MIPIM 2023 Digital Edition

MIPIM 2023: Special digital edition for a sustainable real estate industry
Staying power in
times of uncertainty
Markus Mendel
Know-How Wir leben Immobilien. & High Quality.
Brokerage Vermittlung | Valuation | Verwaltung | Property | Bewertung Management | Baumanagement
| Construction Management
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04 ImmoFokus
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Investing in Austria
42 Turnaround on the
investment market
10
Staying power in
times of uncertainty
Interview with
Markus Mendel
28 Certifications & Co.
Orientation Guide
or Advertising Gag?
2023
MIPIM
Column
Investing in Austria
08 EDITORIAL
86 IMPRINT
10 STAYING POWER IN TIMES
OF UNCERTAINTY
Interview with Markus Mendel
22 THE STRATEGIST
Interview with Sebastian G. Nitsch
28 REAL CIRCLE #30
Certifications & Co.: Orientation Guide
or Advertising Gag?
42 AUSTRIAN INVESTMENT MARKET
48 OFFICE MARKET IN VIENNA
50 LOGISTICS / INDUSTRIAL MARKET
IN VIENNA
52 RESIDENTIAL PROJECTS IN THE PIPELINE
70 IMMOVISION 2023
Highlights and trends
Fotos: BTL Media, Gugumuck, Adobe Stock
06 ImmoFokus

Investing in Austria
Join us at
MIPIM, Cannes,
14.–17.3.2023,
stand R7.E2,
Espace Riviera
Let’s build Central
Europe together.
Real estate financing and project development requires
more than just knowledge: It requires a partner who
believes in your projects just like you do. That’s why Erste
Group Commercial Real Estate focuses its services on a
wide variety of offerings beyond just financial solutions.
Time to believe. Time to invest.
07 ImmoFokus
www.erstegroup.com/cre

Investing in Austria
You can‘t do
without it
„„Thanks to EU-
Taxonomy and ESG
criteria, there is no way
around certifications.“
Know-How Wir leben Immobilien. & High Quality.
Vermittlung | Verwaltung | Bewertung | Baumanagement
Brokerage | Valuation | Property Management | Construction Management
Wir leben Immobilien.
Vermittlung | Verwaltung | Bewertung | Baumanagement
Staying power in
times of uncertainty
Markus Mendel
ehl.at
ehl.at
ehl.at
A
t the MIPIM 2022, it was not
a great topic of conversation
just yet. In fact, few people
gave it a second thought.
After all, everyone was just happy to be back
in Cannes after a year‘s break due to Covid.
Frankly, it didn‘t come as a complete surprise
- as we all know, it is particularly easy to be
wise after the event - but on the other side of
the Atlantic, the Federal Reserve had already
sent out signals to this effect in 2021. We are
talking about the interest rate turnaround
initiated by the ECB last summer, with several
steps in quick succession. It left hardly a
stone unturned in the real estate sector.
The state of shock in the real estate investment
market, which has set in across Europe
since the summer of 2022, is only slowly beginning
to dissipate. The repricing process
is still underway, and there continues to be a
significant gap in the price expectations between
the sellers and the buyers. Particularly
in an environment characterized by question
marks and uncertainties, industry events
such as MIPIM are particularly importance.
Here we have the unique opportunity to get
together, to sound out what is possible, to
establish or maintain contacts and possibly
even to initiate deals. It is not without good
reason that the MIPIM is considered the
world’s leading real estate exhibition.
As the most relevant domestic medium for
real estate investments, ImmoFokus continues
to be present at MIPIM, of course. With
this publication, we would like to take the opportunity
to introduce ourselves to the new
participants and naturally to accompany old
acquaintances once again during their rewarding
stay in the South of France.
The special edition of ImmoFokus on the
occasion of MIPIM 2023 has a lot to offer in
any case: In a short report, we inform about
the latest developments on the Austrian real
estate investment market and venture an
outlook for the rest of 2023. We have asked
real estate investment experts on page XX for
an even closer look into the future. And in a
very personal cover interview, Markus Mendel
gives us a glimpse into his daily routine as
an investment broker at market leader EHL
Investment Consulting.
Michael Neubauer
Herausgeber
08 ImmoFokus

Investing in Austria
Join us at
MIPIM, Cannes,
14.–17.3.2023,
stand R7.E2,
Espace Riviera
Take new
perspectives on
real estate financing.
We see the big picture and manage the details
that are necessary to develop commercial real
estate projects all over Central and Eastern Europe.
Erste Group offers financing solutions for your
visions across the entire real estate value chain.
Time to believe. Time to invest.
09 ImmoFokus
www.erstegroup.com/cre

Investing in Austria
Markus Mendel
Born in Bavaria, Markus Mendel studied
business administration, specializing
in real estate and financial
services in Stuttgart and started
his career in leading German real
estate companies back in 2004.
In 2011, he then took on a senior
position at PwC, where he was
most recently a senior manager in
the Real Estate Advisory division.
He changed to EHL Investment
Consulting at the beginning of
2015, where he took over as head
of the Transaction Advisory division.
In 2020, Markus Mendel was
appointed Managing Director of
EHL Investment Consulting GmbH,
which is part of the EHL Group.
10 ImmoFokus

Staying power in
times of uncertainty
A man with endurance. „I assume that this year we will see significantly more investors from the international
sector, especially also from the Anglo-Saxon region in Austria due to the changed yield situation, says Markus
Mendel in an interview with ImmoFokus. The native Bavarian draws strength from (almost) daily fitness training.
The interview was conducted by: Patrick Baldia und Michael Neubauer
Is it true that you are passionate about
going to the gym? How do you get into
this hobby?
Markus Mendel: II think you simply need
a sensible balance to office work, the many
evening events and the frequent client
meetings over lunch or dinner. The good
thing about the gym is that you can always
go, almost around the clock and in any
weather, which makes it very accessible. In
addition, a large circle of friends also go to
the gym regularly. That makes it even easier
and keeps motivation high.
Do you go to the gym every day?
If I can, I try to. In the past few weeks, I‘ve
actually been to the gym almost every day,
always in the morning at 6 a.m. even before
the workday starts. But of course, you also
miss out occasionally. For example, when
you‘re at a trade show or an evening event
has gone on a bit longer again.
Does the gym help you with your other
great passion, motorcycling? I‘ve been
told that it can also be quite strenuous ...
It depends on how you ride. But yes, riding a
motorcycle is not only relaxing, it can also be
quite exhausting, especially if you like to ride
in the mountains and on the serpentines in
curving terrain, which is often the case with me.
So, you take holidays on your bike?
Yes. For the past 15 years, I have been going
on a motorcycle tour lasting several days
with a larger group of long-time friends
every year at the end of June or the beginning
of July. We usually head for the mountains
and often south to Italy, to Lake Garda, for
example. A tour like this is an excellent way
to switch off and enjoy the surroundings, but
you‘ll also find plenty of riding challenges in
the winding regions.
That sounds a bit risky. Has anything ever
happened to you?
It‘s undoubtedly one of the slightly riskier
hobbies. And yes, something has happened
to me before. A few years ago, I suffered
a few of fractures in a fall. Unfortunately,
something like that can happen, even if it
shouldn‘t. But I also have to say that I was
younger then and certainly took more risks
than I do now. You learn from experiences
like that.
What can you take away from the gym
or the back of the motorcycle into the
professional world?
What you can certainly take away from
riding a motorcycle is that you can go full
throttle, but at the same time, you have to
have the risk under control if you want to
last in the long term. I think this is a very
important point. In the gym, or in sports
in general, you need motivation, stamina,
and endurance to achieve your goals, which
doesn‘t happen overnight. That definitely
helps me on the job as well.
Do you have a dream bike?
I do, actually. I bought it at the end of last
year. Unfortunately, it‘s now sitting in the garage
and of course, couldn‘t even be broken
in yet in winter, but that will change soon.
How do you break in a motorcycle?
You ride a thousand kilometers at a maximum
of six and a half thousand revolutions.
To be more precise, first you go a bit easy
on the road and then, after a thousand
kilometers and the first service, you go into
full gear.
Can you still remember the first transaction
in which you played a significant role?
One of the first major transactions I was
involved in during my professional life
occurred in Germany. It involved the acquisition
of an extensive residential portfolio.
For me, it was a completely new field and
absolutely exciting. It‘s something I‘ll
always remember, and I‘m sure it sparked
my enthusiasm for the job.
MIPIM | 2023
11

Investing in Austria
How did you end up in the real estate
industry?
I have always been interested in real estate.
In course of my studies, I also focused on real
estate management and financial services
and then stayed in the field. In the beginning,
I concentrated on valuations. That‘s how I got
into it. Then I quickly moved into international
business in the transaction area.
Later, at PwC, the consulting focus became
more significant. But for me, the transaction
business is still the most exciting field in the
real estate industry.
Do you have a particular favorite asset
class?
No particular asset class. What I personally
like best are the unusual transactions. In
other words, not the tenth residential or
office property with the same pattern. That‘s
also interesting, of course, and you learn
something new with every transaction. But
especially in turbulent times on the market,
as we are experiencing right now, there are
also deals that are a bit more complicated
and complex. You have to be a bit creative in
your approach and find solutions to challenging
issues. For me, deals like that are the
cherry on the cake.
At last year‘s Expo Real, there was of a
feeling that the atmosphere in Germany
was one of disaster. The Austrian, on the
other hand, as the famous popular saying
goes, likes to say that the situation is not
hopeless but serious. Are the Germans
more pessimistic?
Well, as a German optimist, I wouldn‘t agree
with that. But I do believe that Germans
are very fact orientated. Based on the facts
and figures, conclusions are drawn, and the
mood then tips in one direction or the other.
The Austrians, as I have experienced it and
as I like it, also concentrate on facts, but
they approach things with a certain cynical
charm and therefore tend to come across a
bit more positively. But not every German is
so pessimistic that he’s ready to throw in the
towel. You can see that on the market at the
moment. Some German investors who are
active despite the current difficult market
circumstances, with whom we are examining
and also implementing transactions.
Therefore, I think it very much depends on
one’s personality - whether you see the glass
half full or half empty.
How did you come to work at EHL?
The contact came about during my time at
PwC and it was through the valuation team
at EHL. We sat down together and chatted.
Then I had a conversation with Michael Ehlmaier
and Franz Pöltl, in which we found out
quite quickly that we might be a good fit and
could do something together in the future.
As the saying goes, we then actually sketched
out on a blank sheet of paper the direction in
which the collaboration could go. And that‘s
exactly the direction it took. I still have the
paper at home, by the way.
What convinced you to make a move to
EHL back then?
I was impressed by the fact that I came from a
rather large company background, where many
things were very bureaucratic and sometimes
quite complicated, and that at EHL everything
could be decided very quickly and efficiently,
and in a highly professional manner. That was
the deciding factor; I took the job and was able
to become part of this powerful team.
12 ImmoFokus

