time.“ 

„I believe that the success of a hotel happens 

long before the guest arrives, Fessl maintains. 

„I have to get the guest to book with me in the 

first place. That means I have to design my internet 

presence so that it‘s authentic on the one 

hand, but also transparent on the other hand.“ 

Airlines face consolidation turnaround 

About 70 percent of guests arriving in Vienna 

come by plane. „I believe that there will be a 

much greater degree of consolidation among 

the airlines than among the hotels, because 

the airlines are very busy with their local problems,“ 

Fessl said. 

Lenikus believes it is necessary to hold politicians 

accountable. „Now it is up to the politicians 

to maintain Vienna Schwechat Airport 

as a hub and to make sure that the conditions 

and the fees for the airlines are acceptable. Because 

if the airport loses its importance, then 

it’s goodbye for Vienna as a tourism location.“ 

For Soede, Europe and the USA in particular 

will come back stronger from the crisis: „Other 

continents will take longer, if only because of 

the geopolitical situation.“ 

More flexibility required 

In times of globalization and digitalization, the 

values, expectations and desires of generations 

are changing, and with them their travel behavior. 

Millennials and Gen Z in particular are 

traveling much more often, further afield and 

more flexibly than their predecessors. Have 

classic hotels thus become obsolete? Will hotels 

even have to reinvent themselves after the 

pandemic? No, says Patrick Adamle, mrp Hotels, 

because the demand regulates the supply 

here: „The classic concepts will continue to exist 

because the demand will be there, although 

more flexibility is required. Conversely, ten 

years ago, the brand diversity that exists today 

with large chains was unthinkable.“ In the future, 

new brands will continue to be developed 

for specific target groups and niches - and in 

„Due to the changing 

requirements and higher 

demands of customers, 

a hotelier is constantly 

challenged to invest and 

adapt to them.“ 

Karina Schunker, 

EHL Wohnen 


49


every segment,” Adamle is convinced. The 

pandemic was a driver for many developments, 

including the home office. This is a fact that the 

hotel industry must also consider. In practice, 

according to Adamle, this is taking shape in 

such a way that „there may no longer be the 

classic lobby in a hotel, but individual zones 

where you can work in peace and still feel part 

of a community.“ Staycation is a trend that has 

also changed the requirements for residential 

“Sustainability will become a 

booking criterion, and guests 

will not want to pay for it in 

the future, comparable to 

free WLAN access.“ 

Patrick Adamle, 

mrp hotels 

„Authenticity, uniqueness 

and security are the 

central topics for the hotel 

industry.“ 

Harald Hafner, 

HAM independent hospitality & 

tourism advisors 

„You can see from the trend toward 

the sharing economy that ownership 

has become less important to younger 

generations and preferences are 

moving more toward experiential 

consumption.“ 

Wolfgang Mader, 

BDO 

50 ImmoFokus

eal estate, reports Karina Schunker, EHL 

Wohnen, from the field: „The hotel character is 

now definitely blending into housing. Today‘s 

real estate must be flexible in order to respond 

to different requirements. There are already 

some mixed-use properties with common areas 

and different uses.“ 

“For the younger generation, their own 

work-life balance is more important 

than what a luxury hotel offers in terms 

of comfort and also costs.“ 

Patricia Kuhn, 

Erste Bank 

ture booking sustainable accommodation for 

business trips will be part of the company policy. 

Patricia Kuhn, Erste Bank, points out that 

Generation Y will also grow older and that their 

demands may then change: „Young people also 

book Airbnb accommodation for reasons of 

cost, but if they can and want to afford a hotel, 

it will definitely have to be sustainable, especially 

as the issue of climate change is crucial, 

especially among the younger generations.“ 

Harald Hafner, HAM independent hospitality 

& tourism advisors is convinced that anyone 

talking about the future of the hotel industry 

cannot ignore digitalization. „The second 

significant issue here is the extreme shortage 

of employees in the hotel industry. One way 

to remedy this is by making the hotel industry 

more attractive for employees. Another 

Looking into the crystal ball 

Concept cycles are unlikely to get any shorter, 

the panel agrees. But what will increasingly 

matter is how sustainable a hotel is. At some 

point, that will have the same relevance as a 

functioning WLAN on site, Adamle is sure of 

that. „Sustainability will become a booking 

criterion and the guest will not want to pay for 

it in the future, comparable to the development 

with the free WLAN.“ This topic will also affect 

the business traveler, because in the near fuway 

could be by relying on man and machine 

working together, the so-called coboting, because 

certain routine tasks can definitely be 

automated.“ Schunker agrees with Hafner, but 

interjects that at the end of the day, the focus 

should be on providing a better experience for 

the customer. „The benefits from digitization 

must also be tangible for the customer and 

not just for the hotelier.“ A hotel‘s hospitality 

concept will also play an even more important 

role in the near future. The pandemic has 

shown that a good gastronomy concept can 

survive even without tourism. The resort hotel 

industry can manage this balancing act primarily 

through more regionality. The different 

consumer behavior of the generations should 

not be neglected either, according to Wolfgang 

Mader, BDO: „You can see from the trend towards 

the sharing economy that possessions 

have become less important for the younger 

generations, and preferences are developing 

more in the direction of experience consumption. 

Therefore, young people will likely be 

more willing to invest money in travel and thus 

experiences, since many people no longer buy 

a car or save for other things.“ 

Misplaced farewells 

The Corona crisis hit the Austrian hospitality 

market with full force. Thanks to the comprehensive 

government aid packages it is basically 

in a pretty good position, according to the 


51


“The aid packages have 

in many cases prevented 

businesses from closing.“ 

Gernot Ressler, 

EY Österreich 

„Distressed assets in 

larger numbers only 

exist in Southern 

Europe.“ 

Daniel Jelitzka, 

JP Immobilien 

„Value adjustments, if any, 

could only be discerned 

temporarily.“ 

Michael Buchmeier, 

ÖRAG 

overall opinion of the expert panel. Provided 

the Omicron wave comes to an end, they are 

also optimistic about a recovery in the sector. 

This would probably not occur before 2023, 

2024 for city hotels - unlike in the holiday hotel 

industry. The leisure hotel sector has already 

boomed over the past two summers and, due to 

this resilience, has also become an investment 

target for institutional investors. 

No wave of bankruptcies 

„The core problem is that many hoteliers believed 

that the Corona crisis would not last long 

and kept open - financed with equity capital - 

when occupancy figures did not cover costs,“ 

explains Daniel Jelitzka (JP Immobilien). This 

had temporarily led to a liquidity crisis. Nevertheless, 

a major wave of bankruptcies is not to 

be expected in Austria, he said. „In many cases, 

the aid packages have prevented companies 

from closing, and quite a few were in serious 

trouble beforehand,“ adds Gernot Ressler (EY 

Austria). 

The generous support measures for the industry 

are having an effect: any impact on valuations 

- experts spoke of a drop of between 10 

and 20 percent at the height of the crisis - was 

only temporarily discernible, if at all. „The only 

thing that brought about a bit of a value adjustment 

were the supplementary agreements 

with the tenants or the rental delays granted,“ 

says Michael Buchmeier (ÖRAG). As Herwig 

Peham (EHL Investment Consulting) notes, in 

reality there had been practically no investments 

in the last two years anyway that could 

have shown declines in valuation. 

New players pushing into the market 

„The bargains that many on the investor side, 

but also the operator side, expected, have de 

facto not occurred - not in the vacation hotel 

industry anyway, and not in the city hotel industry 

either,“ Peham continues. In any case, 

Karl Derfler (Adeqat Investment Services) is 

optimistic that despite the difficult situation in 

the industry, there is currently a lot of dynamic 

52 ImmoFokus

in the market. „Many new players, especially 

on the operator side, are still pushing their way 

into the market,“ says the investment expert. 

Distressed assets in more significant numbers 

exist only in Southern Europe, according to 

Jelitzka. „For the JPI Hospitality Investors Club, 

we have reviewed more than 700 potential 

projects across Europe since last fall. Of these, 

400 were in southern Europe and 250 in Italy 

alone,“ he reports. He says this is due to the 

lack of good concepts on the one hand. And on 

the other hand, revenues had been flowing into 

their own pockets for years, which naturally 

had an impact on the quality of the balance 

sheets. In view of the new ECB financing conditions 

for banks, this situation is now hitting 

them very hard. 

ESG: plenty of room up there 

It is also clear to the experts that there is still 

plenty of room for improvement in terms of 

ESG in the domestic hotel industry - especially 

when it comes to the „S“ and „G“. In any case, 

there is no question that there is a need for 

action. On the one hand, one would not get 

reasonable bank financing for non-ESG-compliant 

projects. On the other hand, at the end 

of the day, no investor would be found who 

would buy a non-taxonomy-compliant hotel at 

a good price. 

The trend toward rural vacations at home has 

sparked investor interest, he said. „However, 

classic vacation properties are characterized 

by small-scale financing options, so buy-to-let 

is too small for many institutional investors,“ 

explains Stephan Pasquali (3SI Immogroup), 

dampening the euphoria somewhat. 

„Large investors need investor-ready operators,“ 

agrees Franz Pasler (PK & Partner 

Hotel Specialists). Often, existing operating 

structures are too small and new permits for 

expansions are difficult to obtain. Many investors 

are spoiled by city properties. But the 

“The bargains that many 

had expected did not de 

facto occur.“ 

Herwig Peham, 

EHL Investment Consulting 


53


rise of the internet: „Those offers are simply 

clicked away.“ 

“Many new players, 

especially on the operator 

side, are still pushing into 

the market.“ 

Karl Derfler, 

Adeqat Investment Services 

resort hotel industry is much more complex, 

if only because of being dependent on the seasons 

and the diverse offerings guests expect. 

For Pasquali, direct booking is the megatrend 

of the hotel industry. „Small establishments, 

however, lose a large part of their profit due to 

the commissions of the market platforms,“ he 

cautions. 

Individualization 

through digitalization 

„Individual concepts are the opportunity for 

small private hotel owners,“ Marcel Weber (Arnold 

Immobilien) is convinced. „They in particular 

can develop and implement individual 

concepts much more easily.“ Demand for resort 

hotels - from both institutional and private 

investors - increased during the pandemic, he 

said. „The asking prices are exorbitantly high. 

The resort hotel industry is characterized by 

family-owned businesses. Institutional investors 

have a hard time getting in here. Also, 

because investors‘ return requirements are 

difficult to achieve.“ 

„Individuality is becoming increasingly important 

in the city and vacation hotel industry,“ 

agrees Daan Bakkens (Colliers International). 

For Franz Pasler (PK & Partner Hotel Specialists), 

the vacation hotel industry urgently 

needs a unique selling proposition (USP). The 

days when aging establishments could only 

define themselves by price are overdue to the 

Sustainability in tourism 

„The importance of sustainability and regionality 

is increasing among the younger generation,“ 

says Alexander Zemina (JP Immobilien), 

who sees a great opportunity for smaller 

businesses. But institutional providers are also 

demanding sustainability certificates even 

before they buy, both from the property and 

the operator. „Austria could be a pioneer in the 

topic of sustainability in tourism and thus help 

shape the image of Austrian tourism internationally,“ 

says Bakkens. 

