MIPIM 2022 (21 MB)

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.
MIPIM | 2022
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