What has been your biggest deal so far?
We were involved in the purchase of Icon Vienna
by Allianz Real Estate and the DC Tower
by Deka. Quartier Lassalle is also definitely
one of them. However, it is not only the large
transactions that attract a lot of attention
in the media that give you a lot of pleasure.
Many transactions that often go unnoticed
can make you particularly proud.
„You have to be
very fast and
efficient to be able
to do a deal off
market.“
Markus Mendel,
EHL Investment Consulting
How do you prepare for such deals? How
much teamwork goes into it?
It always depends on the way something
is being sold. It can happen in a structured
bidding process, private sale, or entirely
off market and, of course, it has an impact
on the workload. Our investment team is
genuinely the absolute mainstay and the
secret of our success because this is where
we prepare and structure what is then used
for underwriting by the investors. This has to
happen professionally and quickly.
Is it more interesting to work for the
buyer or the seller?
It can be exciting for one as well as for the
other. Of course, it is most exciting when
you initiate the deal yourself. Then we are
particularly happy.
There is probably little reason to be happy
at the moment, or is something happening
off market?
I disagree with the general pessimism that
can be discerned at the moment. Obviously,
fewer transactions are taking place. The
big names among investors, i.e., the core
capital is much more cautious than usual,
and there is a lot of uncertainty about how
the markets will develop, driven by the
continuing interest rate hikes. But we are
seeing first first-hand that a lot is happening
at a lower price level and with alternative
investors. So, the investment market has
not ground to a standstill. As is the case in a
changing market environment, new opportunities
are simply emerging and there will
be winners and losers, but the transactions
will remain.
MIPIM | 2023
13

Investing in Austria
„Of course, it is most
exciting when you initiate
the deal yourself. Then we
are especially happy.“
Markus Mendel,
EHL Investment Consulting
14 ImmoFokus

MIPIM | 2023
15

Investing in Austria
Does it take longer to complete deals in
market phases like the current one?
Transactions are definitely taking longer at
the moment. And the more time that passes,
the more can happen. This also increases the
risk of another interest rate adjustment or something
else happening. In other words, if it
usually takes two to three months on average
to complete a deal, it‘s currently perhaps four
to six. Financing in particular takes longer.
And when you are close to the finish line
at the end of the day and find out that the
financing has fallen through, that is of course,
highly annoying to all parties involved.
Is it true that some sellers only start
negotiating with secured financing?
In the current situation, securing financing
is particularly important for the seller, as it is
not uncommon for financing requested by the
buyer to end up not being approved or not approved
as planned. As a seller, you understandably
want to make sure that your counterpart,
to whom you are also granting exclusivity and
thus rejecting other investors, can also handle
the deal financially at the end of the day and
that you are not entering negotiations in vain.
At the moment, there is optimism in the
industry that something is moving with
the KIM regulation, regarding the ban on
interim financing. Do you see it that way
as well?
I think it‘s obvious that something has to
change here. If it is no longer possible for
people to acquire property, or if the KIM
Regulation creates such major obstacles,
then that is not a healthy development.
Particularly when you talk about interim
financing, this is really incomprehensible: If,
for example, you have already built up real
estate assets or an extensive stock portfolio
and thus clearly have a credit rating that can
be financed, the KIM Regulation prevents financing
from taking place if you do not have
an additional 20% equity capital, a paradoxical
situation. Although banks are allowed to
finance such borrowers to a certain extent,
this quota is exhausted relatively quickly.
What would be the impact on the market
of lifting the ban on interim financing?
First and foremost, something that was
created by regulation and hinders the market
would be abolished. However, it remains to
be seen whether the market would then be
noticeably boosted because the increased
interest rates are not exactly conducive to
transaction activity either.
Should the legislature not consider how
to help people to raise the 20 percent
equity? If one asks around, one gets the
distinct impression that above all younger
people cannot afford a loan.
To begin with, it is difficult for many people
to raise even 20 percent of their own capital.
But that‘s not the main reason why you can‘t
get a loan. In many cases, there are still
moms, dads, grandmas and grandpas who
can help out if you can’t raise this 20 percent
on your own. A bigger hurdle is the debt
service ratio of 40 percent, which may not
be exceeded. This often hinders the process
even more.
Various sources currently tell us that the
cycle of interest rate hikes should come
to an end in the first half of the year. Is
that realistic, or will the interest rates stay
higher for much longer?
I assume that we will see a few more interest
rate hikes this year, as announced. The next
one in March. Over the course of the year, we
will see at least one more interest rate step,
so we can assume that interest rates will not
only move up insignificantly but noticeably.
With what consequences?
As you know, the capital market has a
significant impact on the real estate industry,
especially in the institutional sector. And
when interest rates are higher, alternatives to
real estate investments also become attractive.
When I look at German government
bonds, for which you currently get around
2.6 percent, or bonds from the USA, which
even offer up to four percent. Not to mention
good corporate bonds. That sends clear
signals to large investors and financial intermediaries
with broad investment spectrum.
At present, they often prefer to look at more
liquid asset classes, some of which offer
higher returns than real estate. While real
„Raising even 20 percent equity
is difficult for many. But that‘s
not the decisive issue why some
people can‘t get a loan.“
Markus Mendel,
EHL Investment Consulting
estate investments will never go out of style,
they will have to offer different yields to be
competitive. After all, one must remember:
It‘s not just the brick I buy that counts, but
also how much interest I have to pay to afford
the brick or finance it.
Because you are talking about other
yields, do you see that the situation is
slowly normalizing in asset classes such
as logistics, where yields approached
those of residential properties in the wake
of the Corona crisis?
Of course, logistics properties are also in demand
again at significantly different prices.
Many investors are not only active in Austria
but also on a European level or at least in
16 ImmoFokus

WORDRAP MIT MARKUS MENDEL
Are you a
risk taker?
As long as it
is calculable
Favorite hobbies?
Riding motorcycles
and going to
the gym
Your favorite way
to drink coffee
Milk without sugar
Morning or
evening person?
Definitely
morning
person
Which book is
on your desk?
My notebook
In the next ten years,
I would definitely like to...
… Take a trip
around
the world
When you turn
on the radio in the car,
what‘s playing?
Kronehit
How did you earn
your first money?
Changing tires in a
car repair shop
If you won the lottery,
what would you do?
Treat myself to
a longer vacation
Your biggest vice?
All types
of sweets
With whom (living or deceased)
would you like to
spend an evening?
Steven Spielberg
MIPIM | 2023
17

Investing in Austria
18 ImmoFokus

German-speaking countries. And if a very
good, long-term leased logistics property in
a suitable location can now be obtained in
Germany for five percent, then it is not the
case that you can score in Austria with four
or three percent. That will no longer work.
Above all, it doesn‘t pay off if you have to
take out financing at the current conditions.
Do you think that with higher yields, we
will see other international investors and
not just mainly Germans in Austria?
That is an exciting question. I expect that
this year, due to the change in the yield
situation, we will see more investors from
the international sector than has been the
case so far. The Austrians and Germans,
who have dominated the market so far, have
been very core-oriented, or more precisely,
very conservative. If the market continues to
change and issues such as ESG become more
important, which is why old office properties
are being brought up to date or at least
to a newer standard, then classic value-add
investors will come into play. These will still
come from Austria and Germany, but also
increasingly from the Anglo-Saxon region.
We have seen fewer of them in this country
in recent years.
Because you mentioned ESG - are the
investors you work with also interested
in the S and the G?
Absolutely, not just in the institutional sector
but also with family offices and private
investors. Among other things, investors
are having a closer look at tenants. Suppose
they come across companies that demonstrably
violate environmental goals, child labor,
or the like. In that case, they think twice
about buying anyway, or at least a plan is
worked out to compensate for this deficit on
the ESG scale, i.e., to find new tenants.
Actually, several industries can be seen
unfavorably, not just arms manufacturers
and the like. For example, companies that
sell goods that have been produced in
countries with demonstrably poor working
conditions, child labor, etc....
This is true and is already being considered
very closely. It can be assumed that such
constellations will no longer be acceptable
for investors and owners in the course of the
further development of the EU taxonomy and
that the players will react accordingly. One
quickly realizes that one is in a very complex
environment in which not everything has
been settled yet. There is certainly still work
to be done here.
You said earlier that you are currently also
handling or processing new projects that
have only become available in 2023. What
asset classes are these?
These are more or less widely diversified.
There is a lot of office, and I think we will
see a lot of office transactions this year -
even more than in the last few years, when
residential was the dominant asset class. But
we will also see transactions in the hotel and
retail sectors, where very little has happened
in recent years. Of course, investors are also
interested in residential, but there is considerable
reluctance here at the moment due
to the substantial change in interest rates.
Overall, the transaction market has not come
to a standstill. Transactions are just taking
place at different price levels. There is still
the demand and the capital, and those have
to be brought together to get a deal done at
the end of the day.
Why is residential currently less in
demand from global investors?
Residential is complex. The large residential
projects that worked very well in the past in
the headwind of the market hardly exist anymore.
Those who have bought land recently
have paid very high prices for it. At the same
time, construction costs are still high, even if
the situation has eased somewhat, but not to
the extent that some had hoped. In addition,
financing costs have risen significantly.
Many project developers were hopeful that
the market environment of recent years
would continue. That is, you buy, you file,
and develop the project a month or two later
with no financing costs. That business model
no longer works. Money costs money again.
And the exit, which was estimated at three
percent, is also no longer happening or is
becoming increasingly difficult. In other
words, it‘s painful in all directions. That‘s
why there are fewer projects on the market,
„Many project developers
were hopeful that the market
environment of the last few years
would continue. That hope has not
materialized.“
Markus Mendel,
EHL Investment Consulting
and some of them are not even being built
because people know that it‘s not profitable
at the moment.
Perhaps alternative financing had also
been used ...
Exactly Suppose you financed adventurously,
for example, with short-term mezzanine capital
or often simply with variable financing
at initially favorable conditions. In that case,
many market participants are now experiencing
that the financing costs are exploding.
Is mezzanine capital now osolete or is it
getting a new boost?
It will not happen that mezzanine capital
costs will stay the same as before; they will
rather gradually become more expensive,
MIPIM | 2023
19