Leisure and Pleasure 

„The pandemic has shown that you don‘t always 

have to work in the office,” says Zemina. 

So why not set up the home office in another 

city for two or three months at a time? Bakkens: 

„Leisure and Pleasure - work during the week 

and explore a new city on the weekend.“ There 

has also been a shift in thinking among investors, 

he says. „Fixed leases have never existed 

in the resort hotel industry. Risk sharing is in 

- increasingly now also in the city hotel industry,“ 

Pasler explains. Year-round destinations 

are in particular demand, and not just among 

institutional investors. „Anyone investing in 

a hotel in Bad Ischl or Gmunden must first develop 

the destination.“ 

„But with many institutional investors, the 

know-how is also not yet there to enter into a 

revenue lease,“ Bakkens interjects. „Investors 

don‘t want to deal with hotel operations. They 

don‘t want to give up fixed leases.“ Both agree, 

however, that hybrid leases will become more 

of a focus. 

Finally, the panel revisits the issue of buy-tolet. 

Zemina believes this form of financing will 

become more attractive for investors because 

second residences are no longer allowed. Franz 

Pasler agrees and sees buy-to-let in the resort 

hotel industry as a real opportunity for old 

hotels needing renovation. However, he also 

notes that unfortunately politics is not playing 

along here: „There are hardly any more permits 

to be obtained.“ 

Digitization in the hotel industry 

“Direct booking is the 

megatrend of the hotel 

industry.“ 

Stephan Pasquali, 

3Si Immogroup 

„Buy-to-let is too 

small for institutional 

investors.“ 

Daan Bakkens, 

Colliers International 

„Individuality is 

becoming increasingly 

important in both the city 

hotel industry and the 

resort hotel industry.“ 

Alexander Zemina, 

JP Immobilien 

54 ImmoFokus

„Institutional providers are demanding 

sustainability certificates from 

both the property and the business 

before they buy.“ 

Franz Pasler, 

PK & Parter Hotel Specialists 

“Vacation hotel industry desperately 

needs a Unique Selling Proposition 

(USP) - investors are spoiled by city 

real estate.“ 

Marcel Weber, 

Arnold Immobilien 


55


Doesn‘t hospitality fall by the wayside with all 

this digitization? „We see digitization in the 

hotel industry as a service offering,“ says Ari 

Benz (Squarebytes). „Many users like to see the 

room in advance and then book it. We have developed 

an additional service tool: if customers 

look at the opera, they get the option to buy 

tickets online as a suggestion. In the upscale 

hotel industry, personal service is in demand 

despite all the digitalization.“ Stevan Tomic 

(Payuca) doesn‘t like the slogan „digital instead 

of personal.“ „Digitalization should relieve and 

bring some efficiency, but not reduce staff. A 

purely digital contact with the guest is acceptable 

for business trips, but for private ones the 

personal touch and the closeness to the region 

counts, even though the initial contact is digital.“ 

„Facility management is a service that should 

not be seen in the hotel, but technology should 

work. Digitization can shorten response times 

and processes and raise the quality of employees 

because they have to deal with digital 

media,“ says Werner Moldaschl (Wisag). For 

Andreas Millonig (IMMOunited), booking. 

com represents a change in the industry. 

„Everything around booking is becoming more 

and more digitalized, but on site I don‘t want to 

talk to machines,“ said Millonig. „However, it 

would definitely be practical to have an easyto-use 

app there with which I can book a table 

in the hotel restaurant or pre-order an aperitif. 

That‘s in line with today‘s user behavior.“ 

tests a month on their platform to see which 

features have the highest conversion rate,“ 

adds Millonig. „This is even customized on a 

country-by-country basis.“ 

For Tomic, it‘s clear that the small hotels and 

apartment providers won‘t be left behind, 

precisely because they present themselves on 

a booking platform. The only important thing 

is contracts that prevent the same room from 

being offered cheaper on a large platform than 

directly from the hotel. „Equality of opportunity 

and price is important, then the platform 

makes an important contribution to marketing 

the hotel,“ according to Millonig. An exciting 

thesis is emerging: „Maybe Booking.com will 

also operate its own hotels one day, you can‘t 

rule it out,“ says Millonig. „Mjam already operates 

its own restaurants, where it just cooks 

„We would welcome more digitization 

being built into hotels; unfortunately, 

builders and operators have different 

interests there.“ 

Werner Moldaschl, 

Wisag 

and delivers.“ The panel sees this as a problem 

that would further increase the market power 

of the platforms because they can push search 

results in a targeted manner. 

Digitization overdose? 

„People have to learn to deal with digitalization 

and also to be unavailable,“ Benz said. „It 

wouldn‘t hurt us to use the cell phone 50 percent 

less, but we can‘t do it because we always 

want the news we get right away.“ Cell phonefree 

hotels could well be an asset, Millonig 

interjects. 

Moldaschl returns to digitization in technology. 

„We would welcome it if more digitization 

were installed in hotels, but unfortunately the 

installers and operators have different interests. 

The question is how quickly digitization 

Are the booking platforms taking over? 

„With every booking and reservation, you 

get a digital confirmation. That‘s what many 

people want,“ says Tomic. „It‘s important to 

use digitization to reduce the burden on the 

administration.“ Benz adds that it is very much 

necessary to differentiate by category. „At the 

lower end, I don‘t expect service, I just book a 

room.“ For Moldaschl, it is important that the 

menu on the booking platforms is easy to use. 

Runde finds it ideal to save on printed bookings 

and instead have everything in the e-mail. 

„After all, the booking platforms work so well 

because they bring instant solutions,“ remarks 

Millonig. „It‘s the shut-up-and-take-mymoney 

phenomenon; now I want, now I get.“ 

The platforms‘ market power is no accident. 

„booking.com does 1,000 user experience A/B 

“It‘s exciting to 

use digitization to 

make guests feel 

comfortable and enhance 

experiences.“ 

Andreas Millonig, 

IMMOunited 

„A purely digital 

contact with the guest 

is acceptable for a 

business trip, but not 

for private travel.“ 

Stevan Tomic, 

Payuca 

56 ImmoFokus

in building technology will expand to the point 

where measurement and control elements 

become much more affordable and standard, 

not special requests,“ Moldaschl says. „It will 

be interesting if the usage behavior of people 

is optimized, for example, by analyzing movement 

flows.“ Millonig thinks it‘s especially 

important to include the guest’s emotional 

experience. „That‘s where it gets exciting to 

use digitization to create a sense of well-being 

and optimize experiences, which, after all, ultimately 

lead to a top rating.“ 

„We see digitalization 

in the hotel industry as 

a service offering and 

provide an additional 

service tool according 

to the preferences of 

the booker.“ 

Ari Benz, 

Squarebytes 


57


Office space remains 

resilient in times 

of crisis 

Comfortable position. While the home office is likely to remain part of our everyday working lives, the 

expected trend toward space reduction is not yet visible. At the same time, more space in the office can 

help improve the workplace situation and furthermore provide better protection from possible infection, as 

distancing can be more easily maintained. 

Author: Andreas Altstädter 

58 ImmoFokus

T 

hus, on the one hand, there are 

ongoing political demands for home 

office options, and legal foundations 

have also been created for this. On 

the other hand, for many companies it is currently 

not yet clear enough how the "post-Covid-19" 

working world will be shaped. 

In the first pandemic year of 2020, there have 

already been isolated calls for a farewell to 

traditional office properties. But this proved to 

be wrong. Today, we can likely say with a high 

degree of probability that the office real estate 

market will remain a significant factor for the 

commercial real estate market even after the 

end of the pandemic. 

After all, the classic office location will play an 

essential role in the planning of companies, 

even if it is currently still being postponed, to 

see which options and solutions could be implemented 

in the best possible way for companies 

and their employees. 

Vienna office market 

The office market in Vienna remains strained 

due to the current relatively low production 

of new space. The new space production in 

Vienna hit a historical low of around 45,000 

square meters in 2019 and then more than 

doubled to about 110,000 square meters in 

2020. This value has now dropped significantly 

again, with just over 70,000 square meters of 

newly completed space in 2021. It was only 

slightly above the value from 2016 of around 

60,000 square meters. 

The two most significant newly completed projects 

in 2021 were the "Austro Tower" in the 3rd 

district with around 28,000 square meters and 

the "Tower Canettistraße" with approximately 

17,000 square meters in the 10th district. 

After successful general renovations, the "Haus 

am Schottentor" with around 14,000 square 

meters, the "Tribüne Viertel Zwei" with 5,000 

square meters and the "Doppio Duo" in the 9th 

district with around 6,000 square meters were 

successfully placed on the market again. 

On account of the statistics above, the letting 

performance in 2021 was around 155,000 

square meters. This means that for the first 

time since 2017, less than 200,000 square 

meters of office space was newly leased in Vienna. 

The vacancy rate in Vienna continues to 

decline slightly and is at around 4.4 percent. 

With a vacancy rate of less than 2.0 percent, 

the inner districts of Vienna (Central Business 

District) are de facto fully leased. In the north 

of the Austrian capital, the rate remained constant 

at over 10 percent in some cases. 

Vienna: Rents remain 

at a “sound level” 

As expected, there was little change in rent 

prices. At around 26 Euro per square meters, 

prime rents were at the same level as in previous 

years, showing that the Vienna office 

market is robust and resistant in times of crisis. 


59


Graz office market 

Like almost all office markets outside Vienna, 

the one in Graz is characterized by a low supply 

of high-quality office space, which - if available 

- is often significantly restricted in terms of 

size. Therefore, it is understandable that new 

real estate developments have also actively 

focused on office uses. The real estate developers 

in Graz have been following this path very 

consistently for a few years now. In the past 

year, noteworthy projects were completed with 

the "Quartier Hoch Zwei" with around 18,500 

square meters of office space on the former 

Reininghaus sites and the current construction 

phase at the "Technopark Raaba 2.” 

Further completions are planned for the coming 

year, including the "Smart Tower" in the 

"Smart City Graz" with an area of around 6,000 

square meters. The shell of the building was 

already constructed in 2021, and the public 

transport connection has also already been 

completed. 

These and other completions will mean that 

there will not only be sufficient office space 

available for newcomers or start-up companies. 

It also opens up avenues for possible 

mergers of locations, a trend already seen in 

Vienna (e.g., Erste Group, Unicredit or Allianz). 

Linz office market 

Hardly any notable completions took place in 

the Linz area in 2021. Only one project in the 

Salzburger Strasse with around 3,000 square 

meters has come onto the market. 

Currently, three projects are under development. 

Construction work has already begun on 

the "Techbase" project in the Zollamtstrasse. A 

multifunctional business infrastructure with 

around 37,000 square meters of usable space 

is being created in two construction phases 

on a site area of around 23,000 square meters. 

Completion of phase 1 is scheduled for 2022 

and phase 2 for 2024. 

Further project developments include the redevelopment 

of the former "Nestlé-Areal" and the 

60 ImmoFokus

| MT12-01G | 

Vom Konferenzraum … 

"Tabakfabrik", where construction work started in February 2021 

and completion is scheduled for 2025. 

© Eric Ferguson / Getty Images 

The largest development project currently underway in Linz 

is the "Postcity", where around 150,000 square meters of usable 

space are to be created over the next few years on a site of 

around 40,000 square meters near the main train station. A 

third of this is planned as residential space, but the majority is 

to be used as offices, stores, restaurant space, as well as a hotel 

and a cinema. Construction was initially scheduled to begin in 

2021 but has been postponed until 2022. However, the originally 

planned share of subsidized housing does not seem to be 

probable. In addition, the office campus "The Office Linz " in the 

Hanuschstraße with an area of around 6,600 square meters is 

scheduled for completion at the end of 2022. 

Due to the still low supply – resulting from the still low completion 

rates - prime office rents in Linz have nevertheless remained 

unchanged compared with the previous year at around 12.50 Euro 

per square meter. 

Salzburg office market 

Following suit of 2021, there were hardly any project developments 

in Salzburg in 2021. The only exception being "Wissenspark Urstein" 

where an exciting solution has emerged, as buyers have been 

found for the last two construction sites. In addition, the "Part-F" of 

the Park is to be expanded this year by Techno-Z. The relatively low 

activity level on the Salzburg office market has also led to a slight 

increase in prime rents to around 14 Euro per square meter. 

Innsbruck office market 

With the "TWI Innsbruck" in Eduard-Bodem-Gasse, around 8,000 

square meters of new space was created in 2021 and is already 100 

percent occupied. The completion of "PEMA 3" at the train station 

is expected for the current year 2022. This will provide further 

high-quality space in a central location. 

In the west of the city, the WEST PARK Innsbruck is being built 

with functional use with approximately 10,000 square meters. 

Completion is scheduled for 2024. 

A larger project still is currently under construction to the west 

of Innsbruck. This is the Kematen Business and Technology Park 

(GTP), with a total of around 65,000 square meters. The first construction 

phase, which was completed in 2021, includes an office 

complex of five floors with approximately 2,500 square meters, a 

business hotel with an area of approximately 3,700 square meters, 

a restaurant, service and workshop areas with a total of approximately 

1,100 square meters and logistics areas with approximately 

2,500 square meters. 

… bis zur Gebäudeautomation 

Eine Plattform für Medientechnik, 

Gebäudeautomation und 

Entertainment: PC-based Control 

Medientechnik neu gedacht: Als Spezialist für PC-basierte Steuerungssysteme 

ermöglicht es Beckhoff mit einem umfassenden und industrieerprobten 

Automatisierungsbaukasten, Multimedia, Gebäudeautomation 

sowie Entertainmentkonzepte vernetzt und integriert umzusetzen. 

Mit der modularen Steuerungssoftware TwinCAT und direkter Cloudund 

IoT-Anbindung werden alle Gewerke von der A/V-Technik über die 

Gebäudeautomation bis hin zu Digital Signage Control, Device Management 

und Condition Monitoring, auf einer Plattform kombiniert. Hinzu 

kommt die maximale Skalierbarkeit aller Komponenten und die Unterstützung 

aller gängigen Kommunikationsstandards. So schafft Beckhoff die 

Grundlage für neue mediale und architektonische Erlebniswelten. 

Scannen und die 

Beckhoff-Highlights 

für die AV- und 

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entdecken 

IoT 

© Cultura / Getty Images 


61


A closer look 

Submarkets Vienna. I n the fourth quarter of 2021 take-up on the Vienna office market totaled 54,872 square 

metre – around 88 per cent more than in the third quarter of 2021 and 9 per cent more than in the fourth 

quarter of 2020. 

A 

ccording to the Vienna Research 

Forum, the largest take-up was 

the new lease of 16,000 square 

metre in the Inner Districts - CBD 

submarket. This corresponds to approx. 29 per 

cent of the total take-up on the Vienna office 

market in the fourth quarter. Another large-scale 

letting was also registered in the Inner Districts 

- CBD submarket with 4,300 square metre. A 

total of 50 lettings were recorded in the fourth 

quarter – 11 more than in the previous quarter 

and 6 less than in 4th quarter 2020. 

A closer look at take-up based on type of rental 

shows that 93 percent account for new leases 

and 7 per cent for pre-lets. 

Vacancy rate increased to 4.6% 

In the fourth quarter of 2021, the vacancy rate 

in the VRF portfolio of modern office buildings 

in Vienna increased to 4.6 per cent, which is 0.5 

per centage points more than in the previous 

quarter and 0.4 percentage points more than in 

the same period of the previous year (Q4 2020). 

The submarket with the lowest vacancy rate 

was Central Station with 2.1 per cent and the 

submarket with the highest rate was Airportcity 

Vienna with 14.8 per cent. The VRF only 

takes into account modern office space built 

since 1990 or completely renovated and office 

space which meets certain quality criteria such 

as indoor climate, elevators or IT standards. 

For the first time in September 2016, the VRF 

collected the total stock of modern office 

space for Vienna which it updated at the end 

of the fourth quar¬ter of 2021: it amounts to 

5,978,989 square metre, of which 62 per cent 

belong to class A and 38 per cent to class B real 

estate according to VRF standard. In the fourth 

quarter, the project Austro Tower in the Erdberg 

- St. Marx (East) submarket was included 

in the stock. 

Analysis Submarkets Vienna Q4/2021 

Submarket name 

active properties 

total space 

active properties total 

space class A 

active properties total 

space class B 

vacancy rate 

in % 

Inner Districts - CBD 2,198,222 1,011,871 1,184,560 3.0 % 30,278 

Donaucity 537,736 287,634 250,102 6.2% 0 

Prater/Lasallestraße 752,993 651,605 101,388 5.7% 9,330 

Erdberg - St. Marx (East) 712,843 606,671 106,163 4.0% 1,960 

Central Station 516,321 418,605 97,716 2.1% 1,735 

Wienerberg (South) 454,627 304,345 150,282 8.8% 3,158 

North 444,192 225,317 204,075 5.2% 1,599 

West 255,117 143,733 111,384 5.8% 6,526 

Airport City Vienna 106,947 70,147 36,800 14.8% 286 

Total 5,978,989 3,719,928 2,242,470 4.6% 54,872 

take-up 

62 ImmoFokus

Rentals 2021 (selected examples) 

Property Size sqm Address 

Österreichische Akademie der Wissenschaften 16,000 1010, Georg-Coch-Platz 2 

Allgemeine Unfallversicherungsanstalt (AUVA) 9,100 1100, myhive am Wienerberg 

Wiener ArbeitnehmerInnen Förderungsfonds 7,400 1020, Quartier Lassalle 

Arbeitsmarktservice (AMS) 5,500 1100, Favoritenstraße 73 

Red Bull Media House GmbH 5,240 1020, Rund Vier, Stella-Klein-Löw-Weg 13 

LeitnerLeitnerWirtschaftsprüfer Steuerberater 4,300 1040, Ensemble Schwarzenbergplatz 

bpv Hügel Rechtsanwälte GmbH 2,800 1010, Schreyvogelgasse 2 

Infoscore Austria GmbH 2,300 1100, QBC 1+2 

• Take-up in the fourth quarter at approx. 

54,900 square metre 

• Largest rental accounts for about 29 percent 

of the total take-up 

• Vacancy rate amounts to 4.6 per cent 

• Take-up in 2019 totaled 136,406 square metre 

Karriere.at 2,300 1020, Austria Campus 

Weidinger & Partner Wirtschaftstraining 2,200 1030, Franzosengraben 1 

Quelle: EHL Market Research | Q2 2021 

Completions 2021 


Austro Tower 28,000 1030, Schnirchgasse 17 

Tower Canettistrasse 17,000 1100, Canettistraße 5 

Haus am Schottentor * 14,500 1010, Schottengasse 6-8 

Doppio Due * 6,000 1090, Peregringasse 2-4 

Tribüne Viertel Zwei * 5,200 1020, Stella-Klein-Löw-Weg 8 

Operngasse 6 * 2,000 1010, Operngasse 

Quartier Lassalle 2* 53,000 1020, Lassallestraße 5 



Vienna Research Forum 

The Vienna Research Forum initiator is 

the Association for quality promotion in 

the real estate sector (ImmQu) with the 

leading Vienna commercial real estate 

companies, CBRE, Colliers International, 

Immobilienmakler, EHL Immobilien, ORAG 

Immobilien Vermittlung, OTTO Immobilien 

and Spiegelfeld International. They provide 

anonymously and independently of each 

other key parameters, such as take-up, vacancy 

rates, completions, to the VRF database. 

The data is then published quarterly 

to provide a comparative analysis which 

helps investors and companies. 

Completions 2022 


Twenty One/Innovation Hub 14,800 1021, Siemensstraße 87-89 

Das Lebendige Haus * 9,000 1010, Postgasse 8-10 

Technologiezentrum Seestadt, TZ 3 4,800 1220, Christine-Touaillon-Str. 11 

Lukoil- Headquarter* 3,800 1040, Schwarzenbergplatz 

Schreyvogelgasse 2* 2,500 1010, Schreyvogelgasse 2 

Operngasse 6 * 2,000 1010, Operngasse 





63

Logistics / Industrial 

Market in Vienna 

I 

n the second half of 2021, take-up of 

logistics, production and industrial 

space in Vienna and the surrounding 

area amounted to around 92,695 sqm. 

This is what the results of the Vienna Research 

Forum Logistics/Industrial (VRF-LI) show 

after evaluating the current key data. The VRF 

only considers logistics premises that meet 

certain quality criteria such as hall height, 

shunting area and distance from the motorway. 

The highest quality standards are met by 49 

percent of the classified buildings, so-called 

logistics class A objects, while 34 percent are 

qualified as class B and 17 Percent as class C. 

For the production and industrial premises, 

all properties that are currently used for this 

purpose and meet certain minimum criteria 

such as hall size were included. According to 

the Vienna Research Forum Logistics/Industrial, 

the largest take-up comprised 23,170 

sqm in the submarket Vienna Surrounding 

North. It corresponds to around 25 percent 

of the space take-up on the logistics and 

industrial market in the second half of 2021. 

Another major take-up was registered in the 

Vienna Surrounding East submarket with 11,800 

sqm. Looking at the take-up of space by 

type of use, 92 percent of the space is 

accounted for by logistics space and 

8 percent by production space. 

For the first time in November 

2019, the VRF Logistics/ 

Industrial collected the 

total stock of logistics, 

production and industrial 

space in Vienna and the 

surrounding area. It has been 

updated at the end of the second half 

of 2021 and amounts to 5,530,802 sqm, of 

which 52 Percent belong to production and 

industrial space and 48 percent to logistics 

space. 