Investing in Austria
„MIPIM is a
fixed date on our
schedules, just
like Expo Real.“
Markus Mendel,
EHL Investment Consulting
of course. I‘m sure that some investors will
continue to be forced to tap an alternative
source of financing, and mezzanine capital is
simply one of them.
Last question: What will we see at
MIPIM? Filled halls, lots of people?
I rather believe that we will see significantly
fewer visitors at MIPIM this year, especially
also fewer exhibitors or fewer employees
of the participating companies. I hear from
many that they are going to Cannes with a
significantly reduced team. Nevertheless,
I believe that those who are there will not
be there for the fun of it, but to do business.
MIPIM is a fixed date on our schedules, just
like Expo Real, to discuss transactions and
opportunities with those present. I do expect
that we will also initiate one or two deals this
year and meet new investors as well.
20 ImmoFokus

MIPIM | 2023
21

Investing in Austria
The strategist
Quarter Fund: 6B47 launches „Althan Quarter“ as German
“6B47 Stadtquartiere I” fund. Sebastian G. Nitsch, CEO of 6B47
Real Estate Investors, on entering the world of institutional
investment products. „Urban quarters are in line with the sign
of the times and focus in particular on risk diversification,
sustainability and location quality.“
The interview was conducted by: Michael Neubauer
22 ImmoFokus

With „6B47 Stadtquartiere I“, 6B47 is
entering the world of institutional investment
products. Is the fund because, apart
from a few deals, nothing is happening on
the transaction market at the moment?
Sebastian G. Nitsch: No. The fund was
strategically planned for a long time. Initial
considerations were made long before the war
in Ukraine. With the ‚6B47 Stadtquartiere I‘
fund, we are expanding our business activities
in the direction of investment management -
an essential logical step for 6B47.
Why a fund focusing on „urban quarters“
in particular - doesn‘t that restrict you?
The strategic orientation of the neighborhood
fund is in line with the sign of the times and
focuses in particular on risk diversification,
sustainability and location quality.
We are bringing the „Althan Quarter“ into the
fund as a seed investment, which already meets
all the strategic objectives from the outset.
What is the target fund volume?
The planned fund volume of our first real
estate special AIF is 800 million Euros.
Why was the fund approved in Germany?
Our target group is investors from Germanspeaking
countries. The service KVG model we
use for our fund, has already been established
in Germany for years. Moreover, the number of
potential future investors in Germany is simply
higher than in Austria. But of course, we will
also offer Austrian institutional investors a
stake in our fund.
We are very well positioned when it comes to
ESG and EU taxonomy. Oliver Julian Huber
joined our team at the beginning of the year
million Euros with that, that‘s a different product.
For the Real Estate Club, condominium
projects are the most suitable. These are of no
interest to institutional investors.
In other words, you will go on as before …
Absolutely. Absolutely. We have seen in
recent years that if we can sell something for
a two-and-a-half percent return but, on the
other hand, get 16, 17, or 18 Euros in rent - we
would rather build rental apartments. I have
the feeling that there is no objective scientific
analysis of the fact that too few condominiums
„We will significantly expand
our quarters pipeline. Our
„neighborhood share“ is already 58
percent of our total floor space.“
Sebastian G. Nitsch,
Real Estate Investors AG
Fotos: @Rizar.Photo
Why as an open-end fund?
To be able to successively add further neighborhood
projects with a high residential share
in the Core and Core Plus risk classes to the
portfolio. This means the investments will
focus mainly on prime locations in Austrian
and German metropolitan areas.
We will significantly expand our quarters pipeline.
We already have a “neighborhood share”
of around 58 percent of our total floor space,
which will probably be around 75 percent or
higher in just a few years‘ time.
Can we see quarters as a new asset class?
Until now, quarters was not considered as a
separate asset class. Now it is an asset class in
its own right and is particularly attractive for
institutional investors for reasons of risk diversification.
And as far as I can assess the market
at the moment, we are the only providers who
can already come up with a high-class quarter
as a seed investment.
as Head of Corporate Sustainability & ESG.
His main task is to develop our strategic focus
on sustainability for the entire Group in all
countries and also to forge this ahead at the
project level. He is also the contact person for
topics such as EU taxonomy, ESG reporting and
building certification.
Does this mean the end for the 6B47 Real
Estate Club?
The Real Estate Club was founded to give investors
the opportunity to make very transparent
real estate investments together with a professional
investor. This direction has not changed.
You have to look at the Real Estate Club in asset
class-specific terms. Our Real Estate Club is
what brought us here. We value it very much
and have had 13 years of good experience. It
always depends a little bit on the asset class and
the size. If I have a large international fund and
say we‘re building a pipeline of three hundred
have been built. Some developers may now
change their minds because the return on sales
is now three and a half percent, but the rent is
15 Euros - roughly corresponding to a capitalization
of five thousand Euros per square meter.
However, I currently achieve a higher average
price per square meter in individual apartment
sales.
Given the troubled situation - war in
Ukraine, high interest rates, sharply rising
construction costs - is this an ideal time for
the fund?
Of course we have asked ourselves this question.
The fund offers the historic opportunity to
leave the neighborhood as a neighborhood and
not to sell off the separate sections individually.
Were individual sales up for discussion?
In times like these, you calculate and think
through every scenario. Despite a large number
MIPIM | 2023
23

Investing in Austria
of attractive buying offers, we decided not to
sell the Althan Quarter with its four project
sections, the residential buildings Sophie and
Joseph, the hotel, and Francis as the centerpiece.
If we had removed the residential section
and switched to individual apartment sales, we
might have earned more on this one section.
We are taking this step not only because we
do not want to let the property out of our
hands but also because of very sober economic
facts: The high demand for high-quality space
and the established location in the heart of
Vienna are the ideal prerequisites for a positive
performance.
The focus was on strategic considerations:
Do we, as 6B47 want to take this next step of
evolution and develop into an investment
and asset manager? I believe that after 13
years and with over 80 projects, we have
already proved our project development
competence. In order to be able to offer our
future investors the best possible investment
and asset management services, we are
launching our fund together with Jones Lang
LaSalle Asset Management GmbH, which
already has many years of experience in this
field. The fund is administered as a service
KVG by IntReal, International Real Estate
Kapitalverwaltungsgesellschaft in Hamburg,
the German market leader in this field. As a
team, the ideal trio.
What is the minimum designated denomination?
In principle, the Core or Core Plus segment is
designed as an open-end fund for professional
and semi-professional investors. The minimum
denomination is twenty million Euros.
If I could wish for something as 6B47, it would
be more in the direction of a club deal, six to
eight or perhaps ten institutional investors
with tickets of around fifty million Euros.
What rate of return can investors expect?
The Internal Rate of Return, which we
currently calculate over ten years, is seven to
eight percent. The distribution yield will be
above four percent.
Are there already potential investors?
We have not yet started funding. Initial talks
are planned for the MIPIM. But I am sure we
will be fully financed when construction is
completed in 2024. We are beginning extra
early. Even if institutional investors aren’t
currently making any decisions, they are
thinking about where they want to invest and
how they want to allocate.
24 ImmoFokus

Is everything going according to plan with
the subprojects?
Everything according to plan. We are even a
little ahead of schedule.
Is it because other developers have stopped
their projects and the construction companies
have spare capacities?
You‘ll have to ask the construction companies
about that. Of course, we are pleased to be on
schedule and within budget.
How do you assess the current market
situation?
It‘s like skiing in the fog. That means we have
to remain flexible in our knees and perhaps
also be prepared to make a sharp turn to the
left or the right because we don‘t see the tree
until very late. I haven‘t always considered
everything to be rosy. But I also don‘t see
everything quite as pitch black as many
others do. At the moment, I prefer to remain
below the radar and see what opportunities
are out there.
We are not active only in the acquisition,
market participants are also approaching
us. We‘ve also offered one or two mezzanine
capital funds to come in as developers on
existing projects to work out a joint compensation
model. The worst thing that can happen
6B47 Real Estate Investors
6B47 Real Estate Investors is an internationally oriented real estate developer
based in Vienna with offices in Düsseldorf, Berlin, Munich, and
Warsaw and focuses its business activities on metropolitan regions in
Austria, Germany, and Poland. The company currently manages a project
volume of around EUR 2 billion, making it one of the leading providers
in the sector in Austria, Germany, and Poland. The services cover the
entire value chain, from project development to realization and utilization.
The company‘s business model also includes real estate financing as an
integral part of project development.
www.6B47.com
MIPIM | 2023
25