Vienna West 

About the Vienna Research Forum 

Vienna South 

Vienna Surr. South 

Vienna Surr. North 

Vienna North 

Vienna East 

Vienna Surr. East 

The Vienna Research Forum initiator is the Association for quality promotion in the real estate 

sector (ImmQu) with the leading Vienna commercial real estate companies, CBRE, Colliers International, 

Immobilienmakler GmbH, EHL Immobilien, ORAG Immobilien Vermittlung, Otto Immobilien 

and Spiegelfeld International. They provide anonymously and independently of each other key 

parameters, such as take-up, vacancy rates, completions, to the VRF database. The data is then 

published quarterly to provide a comparative analysis which helps investors and companies. 

Logistics Industrial Market Vienna: Submarkt second half of 2021 

Submarket name 

Objects 

Total area 

in sqm 

Logistics 

Objects 

Total area in 

sqm 

Logistics 

Objects 

Total area in 

sqm Class A 

Logistics 

Objects 

Total area in 

sqm Class B 

Logistics 

Objects 

Total area in 

sqm Class C 

Production 

/ Industrial 

Objects Total 

area in sqm 

Total 

space 

take-up 

H2 2021 

Vienna North 728,326 247,163 50,000 123,139 74,024 481,163 2,690 

Vienna East 699,452 274,822 39,770 223,562 11,490 424,630 6,300 

Vienna South 1,050,127 483,186 163,605 137,600 181,981 566,941 4,600 

Vienna West 45,123 21,823 0 7,500 14,323 23,300 0 

Vienna Surr. North 1,243,683 441,060 322,060 70,100 48,900 802,623 35,220 

Vienna Surr. East 680,204 558,004 420,204 70,800 67,000 123,000 43,885 

Vienna Surr. South 1,083,087 632,880 313,601 279,807 39,472 450,207 0 

Total 5,530,802 2,658,938 1,309,240 912,508 437,190 2,871,864 92,695 

64 ImmoFokus

Join us at 

MIPIM, Cannes, 

15.–18.3.2022, 

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IMPRESSUM 

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Lesen Sie im ImmoFokus 

Ausgabe 02/2022 

Wohnen 2030. Mit Blick auf die Demographie: Bauen 

wir am Bedarf vorbei? Finanzierung -Crowd-Investing - 

Venture Capital, Mezzanine-Kapital - Off-Market Deals 

– PropTech - Real Estate Asset Management - Fuhrparkund 

Gerätemanagement - Baustellenlogistik - Zu Tisch 

mit … - Das große Interview mit … 

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Real Estate Media Group GmbH 

Handelskai 94-96 

1200 Wien 

Tel. +43 1 890 18 26-100 

office@media-group.immo 

www.media-group.immo 

Herausgeber 

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Mag. Lisa Grüner 

Grafik 

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Dr. Melanie Knünz 

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Autoren dieser Ausgabe 

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Mag. Michael Neubauer, Vanessa Kornfeld, 

Heimo Rollett, Gerhard Fritz 

sowie die Kommentatoren 

ERSCHEINUNGSTERMIN: April 2022 

Täglich top informiert: www.immo-timeline.at 

Den ImmoFokus jetzt immer und überall lesen, mit der REMG-App. 

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wenn nicht anders angegeben: 

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Der IMMOFOKUS wendet sich im Sinne der 

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ImmoFokus ist Mitglied bei: 

66 ImmoFokus


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environment together 

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ImmoFokus asks … 

… and real estate experts answer. u. Negative interest rates, investment pressure, high construction prices, 

weakening economy – is it game over for real estate - or is the industry still riding high like in the last few 

years? We asked the local experts.gt. 

Questions: 

1 

How optimistic or pessimistic are you going into the new year? Which 

asset class will be the favorite for investors? 

3 

Will environmental and 

pandemic risks be reflected 

more in the form of higher risk 

premiums? Do you anticipate 

rising interest rates? 

4 

What three issues will have the 

most significant impact on the 

real estate industry in 2022? 

Where do you see the key 

challenges? What might be the 

possible solutions? 

2 

For many years, the 

price development of 

real estate investments 

had only one direction: 

upwards. What do ESG 

and COVID-19 mean for 

real estate valuation? 

5 

What are the plans and 

goals for your company in 

2022? 

68 ImmoFokus

1 

We are optimistic about 2022: Our pipeline is well filled with attractive investments. The 

outlook for the residential asset class, especially in metropolitan areas, will remain excellent. 

Most other real estate segments, such as office, logistics and healthcare, will also continue to 

perform well in the coming year from a current perspective. For investors who want to invest 

somewhat countercyclically, hotels and retail will represent attractive opportunities in the 

coming year. All in all, we expect another exciting real estate year. 

Markus Arnold, 

Arnold Immobilien 

2 

The topics of sustainability and ESG are increasingly standard and play an ever more significant 

role in investment decisions - especially for institutional investors. In commercial real estate, 

these issues have already fully arrived. Hardly any property today can do without a green 

building label or similar. In our view, the same development will occur in the residential sector. 

3 

We expect interest rates to rise only slightly, if at all. But we do see a new assessment of 

risks emerging that could lead to an investment-specific reshaping of the risk premium. 

Therefore, it is quite possible that within the individual asset classes there will be greater 

differences than before, for example between the core and non-core segments. 

4 

We assume that climate targets and Big Data in particular will change the industry 

in the long term. In addition, in our view, mobility concepts around the location of a 

property will become increasingly important. 

5 

For us, the signs continue to point to 

expansion. In addition to Austria, we are 

currently active in Germany, Spain, Italy, 

Portugal, the Czech Republic, Slovakia 

and Hungary. In 2022, we will be moving 

in the direction of Northern Europe. We 

will soon be setting up operations in the 

Netherlands and Sweden. Our objective 

is to be the largest private investment 

brokerage company and to offer our 

customers attractive investment properties 

throughout Europe. 


69


1 

I remain optimistic because demand for housing is still high. In many ways, this is also due to the 

pandemic, which has increased the desire for more space among many people. Many are now also willing 

to realize a dream home in the countryside outside the big cities because, with the increased use of home 

offices, there is less dread in commuting. 

In addition, the pandemic has increased the desire for security, not only among private individuals but 

also among investors. Therefore, residential construction remains attractive, certainly also due to a lack 

of alternatives. Currently, there are too few commercial properties on the market; demand would be 

exceptionally high for logistics centers and offices, while the retail sector, apart from grocery stores, is 

weakening. This is also undoubtedly a direct effect of the pandemic. 

Gerhild Bensch-König, 

Raiffeisen WohnBau 

2 

The price increases of the last years were mainly caused by rising prices for land and construction costs. Now, ESG and the topic of sustainable 

construction and investment are additional price drivers. 

ESG is already impacting on real estate financing; for institutional investors and funds, in particular, compliance with sustainability criteria and 

thus the certification of buildings is essential. Private investors and home buyers are also paying more and more attention to this. They are quite 

willing to pay a higher price for it, since sustainable construction methods are also associated with higher costs. 

Covid-19 has influenced or changed the use of all real estate - from private residences to office workplaces, commercial real estate of all types, and 

public sector real estate - in some cases significantly. The market environment for specific properties is certainly more uncertain because of Covid-19 

than before the pandemic. Consider, for example, the domestic urban hotel industry, which is now struggling with enormous revenue losses for the 

second winter in a row. 

3 

The market will determine whether even higher risk premiums can be factored 

in. I don‘t see that happening across all asset classes. This year, despite very high 

inflation, I don‘t expect interest rates to rise. But now that the experts at the 

international central banks disagree, we‘ll see what 2022 brings. 

4 

Sustainability and ESG are the issues of the day. In connection with this, we will 

have to deal more with the refurbishment or conversion of existing properties 

in the future. Above all, there is resource conservation in construction and 

operation, efficient use of energy, etc. 

Here, too, we see the impact of the pandemic, as the use of office space will change. 

Companies are rethinking their space strategies; home office and remote work 

will change the way people work in the long term and directly impact on the real 

estate market. 

Another issue that remains important, especially for cities, is densification. 

This could make property acquisition a little easier and help to ensure that less 

additional space is built up. 

5 

With our entire team at Raiffeisen WohnBau, we 

will do everything we can to continue to do well 

through this unexpectedly long crisis. 

It is important to us that our high-quality residential 

buildings are places of retreat for our residents, 

offering space for different lifestyles - from singles 

to couples to families with children. In addition, 

we are developing more and more projects outside 

Vienna that, thanks to good public transport links 

and exclusive green spaces, offer completely new 

prospects, especially for young families. 

With our very diverse commercial portfolio in 

Austria and abroad, optimal yet partnership-based 

management is very important to us. Ultimately, 

the economic success of a portfolio property is also 

the prerequisite for selling it profitably at the right 

time. 

70 ImmoFokus

1 

We continue to see strong momentum in the market and are therefore very confident going into the new 

year. We were already able to successfully launch several notable transaction processes in the previous year, 

which will be completed this year. 

In addition to residential properties, which continue to be identified by investors as a safe haven, commercial 

properties with strong, crisis-resistant anchor tenants are also highly attractive. The investment spectrum 

in the hotel segment is broadening. Vacation hotels are now also included in the purchase profiles of some 

investors. However, against the backdrop of new framework conditions, it is essential to take a closer look 

at all investments and identify reliable investment cases. 

2 

3 

Karl Derfler, 

ADEQAT Investment Services 

The topic of ESG has reached all institutional investors 

and has become an indispensable purchase criterion for 

investments. Therefore, this topic is omnipresent for us 

in every project assessment and transaction management. 

We make recommendations for high-quality building certifications 

to make investments placeable. Due to the EU 

taxonomy regulation, this affects not only investors but 

also financiers and developers. ESG compliance increases 

the usability of the property. This is reflected in many areas 

such as a higher market rent, a higher occupancy rate or 

lower management costs. Sustainable real estate will have 

a better risk-return profile in the future and will significantly 

influence the capitalization rate and thus on prices. 

ESG criteria will be an essential factor for companies in 

terms of resilience, competitiveness and growth opportunities 

in the future. 

The Corona crisis and the economic consequences of the 

pandemic have shifted priorities within the three ESG criteria. 

For a long time, ecology and environment were the 

dominant pillars due to climate change. Currently, however, 

social issues are coming back into focus, as many people 

have been affected in many ways by Corona lockdowns. 

In real estate and portfolio valuation, risk diversification 

plays an even more significant role given the Covid situation. 

The utilization concepts of buildings and the sector 

mix of tenants will have to be examined more closely and 

adapted if necessary. 

We don‘t see higher risk premiums in terms of risk surcharges. You could say 

that in the environmental field, the need for building certification already makes 

it an investment in sustainability. This may resemble a premium initially, but it 

is amortized through lower management costs over the life cycle of a building. 

Risks, the origins of which were first revealed by the COVID-19 pandemic, are 

difficult to assess in the long term. The current trend of increased use of home 

offices became a necessity, but its impact was managed well by the real estate 

industry. Whether this trend will remain or whether user requirements will 

change in the long term, cannot be answered with certainty at the moment. 

Regarding interest rates, we expect Europe to follow the developments on the 

American market and anticipate a moderate increase. 