Investing in Austria
to an investor is a half-finished product. some
projects that are bequeathed to the funder because
the project developer is no longer there.
That‘s where you have to find joint solutions.
The most important thing is that the building
is finished. We are flexible in this respect and
have sufficient capacity to look at projects to
bring them to a successful conclusion for all
parties involved.
Do you see any easing in land and construction
prices?
We will not see any drop in construction
prices. With eleven percent inflation, stable
construction prices are almost impossible
anyway. Construction prices will not fall to
pre-crisis levels. I‘m sure about that. That will
not happen. We are living in a triangle of sales,
land, and construction prices. Land prices
are always the slowest to react. That‘s why the
sellers often don‘t want to acknowledge what‘s
happening in the world. I think, as always, the
profit is in the purchase.
Have you noticed any distress sales on the
market?
Since Covid, everyone has been waiting for
bargains. I haven‘t seen any yet. The real
bargains are not here yet. My background is
in quantitative equity analysis. Dangerous
market situations are always when prices rise,
but volume dries up. Why is that? Because
the seller is not getting what he wants, and
the buyer is unwilling to pay what the seller
wants. Then nothing happens for a while until
someone moves. And that standstill is causing
the liquidity crunch across the industry right
now.
Liquidity is probably the most sacred commodity
of all. Right now, you can‘t rely on anyone.
It used to be that decision makers made deals
knowing that their boards would approve
them. Today, you can‘t rely on any board.
Everyone evaluates the framework differently.
Althan Quarter
On the 2.4-hectare site around
Franz-Josefs railway station, a
completely new urban district
center is being created - unique
in its kind - the Althan Quarter.
Here, offices, co-working spaces,
gastronomy, local suppliers,
stores and service providers,
high-quality apartments as well
as a hotel and a parking garage
will all find their place. This sustainable
mix on approximately
130,000 m2 of gross floor space
will enable contemporary, urban
living with minimum necessary
travel. This saves time and
energy - and creates an aboveaverage
quality of life.
26 ImmoFokus

That is absolutely justified. But we‘ve also
experienced notary appointments where
the buyer didn’t show up. Today, more
than ever, the good old business caution
applies: the deal is not done until the
ink is dry and the money is in the bank.
We don’t see significant transactions at
the moment. The institutional investor
in particular is very much expectation
driven. Bets are being taken on whether
or not you will soon see a four percent
prime rate. Ask three banks, and you get
four opinions.
... and if I ask you?
My bet stands at 3.75. The question is,
how fast will the peak be reached? I‘m
one who prefers to rip the Band-Aid
off quickly rather than slowly. Once
you reach that peak, the expectation is
already going back to, „How fast are interest
rates going down?“ That stimulates
financial markets.
Whether it takes one, two, or three
steps is up to the ECB. If you analyze the
past ECB steps carefully, the last step
was usually the one that was too much,
according to experts from the Financial
Times, among others.
To return to our fund: Currently, there
is a historic opportunity to buy three
hectares of building land projects in
the heart of the most stable real estate
market in Europe. Whether we will see
investor reluctance here because of an
interest rate peak that may last twelve
months - the next few months will tell. I
don’t think so.
Sebastian G. Nitsch
Sebastian G. Nitsch has been at the helm of 6B47
Real Estate Investors AG since September 2020.
The native Viennese has been a member of the
management team since 2010 and a member of
the Board of Directors for Corporate Finance and
Investor Relations at 6B47 since 2013. Since 2016,
he has been responsible as CFO of the entire
group of companies.
Before joining 6B47 Real Estate Investors AG,
Nitsch spent five years on the management
board of the Dekron Group, where he was primarily
responsible for investments in companies in
the field of mergers and acquisitions, as well as
driving the creation of real estate funds and the
project development of commercial and retail
properties. Prior to that, he started his career as
a board member of an asset management company,
where he worked for nine years.
Dedicated to Real Estate,
focused on solutions.
Advisory | Assurance | Tax | Legal | Digital
www.pwc.at/real-estate
„PwC“ bezeichnet das PwC-Netzwerk und/oder eine oder mehrere seiner Mitgliedsfirmen. Jedes Mitglied dieses
Netzwerks ist ein selbstständiges Rechtssubjekt. Weitere Informationen finden Sie unter pwc.com/structure.
MIPIM | 2023
27

Investing in Austria
Real Circle
#30
Orientation Guide
or Advertising Gag?
Certifications & Co. At the 30th Real Circle, hosted by ERSTE BANK, ERSTE Immobilien KAG, IMMOunited,
PwC and ImmoFokus, the agenda included a topic currently the subject of lively discussions in the real estate
industry: Certifications.
Authors: Patrick Baldia, Gerhard Fritz, Lisa Grüner, Rudolf Oezelt und Heimo Rollett
D
o we really need them? If we
do, which ones are suitable
for whom? Do they have any
influence on the valuation of
real estate? How meaningful are they at the
end of the day? And: do they protect against
greenwashing? We are talking about certifications
that document the ecological, social
and economic quality of buildings. There are
now countless of them. However, it‘s not just
the different distribution and inconsistent
standards of the various certification systems
that raise questions. It is their significance in
times of new developments on the regulatory
side – namely, the EU taxonomy. There was
plenty to talk about for the selected real estate
professionals who attended the event in the
Winter Garden of the Erste Campus at the end
of February.
Certifications are important
„Building certifications play an important
role, on the one hand, for society, on the
other hand, to achieve the goals of the EU
taxonomy, to collect and assess data and to
generally improve the planning process,“ states
Elisabeth Sardy-Rauter, Senior Manager
in the Construction & Real Estate division
at Ernst & Young in Group A, at the start of
the summit. Michael Herbek, Head of Project
Development at BUWOG, notes that in the
past, certifications were not so relevant for
real estate developers, but they were for the
investors and the global exit. „Especially in
commercial real estate, certifications are a
must, but we also observe this development
in residential construction. In the future,
certifiers will have to deliver an offer to be
able to handle the whole range correctly and
transparently for the developer,“ Herbek
says. „The ideal would be a certificate that
can make a statement in several directions,
i.e., for different stakeholders, e.g., the developer,
the investor and the end customer/user
(tenant/buyer) because the latter are also
increasingly asking for sustainable quality
features.“
Markus Huber, Managing Director of CC Real
Project Management, questions the relevance
of certificates. „I am divided on this issue,
CC Real is a portfolio holder with its own
properties, and I am an ÖGNI auditor and an
EU Taxonomy Advisor. The topic is becoming
increasingly relevant among our owners and
customers. Also, the question of investing for
„S“ in ESG can be discussed with owners now;
in the past, the additional equipment in the
bike room was already a problem. Wien Mitte
and Millennium City were recently awarded
a DGNB Platinum certificate. It shows that
although owners have already received a
good rating, they are still interested in further
improvements. When applying for financing,
the first question is which certificate to aim
for and to what extent the building meets the
EU taxonomy. In the case of new buildings,
the verification is easier; in old or existing
buildings, the biggest problem is the lack of
building data.“
Data and links
Anna-Vera Deinhammer, responsible for
International Relations and Municipalities at
ÖGNI agrees and adds, „We have been aware
28 ImmoFokus

„Certificates assure that
sustainability and EU
taxonomy have been
mapped correctly.“
Anna-Vera Deinhammer,
ÖGNI
of the topic of certification with this intensity
for a year now. Pre-certificates now play a
big role; they show whether a building is EU
taxonomy-ready at all.“ Deinhammer finds
Herbek‘s idea of a certificate for different stakeholders
interesting. „All the data you need
for a building is there, after all, but not everyone
is interested in everything. Whoever
does the risk assessment for financing is
necessarily interested in something different
than the end customer.“ What‘s important
about the certificates is quality. „ÖGNI and
DGNB are expert opinions for which the
advisers and auditors are responsible. You
can see through the financing issue that no
one wants to produce stranded assets, so the
market is paying a lot of attention to that.“
Uncertainty in the real estate market is high
because the EU Taxonomy Regulation has
not yet been defined. Only the criteria for the
so-called „Substantial Contributions“ for the
first two protection goals have been formulated.
„Certificates also have their limitations,
as they are a snapshot of the condition of
the building at the date it was just tested.“
„Financing large
volumes without
certifications is no
longer possible today.“
Roman Eisenmagen,
Erste Bank
MIPIM | 2023
29

Investing in Austria
In addition, Huber adds that certificates for
existing buildings have limited validity, and
you have to keep renewing them, whereas in
new construction, they are valid indefinitely,
even if standards change in ten years.
Renewed assessment after ten years
Deinhammer takes a critical view of this: „It
would make sense, due to the volatility of the
specifications, to also check new buildings
again after ten years and to certify them again
to gold, platinum or crystal with update measures.“
Sardy-Rauter raises the question of whether
it is not enough to build according to the criteria
of the EU taxonomy or whether it is not
possible without certificates. Herbek thinks
certifications make life easier in the long
run because only one document is needed to
show that the taxonomy has been followed.
„It‘s more efficient for all parties involved in
providing proof. In new construction, it‘s important
to have the documents handy. In this
context, you should also consider the topic
of digitization and look at how BIM, certification,
documentation, etc., can be brought
together,“ says the department head.
Making work easier
Deinhammer intercedes and finds linking
certificates and BIM interesting for the
auditors‘ workflow. „It‘s similar to digital
„In valuation, we can
only represent what
the market rewards.“
Wolfgang Fessl,
Reinberg & Partner
construction permit applications to the city.
It makes the work easier and makes it comparable.
The fact that you can look up the EU
taxonomy yourself is undisputed, but a certificate
issuer or an auditor is not an integral
part of the project team; that‘s someone from
the outside, like a referee, who ideally accompanies
the entire planning process and improves
the process quality. It‘s already easier
if you can refer to a scheme or use the swarm
intelligence of a certificate if you want to
achieve platinum, for example.“ Huber sees it
the same way. „An independent review is important
when you want to sell the property.
Any buyer would question a self-assessment.
In addition, it also makes it easier for the
project team, and it simplifies the process.
Furthermore, the DGNB is already working
on an integration to be able to assess the EU
taxonomy compliance together with certification
in the future.“ Deinhammer also sees
it as a case of mapping the EU taxonomy in
the certificate. „Across Europe, a data frame
is being considered, and the data will have
to come from external auditors. Regarding
content, we are preparing to collect as little
30 ImmoFokus