4 

The high level of competition and the increased pressure on institutional 

investors to perform will counteract a low level of product selection. Influenced 

by the pandemic, many institutional investors have become more risk-averse 

again and are therefore focusing even more on core real estate, which is already 

a scarce commodity. 

Due to the still large amounts of cheap financing, more and more opportunistic 

buyers are also entering the market. The question here is whether the 

expectations of these buyers can be met. 

Available space for project developers will become increasingly difficult to 

find in the future. Post-densification options such as additions, expansions, 

repurposing, reallocation, and replacement could facilitate the creation of 

additional needed space without sealing more undeveloped land. Densification 

can strengthen the sustainability aspect as well as the social aspect and resource 

efficiency. 

5 

As an investment broker for large-volume projects, we see transaction support in particular as an essential contribution to the favorable 

completion of a project. For this reason, we want to continue to ensure a trustworthy, smooth and quality-assured transaction process this 

year, which gives both customers and partners a lasting feeling of security and the highest level of satisfaction. 

We are looking forward to further exciting projects and a cooperative partnership with our business associates this year. 


71


1 

I think 2022 will be a good year. After almost two years of lockdown, uncertainties and other 

challenges, we have learned to deal with the situation. 

Real estate continues to be the investors’ favorite, and I believe new office concepts combined 

with environmental and social sustainability impulses might surprise us this year. Housing 

will continue to be „trendy“ for investors; however, with yields continuing to fall, I believe it 

will be challenging for many institutional investors in the final decision. 

2 

In the short term, there will be an upward push for (truly) ESG-compliant properties and 

a downward trend for properties that do not at least meet the ESG criteria. In my view, 

Covid-19 will not have a direct long-term impact on property valuations, and Retail 

and Hospitality will also return to normal. However, the indirect impact should not be 

ignored: more open attitudes towards home offices, new travel habits and appreciation 

of the office or home. These will bring changes not yet immediately foreseeable, with 

flexible and modern concepts again being the frontrunners. 

4 

Permits: The last two years have been marked by delays and shortages, which have also 

affected the area of permits, causing many developers‘ projects to be pushed back. 

Social change (labor market/home office): If you are looking for employees yourself 

and notice the groans of HR departments desperately looking for employees, you 

realize that this issue should not be underestimated. 

Advantages due to lack of investment opportunities: One positive aspect for the real 

estate sector at the moment is certainly the fact that there are few or no alternatives 

on the investor side. Stock markets, which are more volatile than ever and no longer 

follow a clear trend, in addition to the incidents caused by Silicon Valley moguls, wildeyed 

politicians and stuck container ships, as well as the lack of alternatives, continue 

to make concrete gold an investors’ darling. 

3 

If one can trust the economists in Europe, I 

suspect that the sideways trend will continue 

for a while longer. Regarding of risk premiums, 

I also believe that ESG/environment will be 

added to the due diligence in the future, and 

again, the frontrunners will emerge as the 

winners. I don‘t think anyone will be able to 

predict the next pandemic. Still, I do believe 

that any closure scenarios - which no one 

would have anticipated pre-Covid - will factor 

into the contracts. 

5 

Dominik Erne, 

Bondi Immobilien Consulting 

Our focus in the new year remains on the 

holistic development of TwentyOne. The 

Innovation Hub will be ready in the summer. 

With the tenants moving in, we can then 

really prove that our concept and our idea 

of the overall responsible development of 

a small urban development area in the 21st 

district were the right move. Our team will 

grow as it did last year and is developing very 

positively; I am happy to have such a great 

team. Furthermore, we are still looking for 

new and exciting commercial developments in 

Vienna and the surrounding area. We want to 

make a statement, especially in the direction of 

sustainable real estate projects. 

72 ImmoFokus

1 

I am an optimistic person - despite Omikron 

- very optimistic. The vaccinations and 

increasing immunizations will have their 

effect, so the pandemic should also fade 

into the background during 2022. Housing 

will probably remain the investors‘ favorite 

asset class. 

3 

Karin Fuhrmann, 

TPA Steuerberatung 

Environmental and pandemic risks will certainly be reflected in risk premiums. The 

question of rising interest rates is difficult to answer. Since inflation has recently 

increased substantially and is far from the two percent target, it cannot be ruled 

out that interest rates will rise moderately if the ECB does not get inflation under 

control in some other way. 

2 

COVID-19 has undoubtedly led to one or the 

other lower valuation in 2020. One could 

see this especially in the valuation results of 

listed companies. Since many companies have 

managed the pandemic quite well so far thanks 

to government subsidies, this effect will probably 

be less pronounced in the 2021 balance sheets 

or already eliminated altogether. ESG will 

put older properties in particular under some 

pressure in the valuations, as the environmental 

requirements are not as well represented as in the 

case of new buildings, which were already able to 

pay particular attention to climate neutrality in 

the planning stages. In addition, correspondingly 

„green“ properties will be in greater demand from 

institutional investors, which will have a positive 

impact on value and valuation. 

4 

Climate neutrality and resource conservation are certainly topics that have recently 

moved decidedly into focus and will remain significant. Real estate developers have 

already adapted quite well to this. I expect to see a further surge in innovation here. 

The question of the workplace after the pandemic will likely still occupy us in 2022 and 

demand flexible solutions from employers. 

5 

Since the topics of ESG and renewable energies 

are very close to my heart, I will actively 

work to ensure that TPA expands its range of 

consulting services even further and that small 

and medium-sized companies will also be able 

to address this issue at a reasonable cost. 


73


1 

Very optimistic, and this is not based just on a „gut feeling“, but on facts and market 

analyses. Despite the high production of new space, we are consistently able to utilize 

our projects quite quickly and on good terms - and as far as we can see, many of our 

competitors also manage to do so. Every additional month we are forced to struggle 

with Covid-19, homes that meet our own standards are taking on a higher status with 

people and that‘s reflected in demand, both quantitatively and qualitatively. So it‘s very 

obvious to me that housing will continue to be the top favorite among investors in 2022. 

Andreas Holler, 

Buwog Group 

2 

As far as BUWOG is concerned, I see ESG in a very positive light: sustainability has been 

a vital issue for us for years, and the vast majority of what ESG requires in residential 

construction is therefore already met by our development projects anyway. If what we 

already do voluntarily becomes an externally given standard, it tends to improve our 

competitive situation. 

Covid-19 may negatively affect in those submarkets where there is a risk of usage 

restrictions and possibly rent defaults as a result, for example in retail properties. But this 

is hardly conceivable in the case of residential properties. 

3 

I don‘t see any rationale for a change in risk assessment In the housing market. 

Interest rates will rise at some point if inflation remains high, but the current 

situation with negative real interest rates will not change for quite a long time. 

4 

I would like to answer this for the residential 

sector: Sustainability, cost management, 

securing suitable land - and as always, the 

issues are interrelated. We need to realize 

even more sustainable projects - key words: 

resource conservation, sealing of the soil 

surface, social sustainability. Nevertheless, 

construction costs must not be allowed to 

rise; on the contrary, we must succeed in 

bringing construction prices, which have 

at times gotten out of hand, back down to a 

reasonable level. And we must ensure that 

we can continue to build sufficient new 

housing in the coming years. Otherwise, 

today’s balanced market will quickly turn 

into a structural undersupply, as we had 

just a few years ago. 

5 

We currently have a whole range of extraordinary projects under construction, MARINA 

TOWER, HELIO Tower, Inside XIX, Kennedy Garden, etc. This is an enormous challenge 

and if we continue to make such successful progress on all of them in accordance with 

the plans, then we will have every reason to be proud and satisfied. 

74 ImmoFokus

1 

As everyone in the industry knows, I have unlimited and unbridled optimism. The last two years have already shown what innovations that were 

actually long overdue can be developed. That‘s why we don‘t want to focus on specific asset classes but on innovations, such as the city of the 

future, a Moroccan park landscape in Favoriten, apartments for musicians in D-City, IT-Lab, etc. 

2 

Already 15 years ago, we were the first 

developers in Austria to achieve a LEED 

Platinum certification for their buildings. 

In the meantime, it has become state-ofthe-art 

and ESG criteria are now being 

requested more and more frequently. In 

recent years, realized that the pandemic 

has made home offices and single 

workplaces unavoidable and that openplan 

offices are infection hotspots par 

excellence. 

Wolfdieter Jarisch, 

S+B Gruppe 

3 

In the long term - the next five to ten years 

-- interest rates are expected to rise. 

4 

Courage to innovate, courage to protect the 

environment and courage to adopt a new 

approach to life balance. 

5 

DANUBEFLATS: the residential building - also known as Component 2 - will reach roof completion in the next few months. In the case of 

the residential tower, one of the most challenging technical tasks - the superstructure of the Danube embankment highway (Rucksack) - will 

be completed. DC 3, the largest and highest student building in Austria, is already being handed over on an ongoing basis. Likewise, the DC 

Residential will be completed. Civil engineering work on DC 2 will begin in the spring, and construction of the education campus will also start 

this year. At Höchstädtplatz, construction work on two residential complexes could start before Christmas. Furthermore, at Laxenburger Strasse 

151 six residential units will be built between the open space and garden concept designed by André Heller. The dedication procedures start for 

the City of the Future and the high-rise building near the gasometer (Taille) as well as the high-rise building at the foot of Triester Strasse. For the 

80-meter high-rise on Dresdner Strasse and Laxenburger Strasse 2, the groundbreaking ceremony will take place in the summer. 


75


1 

We are definitely optimistic going into the new year! Especially for our asset class of real estate 

it will definitely be a positive 2022. 

The focus will be on neighborhood developments and the crisis-resistant asset classes of 

residential and local amenities. But here, too, global change must be taken into account. 

Changes in nature and society must be used as an opportunity to implement new concepts 

that lead to sustainable added value through sensitive analysis and early reaction. Investors‘ 

favorite is and remains the long-term return. 

Michael Klement, 

United Benefits Holding 

3 

2 

The consideration of ESG criteria and sustainable investing have been steadily gaining in 

importance for years. The European Union has now massively stepped up the pace with 

its latest regulations on taxonomy and disclosure requirements. Higher investments for 

more ESG and thus more certainty of long-term value creation is assumed by investors, 

which is why ESG has assumed an absolutely key role in the strategic orientation of real 

estate companies. 

COVID-19 has driven the overall shift in thinking as a catalyst. Hopefully, the impact of 

the pandemic on all of us will soon subside. Where I work, how I live, how I travel or how 

I structure my week - everything that applied at the beginning of 2020 has been repositioned. 

In order to respond to the new needs of tenants, we have to take some risks in 

product development and pay special attention to social aspects in addition to the environment 

as early as the planning stage. Conclusive concepts and the willingness to invest 

a little more for the community will be rewarded in the long term. 

The pandemic and the challenges that followed 

have led to an additional evaluation of some 

factors. For example, contractual clauses - 

previously regarded as a legal drudgery - are 

suddenly being scrutinized more closely, 

tenant credit standing has become more 

important, and some sectors have lost a great 

deal of their appeal. Similarly, new needs, such 

as home office options in the general area of a 

residential building, pose new challenges in 

project development. 

We expect interest rates to rise moderately over 

the next 18 to 36 months. However, the crucial 

question here is which interest rate level will be 

sustainable. 

This means: ESG and COVID-19 will continue to fuel price development! ESG is an investment 

in the future that can and should cost money. I am convinced that this is a unique 

opportunity to make a decent contribution to the future with our segment - which is 

about time! 

76 ImmoFokus

4 

Topic number 1 is and remains ESG. The requirements for upgrading 

in the area of digitalization will be particularly challenging. Anyone 

who doesn‘t stay up to date here won‘t be able to compete much longer. 

Also here to stay are the far-reaching effects introducing of home office 

options. Here, the real estate industry has to adapt to a multitude of 

changing needs: Concrete demands for residential space are just as affected 

as the need for office space, demands on the hotel industry, logistics 

and transport networks. In the area of development in particular, 

we are trying to respond to current needs through extensive analysis 

and rapid reaction. 

A change in thinking is also needed in connection with financing 

options. Rising interest rates, an increase in the equity ratio for owneroccupied 

homes and the rising prices of construction and land demand 

action not only from the federal and state governments. Investors are 

also required to take greater account of social aspects. For this reason, 

not only environmental issues but also social criteria are given high 

priority in our developments and investments. For example, in one of 

our housing funds, we have a clear guideline to offer 30 percent of the 

apartments for a total rent of less than €800 per month! 

5 

At the end of 2020, we bundled our three subsidiaries 

INVESTER United Benefits, EKAZENT Management and 

WEALTHCORE Investment Management, under the 

umbrella of United Benefits HOLDING. 

Our concept is to be a complete-service provider along the 

entire value chain of a property. Especially in dealing with 

ESG challenges, we benefit greatly from our extensive 

know-how from development to investment management. 

This is where I see our particular strength, which we will 

undoubtedly expand in order to reinforce our pioneering 

position in the ESG segment for institutional investors. 

In the area of asset management, we are currently working 

with our subsidiary EKAZENT, in cooperation with a large 

number of domestic industry colleagues, to develop the 

asset management service profile for Austria. 

Also in 2022, we will extend our expansion into Germany 

in the areas of development and investment management, 

which was already started in 2021. Two funds with a strong 

allocation to Germany have already been launched, and 

more are to follow. 

We also have big plans in Vienna. After completing 

more than 1,000 apartments in 2021, we expect to start 

construction on time for nearly 800 apartments in 2022. 


77


1 

I am basically optimistic about the year, despite possible unforeseen challenges. The 

market continues to be highly competitive, and it is not getting easier for any of us. 

Residential real estate will continue to be investors‘ favorite. Demand for profitable 

retirement housing properties is consistently high. The famous rock-solid savings 

book has gained significant popularity. In the meantime, the location and quality of the 

property are often more important than the return on investment. 

2 

COVID-19 in particular has led to a huge upswing in demand. Due to the interest rate 

situation, real estate has gained significantly in popularity. I think this will continue. 

However, COVID-19 has changed the directions on the type of property. Open space is now 

unavoidable, even in the investment housing sector. The ESG issue plays an important 

role for any developer and is reflected for the customer in sustainable amenities in the 

building and the apartment, as well as increased social offerings in the residential estates. 

4 

Marija Marjanovic, 

Wiener Privatbank 

3 

Environmental and pandemic risks have already been priced into market rates for some 

time, but I fear that sooner or later, we will see a rise in interest rates. Real yields fell 

further into negative territory globally last year. This is a situation that will probably be 

with us for a little longer because it is precisely the high level of government debt that is 

currently preventing the central banks from loosening their interest rate restrictions in 

order to be able to counteract inflation at least somewhat. However, the line of reasoning 

of the respective monetary authorities is already beginning to differ. While in the US the 

free market is to be met via upcoming interest rate hikes, the ECB is keeping to its course 

of supply tightening. The reason for this lies in the different expectations regarding 

the duration of the rise in inflation. A rise in interest rates would entail a whole slew of 

consequences, such as higher borrowing costs, higher interest rates on other forms of 

investment, and much more. 

Current topics will continue to be 

sustainability in construction and also 

the possible tokenization of real estate. 

The topic of sustainability has been with 

us for some time now and will become 

significantly more important in the 

coming years. Many investors already 

expect sustainable construction from the 

developer and otherwise do not take up the 

property if this is not given. Tokenization 

opens up a new sales field that can appeal 

to a broader mass. A great opportunity, 

even if not possible for every company. 

5 

Wiener Privatbank SE is a dynamic specialist bank with a clear focus on real estate and capital market expertise. We are a leader in innovative 

real estate products (direct investments and bonds), sell a large number of investment apartments per year and have a high level of expertise in 

the residential real estate market in the greater Vienna area. This gives our customers access to one of the most stable and interesting forms of 

investment on the market. 

My goal is to cooperate increasingly with property developers. Our services range from project financing, brokerage and asset management to 

property management – everything under one roof. Once we have found a suitable project, we take care of selling the apartments, as investment 

apartments or for owner-occupiers among our customers and cooperation partners. As a bank, we are also able to issue a buyer‘s guarantee for 

residential projects. 

78 ImmoFokus

1 

Rather optimistically. The cut-throat competition will remain, but customers 

have recently shown more willingness to place orders and are also willing to 

change. However, a crucial challenge in facility management will remain the 

shortage of skilled workers. In terms of asset classes, logistics and commercial 

real estate, which can be adapted to the ESG Directive and the Taxonomy 

Regulation, will probably be important. In addition, hotel properties are 

currently somewhat cheaper, but when tourism resumes during the year, this 

sector will also pick up again. 

3 

2 

There is no general answer to this question. On the one 

hand, it depends on the asset class, and on the other 

hand, it depends on the age of the property. Older 

properties in particular will struggle with ESG, either 

due to modernization costs or negative price trends. 

ESG-compliant properties, on the other hand, will see 

a boost. In the case of COVID, further developments 

remain to be seen and here, above all, which trends will 

be maintained in the long term. Building users have 

become more open and flexible, so flexible concepts will 

also be needed. 

At present, interest rates are not expected 

to rise significantly. Experts also expect 

interest rates to remain unchanged. 

Accordingly, the trend in real estate 

prices will continue. As far as risk 

premiums are concerned, a distinction 

between the different asset classes has 

to be made. However, awareness has 

certainly increased as a result of the 

pandemic, particularly concerning 

closures, lockdowns and other forms 

of restricted use of real estate with loss 

of revenue. This is an area where many 

people will take better precautions in the 

future. 

5 

Werner Moldaschl, 

WISAG 

4 

The ESG Directive and Taxonomy 

Regulation, upheavals in the office 

market and office structures due to 

the COVID-19 pandemic, and the trend 

toward decentralized workplaces such 

as home and shared offices. All three 

issues play together and will require joint 

solutions. The key here is to keep a close 

eye on further developments and act 

accordingly. 

WISAG is taking on the challenges posed by ESG, the Taxonomy Regulation and the COVID-19 

pandemic and is actively seeking solutions with various partners and experts. Digitalization 

and ecology canare increasing the importance of highly trained employees. WISAG therefore 

offers training and further education, provides its employees with comprehensive briefings 

and thus ensures high-quality services in technology and processing. As a result, we as a 

company can counteract the shortage of skilled workers to a certain extent. 


79


1 

We are optimistic about the new year. Even though Corona will continue to accompany us, we 

are all constantly learning how to deal with the situation a little better. From an investor‘s point 

of view, residential real estate will continue to be the focus of attention in 2022 as an extremely 

attractive form of investment. Demand remains high - from both buyers and investors. The 

future belongs to smart and climate-friendly buildings with high functionality and open 

spaces. The topic of office real estate will also be exciting with regard to the examination of 

new office concepts. Changing working environments do not need less space, but rather a 

different type of space. However, one thing is evident here as well - attractive office space with 

optimal accessibility and good infrastructure will prevail on the market. 

Ewald Müller, 

ALUKÖNIGSTAHL 

2 

The binding criteria and classifications created by the ESG factors or the related taxonomy 

regulation are highly relevant for the real estate industry. Long-term sustainable investments 

will become more transparent as a result, which in our view will in any case not lead to a 

reduction in investments. This is because lifecycle costs and the associated economic benefits 

can only be seen over a more extended observation period and through high sustainability 

standards. With the exception of top locations, the real estate standard will hardly change as a 

result and will remain at today‘s high level. 

3 

Real estate is still considered stable in value and an investment with relatively 

high returns in times of low interest rates. There’s no doubt about that despite 

the Corona pandemic. The interest rate situation will change only moderately in 

the foreseeable future. Central to this are the indicated interest rate increases for 

2022 by the US Federal Reserve and further monetary policy steps by the ECB. Last 

but not least, we should also keep an eye on the planned tightening of the lending 

criteria for new loans by the Financial Market Authority from the middle of the 

year. 

4 

The reduction of CO2 emissions, the use of renewable energies and alternative 

office concepts are relevant topics that will not only shape the real estate industry 

this year. The order of the day is resource conservation, and here the industry 

definitely has some catching up to do in many areas. At Alukönigstahl, we have 

long focused on future-oriented products and services that comply with the 

sustainability principles in every respect. For our Schüco aluminum systems, for 

example, we rely on the Cradle-to-Cradle approach as a trendsetting sign against 

a resource-intensive linear economy. Furthermore, in addition to long service 

life, the materials such as aluminum and steel also have an exceptionally high 

recycling potential - in some cases up to 100 percent. 

5 

We are concentrating on achieving a 

targeted balance - between steps that are 

currently necessary and further measures 

that are relevant for the future. We 

remain true to our three cornerstones of 

smart, intelligent and safe construction to 

achieve this. In addition, we want to devote 

ourselves above all to digitization, which is 

already supporting us all immensely today. 

We consciously focus on sustainable 

innovation and work with future-oriented 

technologies in the areas of design, health, 

safety and energy efficiency - from smart 

planning, construction and operation to 

highly functional facades and window 

solutions with integrated ventilation 

systems or barrier-free windows, doors 

and sliding doors. We achieve this with 

a carefully selected team of employees 

with comprehensive know-how. So, we 

are looking forward to the year 2022 with 

confidence. 

80 ImmoFokus

1 

We are starting the new year with cautious optimism. The pandemic will continue to occupy 

us at least until the end of this year, especially the recovery process from the lockdowns and 

with it the issue of rent or leasehold interest for commercial premises. The ranking among 

investors continues to be led by the residential asset class. The pandemic has even reinforced 

this top position. 

2 

Alfred Nemetschke, 

Nemetschke Huber Koloseus 

Rechtsanwälte 

The influence of ESG will increase and thus change the valuation of a property in one direction 

or the other, depending on the asset class. However, sustainability and ESG will particularly 

challenge older and existing properties, as carbon neutrality was not an issue decades ago. Retail 

properties in particular, will feel the adverse effects of Covid-19. 

3 

I don‘t see interest rates rising significantly in the near future - at least not in the 

EU. But we can assume that developments will be very differentiated between the 

various asset classes and that risk premiums will be adjusted accordingly. 