„A certificate that can
make a statement for
different stakeholders
would be ideal.“
Markus Herbek,
BUWOG
data as necessary for as much information
as possible. Our auditors share with us their
practical experience regarding the technical
criteria of the EU taxonomy; this knowledge
is collected by the ÖGNI team and reported
„Positive feedback is
necessary to motivate
property owners to make
and implement a ‚green‘
roadmap.“
Anna Geher,
Otto Immobilien
back to Brussels via think tanks. Another advantage
of participating in certification is that
you are part of a big family, and the wealth of
experience benefits the overall quality.“ Herbek
confirms the importance of monitoring
projects to achieve sustainability goals.
Challenge: Certificate jungle
„The topic of ‚building certifications and
ESG‘ has generally been with us for the last
three or four years,“ Nadja Hafez, Managing
Partner ADEQAT Investment Services, opens
the Group F discussion panel. The legislative
cornerstone of the EU Taxonomy Regulation
and Disclosure Regulation establishing categories
of ESG financial products for the first
time provides a clear framework. „But we
can see that building certifications do not yet
automatically meet these taxonomy regulations.“
It would be desirable, the panel quickly
agrees on this point, if there were standardizations
in the market - rather than this jungle
of certificates. Not every asset class is affected,
as Matthias Nödl, Senior Counsel Cerha
Hempel, critically notes, „I am mainly active
in residential construction and leisure lodging.
Apart from the large new construction
projects in these areas, this topic is still in the
very early stages.“ As a result, he says, there
is a lot of uncertainty among many clients,
some of whom may be under the impression
that „you need a certificate to be successful.“
Sometimes only the costs are seen, but not
the advantages.
„Is there a general need for certificates? If so,
shouldn‘t it be standardized?“ Gerald Kerbl,
tax consultant and partner TPA, asks the discussion
group. At the moment, everything is
directed at the investor, whether it is ÖGNI,
DGNB, BREEAM or LEED. Among Germans
right now, unsurprisingly, we see mainly
DGNB and ÖGNI. Where ÖGNI is a bit ahead
regarding certificates: ÖGNI certificates are
the only ones that have directly or were the
first to manage to have an EU taxonomy certification
add-on to it. In a nutshell, „In the
large-volume institutional sector, certificates
have been the norm for some time.“ „Also in
new residential construction,“ notes Gabriela
Hauer, Head of Real Estate Clients in ERSTE
BANK‘s Commercial Housing team. „It is
MIPIM | 2023
31

Investing in Austria
„Among our owners and
customers, the topic of
certification is becoming
increasingly relevant.“
Markus Huber,
CC Real
„Certificates are too
building-specific and
need a wider scope.“
Nadja Hafez,
Adeqat
„Our customers are private
investors. A certificate
according to ÖGNI is completely
irrelevant to them.“
Peter Karl,
Erste Immo KAG
significantly more difficult in existing residential
construction.“ Erste Bank is committed
to „green“ new financing, she said. Large
projects have also been certified in the past.
Hauer also advocates standardization: „Standardization
would make many things easier.“
Are certificates too building-specific?
„Certificates are too building-specific and
need a wider scope,“ Hafez brings a new
aspect into the discussion. ESG issues will
increasingly factor into valuations. „We are
at the beginning of the discussion,“ notes
Anna Schimmer, an attorney at PwC Legal,
„What is sustainable is, after all, very much in
flux. What is green or considered sustainable
today may be judged differently tomorrow.“
All certificates have one shortcoming, and
that is they lag behind technical developments.
Nödl comments, „This is inevitably
the case. Technical developments quickly
overtake regulations. Ö or DIN standards, EU
standards - everywhere the regulations are
not up to date.“
„The many different certificates lead to a considerable
amount of consulting expenses,“
says Schimmer. „There are details about EU
taxonomy compliance, cost/benefit assessments,
and investment as well as the improvement
requirements.“ Increasingly, green
leases are also being discussed but rarely concluded.
After all, how could non-sustainable
use be sanctioned? Schimmer sees mainly
positive incentives here. „It‘s about creating
incentives.“
Pressure is increasing
“The practice in contract drafting clearly
shows that negative consequences for violating
any specifications in that direction find
virtually no consensus. This often results in
failed deals, because many negotiating parties
say. I will rent something else which is
cheaper or where I do not have this contractual
penalty or negative consequences. With
rental agreements, it is generally difficult to
establish sanctions,” the PwC legal expert
continues. Many leases already contain a
variety of contractual penalties that hardly
have any effect. Generating grounds for termination
from this is difficult.” “International
corporations that I have had the privilege
of assisting nevertheless stringently enforce
this,” Kerbl notes. “There is actually an understanding
of ESG within the group, and it
is included in every contract. We’ve had more
than one discussion with tenants, and one
or two lease negotiations have broken down
because the tenant said, ‘I’m not interested in
working on your future ESG concepts out of
the blue.
For Hafez, at least, it’s clear that there will be
more pressure to comply in the future. “The
question at the end of the day will always be:
Who pays for it? Who pays the consequen-
ces or the certification? Who pays for the
investments needed to obtain certification,”
concludes Nödl.
Do certificates have an expiration date?
“Whether certificates are the end of the line
is not yet clear. Perhaps we will see relevant
monitoring instead. The only clear thing is
that the topic of sustainability will continue
to accompany us,” says Roman Eisenmagen,
Head of Commercial Housing at Erste Bank,
summing up the fundamental tone of Table
D quite well. For example, Stephan Pasquali,
Managing Director of New Construction at
3SI Immogroup, also considers it possible
that certificates could be replaced by another
monitoring tool. Currently, certificates
are still the best standard recognized on the
market.
However, the certification process, especially
for smaller companies that do not employ
their own experts, definitely involves some
effort, Pasquali added. “But if the cooperation
with the auditors works, then you also get
constructive input - for example, regarding
sustainable design options,” he suggests.
Why do certificates, as they are currently
known, have an expiration date? Wolfgang
Fessl, managing director and partner Reinberg
& Partner Immobilienberatung, believes
that they will be obsolete in the foreseeable
future for one reason and will have to be re-
32 ImmoFokus

placed by another instrument or developed
accordingly, “The long-term goal must be
the circular economy, and here we will need
different guidelines than those on which certificates
are based today.”
Crucial for financing
But is it even possible without a certificate
today? “The larger and more professional a
company is, the less it can do without certification.
The more it goes in the direction
of medium-sized businesses or apartment
sales, the more likely it is that you can get by
without,” says Eisenmagen, only to add, “Financing
large volumes without certifications
actually doesn’t work anymore.”
“In the investment sector, nothing works
without certificates. EU taxonomy is also becoming
increasingly important there,” says
Kerstin Robausch-Löffelmann, Managing
Director for Development at Value One. For
domestic developers, one would have all projects
certified without exception. “We often
have them pre-certified, which gives us proper
guidelines we can follow,” says Robausch-
Löffelmann. Additionally, “It really pays off
in terms of financing.”
“I see the basic error of our thinking as being
that it’s always just about being a bit ahead of
the competition,” says Fessl, addressing an
important point. In reality, this is entirely irrelevant.
The question is not where I want to
go next but where we have to go. And that, as
I said, is the circular economy. “Now we have
to take all the small, unpleasant steps to get
there eventually,” Fessl says.
Penalties for greenwashing
Anna Geher, head of real estate valuation at
Otto Immobilien, also believes a change in
thinking is needed. “Energy costs are rising,
and we’ve budgeted for that, but we haven’t
„Building
certifications are
important to collect
data and improve the
planning proc.“
Elisabeth Sardy-Rauter,
EY
Real Success
for
M E E T U S
@ M I P I M 2 0 2 3
S TA N D N R .
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Real Estate
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Wir lassen Immobilien wachsen und Zukunft entstehen. Mit Leidenschaft zur Immobilienentwicklung
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MIPIM | 2023
33

Investing in Austria
budgeted for the climate protection roadmap,”
she says. It’s a matter of thinking more
long-term, she adds. At the same time, she
also believes positive feedback is necessary to
motivate property owners - both private and
institutional - to create and also implement a
roadmap. “But there should also be negative
feedback in the form of penalties for those
who, for example, use certificates only for
greenwashing,” Geher maintains.
More than any other measure, Robausch-Löffelmann
would like to see “much more clarity”
from lawmakers. “We don’t know where
the EU taxonomy is heading and what it will
cover since the relevant guidelines have not
yet been defined,” the expert explains. At
Value One, we therefore assume that projects
will have to exceed the current requirements
by 30 percent so that the properties will still
be valuable in ten or 15 years.
Do certificates play a role in the valuation?
Expert Fessl sees parallels with energy certificates.
He says everyone believed they would
bring something when they were introduced.
“Both on the market and in valuation, however,
no one was interested,” Fessl claims.
Precious metal plaques would also have stood
out in the market initially. However, they
would not have played a role on the valuation
side, only on the marketing side.
Better property, more expensive
“In the valuation, we can’t say, ‘This is a gold
or platinum certificate, and this makes so and
so much.’ We can only show what the market
is willing to reward. And if it doesn’t reward
it because there are enough buildings on the
market with plaques, then that’s just how it
is,” Fessl explains. At the end of the day, he
says, it comes down to the better property.
“And that is only partially expressed in criteria
such as energy performance indicators,
but more often than not, it’s the credit standing
of the tenant or the location. “If a building
sold for more, it’s usually because it’s the
better property,” Fessl sums it up.
“I see it in a more differentiated way in that
we also have a feedback loop with the EU
taxonomy for projects that are taxonomy-
„Green leases are also
increasingly being
discussed. International
corporations are stringently
following through.“
Gerald Kerbl,
TPA
34 ImmoFokus