4 

Of course, we will be concerned with all the pandemic-relevant topics 

such as rent or leasehold rent reductions for commercial premises, 

home office and flexible working conditions, as well as climate 

neutrality and ESG. 

5 

Since the beginning of the pandemic, 

one focus of the firm, which will remain 

relevant in 2022, is to be the subject of 

rent or leasehold rent abatement of 

business premises. Another focus is to 

increase collaboration with mediators. 

Covid-19 has clearly shown us that 

quick and efficient cooperation 

between lawyers and mediators 

provides sound solutions and that 

clients benefit from this. 

The other focus continues to be on real 

estate investments and developments. 


81


1 

I am convinced that 2022 will be a positive year for 

residential construction! The demand for high-quality 

condominiums is very high and rental apartments as 

an investment form are also in great demand. Due to 

the complex pandemic-related difficulties in our work, 

production is lagging behind leading to rising prices. At 

the moment, there is no countermovement in sight. 

2 

The effects of both ESG and COVID-19 have increased 

costs. This affects new construction as well as existing 

properties. If the investor does not take the costs into 

account, he is threatened with a worse valuation of his 

property. However, the high level of excess demand is 

expected to have a balancing effect on this situation. 

Roland Pichler, 

Die Wohnkompanie 

3 

We assume that our residential construction 

projects will continue to 

perform very well in assessing risk 

factors and, therefore, will not incur 

any additional financing costs. This 

will probably not apply to construction 

projects that do not meet the increased 

requirements. 

4 

The Corona pandemic with all its challenges has somewhat distracted us from 

the issue of land scarcity, however, this issue is absolutely vacant and has even 

been further exacerbated by the pandemic. Achieving sustainability goals and 

CO2 neutrality in the EU, coupled with ESG regulations will influence our daily 

work more and more. 

5 

Nearly 500 apartments are currently under construction 

and will be completed this year. We have a well-filled 

pipeline of residential projects to develop and bring into 

construction. Due to the positive market situation, we 

will continue to pursue our expansion course. In doing 

so, we will focus primarily on our core market of Vienna, 

but will also invest in selected cities in the provinces. 

The key challenge is to implement new or changed framework conditions in a 

period of constantly rising costs as well as raw material shortages. 

Many measures could bring improvements. From optimizing the working conditions 

or possibilities of the official services to extensive subsidy possibilities 

outside of subsidized housing construction to price-regulating interventions in 

the area of construction raw materials, the range of possibilities extends. 

Die zentrale Herausforderung ist das Umsetzen von neuen bzw. geänderten 

Rahmenbedingungen in einer Periode mit stetig steigenden Kosten sowie Rohstoffknappheit. 

Es könnten viele Maßnahmen Verbesserungen bringen. Von der Optimierung 

der Arbeitsbedingungen bzw. -möglichkeiten der behördlichen Dienststellen 

über umfangreiche Förderungsmöglichkeiten außerhalb des geförderten 

Wohnbaus bis hin zu preisregulierenden Eingriffen im Bereich der Baurohstoffe 

reicht die Palette der Möglichkeiten. 

82 ImmoFokus

1 

After an outstanding investment year in 2021, we 

are extremely confident about 2022. Due to the high 

number of transactions in the process, which we expect 

to finalize in the first half of 2022, we also anticipate 

solid transaction activity and volume in the coming year. 

Residential and logistics properties will be highly in 

demand, with enormous demand far exceeding supply 

in the logistics sector in particular. 

2 

The leading causes of high real estate prices, namely low interest rates, poorly 

performing alternative investments and rising inflation will remain with 

us in the coming year. The pandemic is a challenge for the entire economy. 

However, except for a few segments, such as city hotels and supra-regional 

shopping centers, the real estate sector was comparatively minimally affected 

by the impact. In some cases, it was even able to benefit from the development 

in the areas that promise long-term secure cash flows or the „last-mile logistics“ 

sector, which serve the changed consumer habits. The EU taxonomy or the even 

stronger focus on ESG will make top properties even more in demand. This will 

also lead to older, non-sustainable properties being increasingly upgraded or 

retrofitted to meet ESG requirements and thus create an increase in their value. 

3 

Franz Pöltl, 

EHL Investment Consulting 

Primarily, we expect that those properties built to be ESG compliant 

will increase in value compared to non-sustainable properties. 

Factoring in the cost of bringing existing properties into ESGcompliant 

condition will likely become standard in valuations over 

time. We see no sign of any rate hikes at the moment, so that yields 

will remain under pressure. 

4 

We expect that efforts to overcome the pandemic, the general establishment of 

ESG standards, and the price dynamics of land and construction costs will be 

the key challenges for the real estate industry. 

In terms of overcoming the pandemic, the real estate industry will have to rely 

mainly on government action. In terms of moving toward a sustainable real 

estate industry, the path is at least mapped out. In the coming year, the search 

for land at prices that still allow affordable housing will remain a real challenge. 

Faster reclassification of land and construction procedures would certainly be 

helpful here. Construction costs are also trending in a direction that does not 

yet indicate a weakening of the price momentum for real estate prices. 

5 

After having had a very good year in 2021 and being able 

to start the new year with a well-filled project pipeline, 

we want to continue last year‘s good performance 

seamlessly and expand EHL Investment Consulting‘s 

leading position in the investment market in 2022. In 

doing so, our focus is not on a specific asset class, but 

rather we want to be the predestined contact partner for 

our customers in all areas, starting with the acquisition 

of the property through to the sale of the finished 

investment product. 


83


1 

Isabella Reinberg, 

Reinberg & Partner 

Immobilienberatung 

The year 2022 will hardly differ from the previous year in some circumstances. Nevertheless, 

I am optimistic that our handling of it will be easier. Residential real estate will achieve 

comparable sales prices and be accompanied by similarly high market demand. Nevertheless, 

it can be observed that the market is no longer willing to buy „everything.” Small apartments 

will sell well as usual - regardless of their sometimes questionable design. Larger investments, 

such as purchasing a single-family home, will increasingly be considered according to your 

qualitative criteria and will remain on the market for a long time. Office properties are 

experiencing a change in their forms and uses, which is also due to COVID-19-related home 

office solutions. The demand for large-scale offices will probably decrease. 

2 

COVID-19 has led to a worldwide upheaval and change in the office work 

environment. As a result of the pandemic and the recommended measures, 

everyday office work has been changed from the traditional office desk to the 

home office. This is accompanied by the change of lifestyles between the office 

world and the home environment. Office and residential lifestyles will change, 

but demand, commerce and transactions will continue as usual. 

ESG has taken root in all sectors and is becoming an essential part of everyday 

activity. Companies will be restricted in allowing agreements to the extent that 

they can only award contracts to ESG-compliant companies. As there are no ESG 

standards or guidelines yet, there is still a great need for development. 

4 

3 

Yes, most definitely. There are two pillars in financing - 

one is default and the second is a loss in default. Default 

is where annuities are not serviced over a period of time. 

This can be due to an inability to pay, but it can also be 

due to unwillingness. 

Irrespective of this, a payment default is a default that 

must be documented based the Basel criteria and means 

a risk premium in the refinancing of the banks. 

Although a default does not yet mean a loss, it 

nevertheless represents an increased risk. The pandemic 

may, of course, make payments more difficult, which 

may lead to defaults. In any case, default is an increased 

risk in the area of bank refinancing, which inevitably has 

an impact on financing. 

As in any industry, ESG will become an immense driving force. In terms of the 

real estate industry, I see real estate financing as an increasingly complex and 

hurdling issue. The questions it raises: Will interest rates stay this low? Will 

prices continue to rise? And what will happen to construction prices or the 

supply of raw materials? Will there be shortages in the procurement market? 

5 

We will strengthen our internationality and network with international partners. In doing so, 

we will build more substantial differentiation from the competition and expand employee 

competencies. Our internal training center will focus on interdisciplinarity, encompassing the 

pillars of technology, law, economics and ecology, because our team is of great importance 

to us. Furthermore, we will concentrate on labor market security, respectful interaction and 

supportive structures as a collaborative concept, as well as fighting the pandemic whose end 

can be inferred with social distancing. 

84 ImmoFokus

1 

The year 2022 begins with the obvious challenges that have already occupied us in the past 

year. COVID-19 has changed our working, shopping and living habits, or rather, already 

apparent trends have been massively accelerated as a result. This change affects almost all 

asset classes, although the impact varies depending on the type of use. The residential asset 

class has proven to be very reliable and stable even before the pandemic, so demand for core 

real estate will continue to increase. 

In the medium and long term, a shift in investor interests and a change in the risk profile of 

selected asset classes can be expected. 

Michael Widschwendter, 

Arealis 

2 

Evaluating means comparing. Real estate appraisers merely reflect the market 

situation or the willingness to pay the current market price, but they do not 

influence it. More concretely, this means mapping what is happening in the 

market and not anticipating that green buildings „must be worth more“ and this 

„fact“ should be priced in as evidence even without further market data, or that 

energy inefficient buildings „must“ have a discount. The „Green Premium“ or a 

„Grey Discount“ is not a value in its own right, but an integral part of the market 

value of a property. 

Initial impacts associated with COVID-19 are evident in projected revenues 

through rent reductions, co-defaults, and deferrals granted, which in turn impact 

cash flow. 

4 

3 

With the current changes, especially the issue 

around ESG as well as the ongoing pandemic, a new 

assessment of risk is emerging that will lead to an 

investment-specific reshaping of the risk premium. 

While the source of monetary policy will not stop 

overnight, increased volatility in capital flows can 

be expected given the continued historically and 

cyclically low interest rate environment. Increased 

inflation is currently putting pressure on central 

banks to tighten their monetary policy, which will 

lead to a „slight“ increase in the general interest 

rate level. Interest rates are currently still very low 

by historical standards and no massive changes are 

expected. 

1 The issue of COVID-19 will continue to occupy us beyond 2022. 

Mutations of the virus, necessary measures as well as political 

decisions related to the pandemic create additional uncertainty in 

society and the markets. The challenges here lie primarily in the fight 

against the pandemic to which we can all contribute through a high 

vaccination rate. 

2. „ESG is here to stay!“ The issues around sustainability as well as 

decarbonization have begun and will keep us intensively busy for a 

very long time. The regulatory innovations affect all sub-sectors of the 

real estate industry and its entire life and investment cycle. Essential 

success factors here are a corresponding mindset in the company, 

exchange in the industry, and training and continuing education 

measures for the entire workforce. 

3. Last but not least, digitization is a central topic that will influence 

the industry in the coming year. In the future, new technologies, the 

breaking down of data silos - especially in connection with ESG, new 

job profiles and a digital mindset will be needed to meet the challenges 

in the real estate industry in the years to come. 