„Financing might get
even cheaper with
‚sustainability-linked loans‘
than with ‚green loans‘.“
Tomas Tischler,
ÖRAG
„In institutional new
residential construction,
certificates are
now the norm.“
Gabriele Hauer,
Erste Bank
„There is a need
for binding regulations
that must also be
adhered to.“
Anita Körbler,
trovato
eligible,” Geher replies. She is not in a position
to quantify how this will be reflected in
the valuation. “Probably not yet,” she says.
But it will undoubtedly have an impact on
the values in the future. She says the feedback
mentioned does not exist at all with the
energy certificate. “That’s why it didn’t make
any difference whether it had an A or a D on
it,” Geher explains.
Voluntary certificates remain
“Voluntary certificates are by no means
losing their importance due to the EU taxonomy.
Since they are not in conflict with the
EU taxonomy,” says Thomas Tischler, board
member of ÖRAG, in the context of the discussion
in Group G. “Real estate without certification
and EU conformity will be unable to
be financed or exploited in the future. In the
long run, it will even be possible to finance
more favorably with ‘sustainability-linked
loans’ than now with ‘green loans’,” he adds.
Alfred Ripka, Director of ESG Regulation and
Audit at PwC, is convinced that the criteria
behind the certificates will have to adapt to
the EU taxonomy. The certificates will do
their utmost to ensure they also meet the
requirements of the EU taxonomy. However,
this does not mean the EU taxonomy will
replace the certificates for Fabian Weyss, Architect,
Project Development Manager DLH
Deutsche Logistik Holding. “The free choice
between certificates will continue to be decisive.”
However, there is no way around
adjustments.
Adjustment necessary
Ripka reports customers who have little understanding
that a building that used to be
platinum-certified suddenly no longer complies
with the EU taxonomy. “The criteria of
the certificates need to be adapted or aligned
with EU requirements,” he says. But he also
sees that the EU criteria are constantly being
adapted and tightened.
The provisions of the EU taxonomy are going
in the right direction, but one can see that
technical expert groups are developing the
conditions. “They see what is technically
possible today, but they can’t judge whether
that is realistic or what it will cost. But it looks
good on paper.” Fundamentally, he doubts
that the EU’s plan to make all buildings green
will work. For existing buildings, taxonomy
compliance will be challenging to establish.
“A building with a glass façade can only be
made climate compliant with immense investment.”
“Even in new construction, there are limits
that can’t be crossed,” Weyss cautions. Ripka
is convinced that buildings that do not meet
the strict requirements can still be financed
in the future, but there will be different
conditions. “However, it is not forbidden to
construct buildings that are not taxonomy
compliant.”
Data needs structure
Another problem with existing buildings is
insufficient data: “Often there is too little or
too inaccurate data. In many properties, there
is only one meter and no sub-meters,” says
Tischler, directing the discussion to the topic
of data. He is convinced that the first step is
to invest in data collection. Only then do you
have a basis for developing strategies. For Manuel
Oberaufner, Head of Product Development
at IMMOUnited, the question is where
the data comes from and how to bundle it.
“There will still be a lot of development work
to be done here; we are still at a very early
stage.” For him, data collection is one thing,
and structuring is another. “Optimally, you
will be able to monitor the data in real-time.”
For reporting, however, much more data will
be needed in the future, he says, but opportunities
can arise from this. Much of the data is
currently analog, on paper or lists. “Solutions
that automate, digitize and compile data are
the challenge facing companies. Because
numbers are becoming increasingly relevant
for companies to manage,” the expert sums it
up.
In the future, many companies will also
have to deal with the issue of mandatory
reporting. “Since 2016, there has been the
‘Non-Financial Reporting Directive,’ which
all companies with more than 500 employees
must report. From 2025, the ‘Corporate
Sustainability Reporting Directive’ will oblige
all other large corporations to produce annual
sustainability reports,” Riepl explains.
Reporting will drive corporate strategy, “but
it will only look at what needs to be reported
because you can then sell yourself better.”
MIPIM | 2023
35

Investing in Austria
„At the moment,
certificates are still
the best standard
recognized in the
market.“
Stephan Pasquali,
3SI Immogroup
„In the investment sector,
nothing works without
certificates. EU taxonomy is
also becoming increasingly
important there.“
Kerstin Robausch-Löffelmann,
value one holding
„We would like to see
a standardized building
certification like the
‚sticker‘ for cars.“
Sebastian Sturmer,
Erste Immo KAG
Standardization is the order of the day
For Franz Pöltl, managing partner at EHL
Investment Consulting, standardization is
the name of the game when it comes to certifications.
“This is also what many market
participants expect from the EU taxonomy.
Especially on the part of developers, who cannot
know to whom they will ultimately sell.
Every investor has his own ideas,” he says.
Wolfgang Scheibenpflug, Head of Real Estate
and Location Management at the Vienna Airport
(Flughafen Wien AG), sees himself in a
unique position: “We don’t sell. We develop,
build and operate the properties ourselves.”
For the airport, the question is not who will
buy the real estate if the worst comes to the
worst.” However, in the competition between
locations, a certificate is in high demand
among international tenants. “For this reason,
we had the Airport City certified according
to ÖGNI as the first neighborhood in
Austria.” For them, it was not enough to certify
individual buildings. It was an important,
correct step because more and more tenants
- not just since the sharp rise in energy prices
- are asking for certifications and energy
figures. The fact that the airport has been
CO2-neutral since the beginning of the year
is another logical step toward sustainability.
“Since we don’t have any investors or sell internationally,
we decided very early on to get
the ÖGNI certificate. It has a high value and
„The free choice between
certifications will continue
to be crucial.“
Fabian Weyss,
DLH Estate Austria
is ideally suited for our purposes,” explains
Scheibenpflug.
On the rise: Residential
building certificates
“Certificates are also very much on the
rise in residential real estate,” notes Karin
Schmidt-Mitscher, division manager for residential
construction at Erste Bank. “Without
certification, it will soon no longer work in
residential construction. This applies both to
financing and to residential construction as
an investment product.”
“Our customer is the private investor. He
doesn’t care about a certificate, according
to ÖGNI. He knows the eco-label from some
products in the supermarket,” says Peter Karl,
Managing Director of ERSTE Immobilien
KAG, explaining why his company’s large
retail funds are adorned with the eco-label.
The exciting question for him is, “Which certificate
will I use in the future?” He says the
EU taxonomy will set a new standard sooner
or later. “Like the sticker on cars,” Karl notes.
“There are uniform standards there - no different
weighing. If everything is okay - you
get the sticker. If it’s not, you don’t.” What’s
binding, however, is that the sticker comes
from a specialist workshop. “It doesn’t matter
who does the service; it just has to be a certified
workshop. Whether it’s done by an ÖGNI
auditor or a klimaaktiv auditor doesn’t matter.”
The goal must be to make it as simple as
possible: If there’s an EU taxonomy score of
X, there’s an EU taxonomy certificate. Result:
“If there’s no certificate, we’ll see clear markdowns.”
Certificate comparison impossible
“The problem is that the individual criteria
are weighted differently - making it impossible
to compare certificates,” interjects Pöltl.
“Each certificate is a product of the region
where it originated,” adds Scheibenpflug.
Pöltl: “It’s no longer possible without it. Someone
like Peter Karl expects that ‘building
36 ImmoFokus

„For sustainability
reporting, you will need
much more data in the
future.“
Manuel Oberaufner,
IMMOunited
stickers’ will become a requirement. Who
hasn’t got – will have to stay outside”.
“In the residential sector, however,” says
Peter Vcelouch, lawyer and partner at Cerha
Hempel, “you have to distinguish between
new and old buildings. In old buildings, you
know anyway that it looks different. If someone
absolutely wants this location, this apartment,
he may accept the lack of an energy certificate
or a less favorable energy certificate.”
Weaknesses
However, the EU taxonomy also has weaknesses.
The performance of the 15 percent premium
properties in each local market is to be
used as a general benchmark. “But how is this
supposed to work without a register?” wonders
Karl. “In Slovakia, this register already
exists.” “It’s also difficult to prove the degree
of improvement in refurbishment,” Schmidt-
Mitscher adds to the discussion. Tailwind in
terms of certification, comes from soaring
energy prices. “Now everyone is really aware
that sustainability also has a very massive
economic aspect,” Karl says. The question
arises, “Are there really already so many wellcertified
residential properties that I really
have a choice?” asks Scheibenpflug.
Binding rules needed
“I am sure that the topic of certification will
increasingly affect us in the future, especially
when it comes to building in the existing
stock because we are already realizing today
that the further sealing of the soil cannot go
on. But for this to change, binding regulations
are needed, and these must be adhered
to,” says Anita Körbler, founder and managing
director of trovato GmbH, during the
Group C discussion.
“I represent the provocative thesis asking,
what will change? Probably nothing. Cer-
„A good database
is the basis of any
certification.“
Lukas Weinwurm,
IMMOunited
„Market participants hope
for standardization from the
EU taxonomy.“
Franz Pöltl,
EHL Investment Consulting
MIPIM | 2023
37

Investing in Austria
tificates and expert opinions have always
existed. It’s just that the requirements have
been raised. Possibly the thinking is that the
requirements will be lowered again to meet
certain criteria,” says Kurt Rusam, COO Eyemaxx
Real Estate Group.
„The criteria of many
certificates need
to be adapted and
aligned with the EU
taxonomy.“
Alfred Ripka,
PwC Österreich
Sebastian Sturmer, Risk Management and
Compliance ERSTE Immobilien KAG, emphasizes
how important it is for Europeanlevel
regulations to correspond with other
rules. “It is no use if, on the one hand, I am
supposed to prepare reports following the EU
Taxonomy Regulation, with data that I do not
have, and on the other hand, there is the Basic
Data Protection Regulation, which makes it
impossible for me to obtain such data,” Sturmer
maintains. Furthermore: “We would like
to see a standardized building certification
similar to the (MOT) ‘sticker’ for cars.”
„In part, only the
costs are seen in
certifications, but
not the benefits.“
Matthias Nödl,
Cerha Hempel
38 ImmoFokus