5 

As an asset and property management, Arealis will actively 

incorporate the topic of sustainability into its corporate culture 

and policy in the future. In addition to fulfilling the regulatory 

requirements (e.g., EU Taxonomy and Disclosure Regulation) 

on the part of the legislator, the focus here will also be on the 

consistent derivation to the business model of the clients and 

the working methods of the organization within Arealis. In 

doing so, we will pursue a consistent approach that economic 

success and responsible action are not mutually exclusive but 

rather mutually dependent - „Manage to Green“. Even if the 

topic of ESG is still very „E-heavy“ at the moment and climate 

targets are the focus, for us the „S“ and „G“ are also part of our 

overall strategy. 

Digitization and automation of processes is a crucial success 

factor for us. In doing so, we use and expand the technology to 

promote employee collaboration and work flexibility. 


85


1 

The easing of the pandemic and the return to (new) normality will lead to a greater sense of 

optimism and positive change in society. We are currently experiencing a massive reshaping 

of working environments and consumer behavior. These trends result in high demand for 

modern, technically perfectly equipped office space and new logistics space in close proximity 

to urban centers. 

2 

I am convinced that ESG and COVID-19 will have an impact on real estate 

valuation. In what form and to what extent this will be implemented remains 

to be seen. 

4 

3 

Numerous economic factors in recent months indicate an end 

to the long period of low interest rates. I therefore consider an 

increase in interest rates to be very likely. A sustained factoring 

of environmental risks is due on the one hand to climate change 

and its adverse effects, and on the other hand, to future political 

conditions. 

The Covid-19 pandemic has already led to adjustments in leases. 

Whether this justifies higher risk premiums remains to be 

negotiated by market participants. 

I see the implementation of ESG, a rapid digital transformation of the real 

estate industry and the creation of more affordable housing as key challenges. 

Satisfactory approaches to solutions will only be achieved by involving all 

stakeholders. 

5 

Wolfgang Scheibenpflug, 

Flughafen Wien 

We are consistently continuing the 

development of Vienna AirportCity 

this year. One particular focus is 

on expanding the range of services 

for our tenants. For example, we 

are going into full operation with 

our Conference - CoWorkingcenter 

in Office Park 4. As part of our 

e-mobility strategy, we are also 

building a large fast-charging 

station that will be available to all 

tenants and passengers. 

86 ImmoFokus

1 

Personally, I am not quite as optimistic, since recently we have seen how 

quickly everything can change completely. 

The residential asset class will continue to dominate the market, but offices 

as well as logistics are still high in demand. Hotels are also finding their way 

back. 

According to the 19th edition of Emerging Trends (joint study by PWC and 

the Urban Land Institute), there will be a significant increase in alternative 

areas such as new energy infrastructure projects and life science projects, 

but also self-storage projects are on the rise. 

Jasmin Soravia, 

Kollitsch & Soravia Immobilien 

2 

There is no way around the topic of ESG! Although the focus is still very much on 

the „E,” in 2022 we will also have to pay more and more attention to the „S“ and 

the „G,” especially the „S“ is underestimated by many. 

Non-sustainable projects will really have problems in the future, both from 

an investor’s and a bank‘s point of view. 2022 will be a real gamechanger, 

especially for existing properties; many properties will be subject to a great 

deal of refurbishment pressure. Those will cost money and also requires a lot of 

manpower. 

4 

The consistent introduction and implementation of ESG strategies will 

continue to be seen as a key value driver, as well as the digitization push that 

the industry has received. However, I believe there is still a lot of room for 

improvement. 

The industry will also be challenged to establish new utilization concepts in the 

NEW NORMAL. It can be a pioneer here in terms of how people will live and 

work in the future. 

3 

Can the market afford rising interest rates? 

Inflation fears are driving many investors into real 

estate. Yields are already over 3 percent these days, 

especially in the residential sector. 

Nevertheless, the financial sector plays a crucial 

role in the transition to a sustainable economy - this 

concerns both institutional investors and banks. 

In any case, sustainable products/projects will 

receive lower-cost financing. Institutional investors 

will have to meet their clients‘ increased demand 

for green investments and will thus pay „better“ 

returns than for non-sustainable projects. „Harmful“ 

projects that do not meet ESG criteria will face 

real problems in the future, which will have to be 

urgently addressed. 

The shortage of skilled workers will also dominate the year 2022 - the battle for 

the best minds will continue. # 

Affordable housing will also be a major issue dominating the future. 

5 

2021 was our first full year as Kollitsch & Soravia, which started really well with five new acquisitions, and we want to continue this in 2022. 

In the Kollitsch Group, we are very much concerned with the topics of sustainability, digitalization and innovation - we will continue to place a 

great deal of focus on these in 2022, mainly because otherwise, we will no longer be competitive. 

The main focus of the Kollitsch Group is on housing, which will remain our main asset class. Here we attach great importance to high quality and 

try to broaden and diversify our position. 

The Kollitsch Group is one of the most attractive employers in Carinthia. We have strongly engaged in integrative teams as well as „new 

leadership.” Social commitment and social responsibility are essential to us and will also receive close attention in 2022. 


87


1 

We started the new year very optimistically, which is also reflected in our growth plans 

for 2022. For example, our portfolio is set to grow from 5 billion Euros to around 6 billion 

Euros - primarily through acquisitions and in-house developments in the area of our 

innovative and flexible office brand myhive, as well as through the further expansion 

of our Europe-wide market leadership with our STOP SHOP retail parks. We have been 

focusing on this cost-efficient and crisis-resistant asset class of retail parks with excellent 

returns for many years by recognizing the potential early on. In this respect, we are not 

surprised that retail parks have recently become the favorite of many investors. But 

demand for high-quality, service-oriented and flexible office properties will also remain 

high. 

The recent war and the resulting sanctions are clearly a risk for the general economic 

development and significant revisions cannot be ruled out. 

Dietmar Reindl, 

Immofinanz 

2 

It is evident in all markets that sustainability issues are becoming increasingly important to investors, tenants 

and the general public - and that is a good thing. Against this background, we have been addressing sustainable 

trends in our portfolio strategy for years. This is also reflected in very specific real estate projects, such constructing 

sustainable and affordable apartments in our retail parks and the expansion of our successful office brand myhive 

to include an „urban garden“ concept. Green facades, terrace landscapes, gardens and green oases in the offices 

create a feel-good atmosphere and an attractive microclimate for tenants. With our net-zero emissions strategy, we 

are making another important contribution to the fight against climate change. By 2040, we will be emission-free 

along the entire value chain. In this way, we are taking an important step in the climate turnaround and securing 

competitive advantages for ourselves in the market. 

Looking at our portfolio, we saw pandemic-related devaluations in 2020, mainly due to slightly higher market 

yields in the retail segment. However, this was offset by sustained positive valuation effects in the office segment, 

especially in Germany. In the past fiscal year 2021, we could recover a good part of these devaluations by the third 

quarter. If there are no aggressive new variants of the virus, I no longer expect any significant impact. Recently, 

there has also been more movement in the hotel segment, which was hit harder by the pandemic. 

88 ImmoFokus

3 

An ESG audit of real estate is now an essential part of larger 

purchasing processes. Although it remains difficult to 

quantify the premiums that can be achieved for sustainable 

properties, a credible ESG policy is becoming a go/no-go 

factor for investors, tenants and other stakeholders. As 

part of our sustainable portfolio strategy, we see upside 

potential for properties with high ESG standards in the 

medium to long term. 

Regarding interest rate development, we are now also 

preparing for interest rate increases in Europe before the 

end of the year. IMMOFINANZ is optimally positioned 

both for the current environment and for a domain with 

potentially rising interest rates. For example, roughly 

90% of our financial liabilities are secured against rising 

interest rates. As a large European real estate group with 

an investment-grade rating, we also have access to very 

attractive financing conditions. 

4 

ESG: Here, we see the implementation of our net-zero 

emissions strategy and thus also the assurance of 

environmentally relevant and social criteria for the 

entire portfolio as a thoroughly major challenge. At the 

same time, this is also an important competitive factor 

and future opportunity for the coming years. 

Economic growth and geopolitical development: 

At present, the forecasts for economic growth in 

the individual countries of Central Europe for 2022 

and 2023 are quite positive. However, against the 

background of the currently emerging armed conflicts 

and possible effects on gas supplies for Europe, there 

could be significant downward revisions. 

Interest rate developments: A faster tightening of 

monetary policy would have an impact on financial 

assets and tangible assets or investors‘ yield 

expectations. In addition, financing costs are the most 

important cost factor for real estate companies. It 

then depends on how solid and robust the individual 

companies are positioned here. 

5 

Our goal is to continue implementing the value-enhancing 

growth of our Group and come out of this pandemic with new 

strength and vitality. Our success is based on our clear portfolio 

strategy with crisis-resistant brands and flexible and innovative 

offerings. Our robust financial position with reliable cash 

flows and investment grade rating gives us stability, financial 

strength, and the scope for future sustainable growth. 


89


1 

Residential real estate was one of the most sought-after asset classes in 2021, which is why 

we saw a significant increase in demand and were able to successfully broker around 1,500 

apartments. This trend will continue in 2022. We expect an absolute high of completed 

apartments this year, most of which will be rented out. The high demand for rental apartments 

will thus be met by a diverse supply. In the owner-occupied sector, we continue to expect a 

considerable surplus in demand. 

2 

Compared to other investment opportunities, investments in residential real 

estate are stable even during the pandemic and therefore particularly popular. 

Low interest rates coupled with rising inflation are further fueling demand. 

Increased construction and land costs offer no scope for price consolidation. 

The topic of ESG is also omnipresent. We expect ESG-compliant residential real 

estate to be in greater demand in the future. 

The EU taxonomy or the even stronger focus on ESG will make top properties 

even more in demand. This will also lead to older, non-sustainable properties 

being increasingly modified or upgraded to meet ESG requirements and thus 

increase in value. 

Karina Schunker, 

EHL Wohnen 

3 

This is to be expected in the future, which is why certified 

properties will be in even greater demand. At the moment, we see 

no signs that interest rates will rise. If inflation remains high, a 

reaction from the ECB cannot be ruled out. 

4 

One major topic that will be with us in 2022 is the implementation of ESG 

criteria in the real estate industry. In residential brokerage, we will see the 

introduction of the “ordering customer principle” (Bestellerprinzip – meaning 

whoever orders the services of the broker has to pay)) as a particular challenge 

and expect changes in the market in this context. We assume that the supply 

of apartments will become scarcer for end customers and that rents will 

increase due to the allocation of brokerage costs. In this context, increased 

transparency regarding the broker‘s activities is therefore essential. Because 

those looking for an apartment to rent will also want further professional and 

qualitative support of experts with the real estate search, despite omission of 

the brokerage fee. Creating affordable housing with rising construction costs 

and lower land reserves, especially in urban areas, will become even more 

difficult in the future. In addition, the housing supply will decline again after 

2022, which is why activating already built-up areas through rezoning could 

offer new opportunities. 

5 

After the last very successful year in 

2021, we want to continue to serve 

our customers with a high level of 

professionalism and quality. To do 

this, we will make our processes 

even better and more efficient in 

order to provide the customers with 

an even faster service. In this way, 

we would like to further expand 

the core business and the strong 

position of EHL Wohnen in the area 

of rental and sale of residential real 

estate in 2022. 

90 ImmoFokus

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