„In old buildings, too high
sustainability standards
can become a problem for
private investors.“
Peter Vcelouch,
Cerha Hempel
„The ÖGNI certificate has
a high value and is ideally
suited for our purposes.“
Wolfgang Scheibenpflug,
Flughafen Wien
„Different certificates lead
to a significant amount of
consulting work.“
Anna Schimmer,
PwC Legal
Sponsors
DIAMOND
PLATINUM
GOLD
SILVER
FOUNDING PATRON
SUPPORTING PARTNER
MIPIM | 2023
39

Investing in Austria
“For us as ImmoUnited, it is important that we
keep track of the many certificates. From what
I have noticed so far, it is often difficult to compare
the individual data,” Lukas Weinwurm,
Chief Product Officer, IMMOunited GmbH,
reports on his experience with the subject.
“The problem is - and I know this from conversations
with large Austrian project developers
- that today you can no longer sell your
buildings at all if you can’t provide evidence
of a certificate. But often the question arises,
which of the many certificates available on
the market do I take at all?” said Stevan Tomic,
Senior Business Development Manager
PAYUCA Parking Solutions, on a key point
discussed in the other groups. “It’s like this in
Austria, when you sit across from an American
investor, he doesn’t know klimaaktiv and
ÖGNI. Only BREEM or LEED mean anything
to him,” said Rosam about the certificate preferences
of US investors. At the same time, an
ÖGNI certificate has very high requirements
compared to an international certificate.
„The primary goal
must be CO2 neutrality.“
Karin Schmidt-Mitscher,
Erste Bank
„US investors only know
BREEM or LEED certificates.“
Kurt Rusam,
Eyemaxx
40 ImmoFokus

Hier geht‘s
zum Video
www.immo-timeline.at
MIPIM | 2023
41

Investing in Austria
Influence of interest
rate turnaround on the
investment market
Increasing investor enthusiasm. After a solid performance in the previous year despite many challenges,
experts expect more momentum on the Austrian real estate investment market in 2023.
T
he Austrian real estate investment
market has had busier times in the
past compared to 2022. Given the
turnaround in interest rates - not
to mention inflation, high commodity prices,
economic weakness, supply chain problems
and war in Ukraine - the transaction volume
of just over four billion Euros, which is around
ten percent down from the previous year but
still in line with the ten-year average, it is still
pretty respectable particularly because some
forecasts had assumed a significantly worse
result as a whole.
It is undoubtedly a good sign that the market
has gained further momentum in the fourth
quarter. And as the experts at EHL Investment
report, there is currently significantly more
interest in investments than in the fall of 2022.
However, the price expectations of potential
buyers and sellers are still too far apart for
deals to be concluded. „Experience shows that
it takes around half a year for a new market
equilibrium to form, so we expect a significant
increase in transaction activity again from the
middle of the year,“ said Franz Pöltl, managing
partner of EHL Investment Consulting.
Repricing continues in
the first half of the year
CBRE also expects the ongoing repricing
process on the Austrian real estate market
to continue, at least in the first half of the
year. According to Lukas Schwarz, Head of
Investment Properties, review processes and
acquisitions are currently taking longer, and
a clear focus by investors on good and convincing
assets can also be discerned. „In addition
to location and tenant structure, for example,
ESG criteria play a particularly significant role,“
he added. Furthermore, „Properties that do not
meet these requirements are not shortlisted by
investors or are only sold at large discounts.“
„Properties in weaker locations, with difficult
leasing situations or a greater need for action
concerning ESG goals, will trade at lower
prices,“ Pöltl also says. In the case of top properties,
where indexation of rents can also be
enforced, the inflation protection that real
estate is known to offer will once again attract
greater attention, he adds. „For these properties,
the price adjustment will also be limited,“
the EHL investment head maintains.
„Whether there will be a revival in transaction
activity from the third quarter onwards depends,
particularly in the residential segment, on whether
prices can adjust to the changed interest
rate level,“ believes Christoph Lukaschek, Head
of Investment at Otto Immobilien. The emphasis
here is on residential real estate. With a
share of more than 30 percent of the transaction
volume, this asset class was number one in 2022,
as in previous years. According to Lukaschek,
this was primarily due to several large-volume
sales. Office (20 percent), logistics (15 percent)
and retail (10 percent) came in second.
Further price adjustments
Where are prices headed? The restrictive
lending regulations by banks, combined with
rising SWAP rates in all asset classes, negatively
impact price development, according
to EHL. This is reflected not only in higher
interest rates but also in higher capital requirements
and risk margins. In many cases, this
leads to price adjustments.
According to the experts at CBRE, the fact
that prime yields in Austria were corrected
upward by an average of 70 basis points in
2022 - overall, office and residential buildings
were affected the most with an adjustment of
75 basis points - can even be considered moderate
compared with other Western European
countries. Further corrections are expected for
2023, although they should be less drastic. At
any rate, the prime yield in the residential segment
is currently around 3.50 percent, while
it is just under four percent in the office segment.
Significantly more is to be earned with
top logistics real estate, namely 4.5 percent.
This is only topped by shopping centers (5.25
percent) and retail parks with five percent.
Austrians dominate
Last year, Austrians were the most active players
on the investment market, accounting for
almost 70 percent of the transaction volume.
Germans accounted for 26 percent, followed
by international investors with five percent.
Overall, it was primarily special funds, project
42 ImmoFokus

developers and family offices that set the tone.
As Pöltl confirms, institutional capital, which
has been very active in Austria in recent years,
has found its way into other markets and asset
classes on a large scale, such as fixed-interest
securities denominated in U.S. dollars and
government bonds.
In any case, the share of international investors
is expected to increase further. EHL expects to
see a number of joint ventures between local
developers and institutional, well-capitalized
investors, mainly from the UK and the US, in
project development and revitalization of existing
properties in the coming months. These
investors are increasingly looking for suitable
investment opportunities. They will be attracted
not only by the higher yields but the returns
on their investment will also play a role.
The fact that international investors are
partly filling the gap left by institutional
investors can certainly speak slightly positively
for 2023. „Due to the currently robust
demand on the tenant markets and the
planned easing of real estate financing, we
are cautiously optimistic about 2023,“ says
Markus Arnold, owner, and CEO of Arnold
Immobilien. He points to the surprisingly
good fourth quarter of 2022 as „possibly a
good indication for 2023.“ „We will only be
able to make more precise assessments after
MIPIM in Cannes,“ Arnold concludes.
MIPIM | 2023
43

Investing in Austria
44 ImmoFokus

Selected investment transactions 2022
Property Type of use Size/sqm Seller Buyer
U6 Center Büro 24.800 Westcore Andromeda Exklusiv
Modecenterstraße 12-14 Büro 24.000 KGAL AKRON
Donau Business Center Büro 23.000 CA Immo Investorenkonsortium
Green Worx Büro 17.000 Union Investment ARE Austrian Real Estate
Simmeringer Hauptstraße 47-49 Büro 12.980 HIH Global Invest vivoreal
Lassallestraße 7 Büro 6.000 Zürich Versicherung AG Bank Austria Real Investment
Franzensbrückenstraße 5 Büro 2.140 S-Immo GPH
Seestadt Aspern H1 Wohnen 26.416 Wien 3420 aspern Soulier
Seestadt Aspern H5 Wohnen 24.505 Wien 3420 aspern Arch. Moser / STC
High Five Wohnen 16.860 STC/Roombuus ZBI AG
Lavater 2 Wohnen 15.970 invester United Benefits BA Real Invest
Quadrill Bauteil Memphis & Boston Wohnen 11.800 Bodner Bau BA Real Invest
Rennweg 72-74 Wohnen 9.040 Privatinvestor LNR
Dresdner Straße 90 Gewerbliches Wohnen 21.000 S+B Gruppe Greystar
Novovest Portfolio Logistik/Industrie 167.980 Palmira Soini Asset
SkyLog Logistik/Industrie 24.500 DLH DEKA
e-Log Park Vienna South Logistik/Industrie 19.000 DLH DEKA
Cross Dock Logistik Enns Logistik/Industrie 12.980 Meier Immobilien-Gruppe KanAm Grund Group
Trinity Park Linz Entwicklungsgrundstück 60.000 Privatinvestorenkonsortium Vermehrt Gruppe
Wohnentwicklungsqt. „Alvorada“ Entwicklungsgrundstück 41.000 VD Development BUWOG
Eagle Portfolio Einzelhandel 50.000 Pfeiffer Beteiligungs GmbH Soravia
Haid-Center Linz Einzelhandel 44.240 ECE Real Estate Partners institutioneller Investor
SC17 Einzelhandel 11.820 SERONE INTERNATIONAL FMZ Family Point
TLAPA Gemischt genutzt 11.560 Vermehrt LLB
Rossmarkthöfe Gemischt genutzt 9.000 SIGNA SÜBA
Mechelgasse 1 Gemischt genutzt 6.500 CA Immo Peek & Cloppenburg
Vienna Twenty Two (Bassena Hotel) Hotel 198 SIGNA / ARE Raiffeisen Immobilien KAG
MIPIM | 2023
45

Investing in Austria
46 ImmoFokus

MIPIM | 2023
47

Investing in Austria
Vienna office market
Vienna Research Forum. In the fourth quarter of 2022 take-up on the Vienna office market totaled 29,621 m² –
around 35% less than in the third quarter of 2022 and 48% less than in the fourth quarter of 2021.
T
his is what the results of the Vienna
Research Forum (VRF) show
after evaluating the current key
data of the Vienna office market.
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.
According to the Vienna Research Forum, the
largest take-up was the new lease of 4,035 m²
in the Airportcity Vienna submarket. This corresponds
to approx. 14% of the total take-up on
the Vienna office market in the fourth quarter.
Another large-scale letting was also registered
in Erdberg submarket with 2,200 m².
A total of 65 lettings were recorded in the
fourth quarter – 10 less than in the previous
quarter and 15 more than in Q4 2021.
A closer look at take-up based on type of rental
shows that 100% account for new leases and
0% for pre-lets*.
Vacancy rate is 3.9% in 4th quarter
In the fourth quarter of 2022, the vacancy rate
in the VRF portfolio of modern office buildings
in Vienna stands at 3.9%, which is 0.7 percentage
points less as in the same period of the previous
year (Q4 2021) and 0.2 percentage points
less than in the previous quarter.
The submarket with the lowest vacancy rate
was Central Station with 0.36% and the submarket
with the highest rate was Airportcity
Vienna with 13.32%
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 2022: it amounts to 5,946,993
m²**, of which 63% belong to class A and 37%
to class B real estate according to VRF standard.
Analysis Submarkets Vienna Q4/2022
Submarket name
active properties
total space
active properties total
space class A
active properties total
space class B
vacancy rate
in %
Inner Districts - CBD 2,209,865 1,015,498 1,194,367 3,3% 5.702
Donaucity 537,736 287,634 250,102 2,6% 0
Prater/Lasallestraße 752,993 667,405 85,588 4,4% 7.452
Erdberg - St. Marx (East) 677,152 570,989 106,163 4,1% 4.195
Central Station 519,820 424,754 95,066 1,0% 2.482
Wienerberg (South) 453,971 323,745 130,226 8,9% 437
North 429,392 225,317 204,075 2,6% 315
West 259,117 147,733 111,384 4,9% 4.175
Airport City Vienna 106,947 70,147 36,800 13,3% 4.861
Total 5,946,993 3,733,222 2,213,771 3,9% 29.619
take-up
48 ImmoFokus

Rentals 2022 (selected examples)
Property Size sqm Address
ISS Facility Services GmbH 6.200 m² 2; Quartier Lassalle 1
NexCo Beteiligung GmbH 5.900 m² 23; Liesinger Flur-Gasse 2c
ATOS Österreich 5.200 m² 22; IZD-Tower
Rechtsanwaltskanzlei 4.400 m² 9; Doppio Due
Austria Power Grid 3.300 m² 22; IZD-Tower
DLA Piper Weiss-Tessbach 3.300 m² 1; Haus am Schottentor
IWG Gruppe 3.300 m² 9; Francis
MSC Österreich 2.200 m² 12; Inno Center
Johnson Controls 2.100 m² 23; Brunnerstraße 81a
PSD Psychosozialer Dienst 2.000 m² 21; Grand Central
PSD Psychosozialer Dienst 1.900 m² 2; Lassallestraße 3
Nuance Communications Austria 1.800 m² 12; Euro Plaza
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 GmbH, Colliers International Immobilienmakler
GmbH, EHL Immobilien GmbH,
ÖRAG Immobilien Vermittlung GmbH, OTTO
Immobilien GmbH and Spiegelfeld International
GmbH. 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.
www.viennaresearchforum.at
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
Completions 2023
Quelle: EHL Market Research | Q2 2021
Property Size sqm Address
Quartier Lassalle 2 54.000 m² 2; Lassallestraße 5
Quartier Lassalle 1 24.000 m² 2; Lassallestraße 1
Twenty One/Innovation Hub 14.800 m² 21; Siemensstraße 87-89
Das Lebendige Haus 9.000 m² 1; Postgasse 8-10
Vienna Twenty Two (BT 1) 8.000 m² 22; Dr.-Adolf-Schärf-Platz 1
Doppio Due 6.000 m² 9; Peregringasse 2-4
F80 4.000 m² 15; Felberstraße 80
Lukoil-Headquarter 3.800 m² 4; Schwarzenbergplatz
Schreyvogelgasse 2 2.500 m² 1; Schreyvogelgasse 2
Quelle: EHL Market Research | 2023
Property Size sqm Address
VIO Plaza 22.600 m² 12; Schönbrunner Straße 230
myhive am Wienerberg, Urban Garden 15.000 m² 10; Wienerbergstraße 3-5
Gösser Halle 4.700 m² 10; Laxenburger Straße 2 B
Muthgasse 109A 3.500 m² 19; Muthgasse 109A
Quelle: EHL Market Research | 2023
MIPIM | 2023
49

Investing in Austria
Logistics / Industrial
Market in Vienna
I
n the second half of 2022 take-up of
logistics, production and industrial space
in Vienna and the surrounding area
amounted to 76,061 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 logistics and industrial market in the
second half of 2022. Another major take-up
was registered in the submarket Vienna
South with 13,877 sqm.
Looking at the take-up of space by type of use,
98 percent of the space is accounted for by logistics
space and 2 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 sur¬rounding area. It has been
updated at the end of the second half 2022 and
amounts to 5,820,053 sqm, of which 51 percent
belong to production and industrial space and
49 percent to logistics space.
The total logistics take-up incl. areas that
are not considered by the VRF amounted to
87,286 sqm.
The highest quality standards are met by 52
percent of the classified buildings, so-called
logistics class A objects, while 32 percent are
qualified as class B and 16 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.
Vienna Surr. North
Vienna North
Vienna West
Vienna East
Vienna South
According to the Vienna Research Forum
Logistics/Industrial, the largest take-up
comprised 25.200 sqm in the submarket
Vienna Surrounding East. It corresponds to
around 33 percent of the space take-up on
Vienna Surr. South
Vienna Surr. East
About the 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 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.
50 ImmoFokus

Logistics Industrial Market Vienna: Submarkt second half of 2022
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 2022
Vienna North 740,184 259,021 50,000 123,139 85,882 481,163 0
Vienna East 704,512 279,882 39,770 228,622 11,490 424,630 0
Vienna South 1,050,127 483,186 163,605 137,600 181,981 566,941 13,877
Vienna West 44,823 21,823 0 7,500 14,323 23,000 5,552
Vienna Surr. North 1,243,683 441,060 322,060 70,100 48,900 802,623 1,197
Vienna Surr. East 895,637 705,637 560,837 70,800 74,000 190,000 35,188
Vienna Surr. South 1,141,087 690,880 371,601 279,807 39,472 450,207 20,247
Total 5,820,053 2,881,489 1,507,873 917,568 456,048 2,938,564 76,061
MIPIM | 2023
51

Investing in Austria
VIENNA
1–2 Romm apts: 59 %
3 Romm apts: 30 %
4+ Romm apts: 141 %
All apartments on offer (n = 28.501)
With loggia: 27 %
With balcony: 57 %
With terrace: 26 %
With garden: 10 %
With open space: 92 %
(loggia/balcony/terrace/garden)
All apartments on offer (n = 28.796)
Apartments: 99 %
Terrace house/Duplex: 1 %
Detached house: 0 %
All residential units in EXPLOREAL (n = 50.142)
ø 50 Apartments / Project
Arithmetic average of suitable
projects (n = 993)
ø 64,2 sqm Wohnnutzfläche
Median of all residential units on
offer (n = 8.154)
ø 8,9 sqm Freiflächen
(Loggia/Balkon/Terrasse)
Median of all residential units
on offer (n = 8.154)
ø 0,77 PKW-Stellplätze / Wohnung
Arithmetic average of suitable projects
(n = 1.003)
ø Land cost share: 1.046 €/sqm
Arithmetic average of suitable
projects (n = 543)
Source: EXPLOREAL/Stand: 18.08.2022
Projects in marketing (Marketing Start 2021)
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Projekte
Projekte
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Wien 256 13.281 2,29 103,7
Wien 256 13.281 2,29 110,5
Wien 1., Innere Stadt 4 29 1,8 94,4
Wien 2., Leopoldstadt 7 1286 12,3 112,1
Wien 3., Landstraße 12 1235 13,2 108,3
Wien 4., Wieden 3 111 3,4 107,4
Wien 5., Margareten 3 38 0,7 109,8
Wien 6., Mariahilf 5 98 3,2 111,3
Wien 7., Neubau 6 150 4,8 109
Wien 8., Josefstadt 3 37 1,5 109,1
Wien 9., Alsergrund 3 45 1,1 111,2
Wien 10., Favoriten 24 1151 5,4 113,3
Wien 11., Simmering 6 542 5,1 110,4
Wien 12., Meidling 11 608 6,2 108,1
Wien 13., Hietzing 9 354 6,6 99,3
Wien 14., Penzing 17 766 8,2 107,4
Wien 15., Rudolfsheim-
Fünfhaus
7 132 1,7 111,8
Wien 16., Ottakring 10 287 2,8 110,3
Wien 17., Hernals 10 191 3,4 108,3
Wien 18., Währing 8 232 4,6 104,2
Wien 19., Döbling 13 153 2,1 103,3
Wien 20., Brigittenau 4 568 6,7 113,5
Wien 21., Floridsdorf 22 840 4,7 114,3
Wien 22., Donaustadt 54 3.792 18,6 117,2
Wien 23., Liesing 15 636 5,5 108,5
Fotos: pixLab, StudioVlayStreeruwitz, Squarebytes, Labvert, Dietrich Untertrifaller
52 ImmoFokus

Completions &
Pipeline
Owned property Private financed rental Subsidized rental Other Other
Top-3-Projects in Completion 2023 ff.
KUKU
Completion Q4 2024
1230 Wien, Gastgebgasse Bauplatz 3
Danube Flats
Completion Q4 2024
1020 Wien, Wagramer Straße 2
The One
Completion Q1 2023
1030 Wien, Modecenterstrasse 20
Developer
Heimbau, Gemeinnützige Bau-, Wohnungs- und
Siedlungsgenossenschaft
Gemeinnützige Siedlungs-Genossenschaft
Altmannsdorf und Hetzendorf
Apartments subsidized rent 98 bzw. 110
Apartements for rent
Superförderung
99 bzw. 122
Net rent €/sqm 5,63
Developer
S+B Gruppe - Soravia
Apartments privately
financed
550
Apartments subsidized rent 40
Base Costs €/sqm 250
Asking price €/sqm 10.959
Selling pricepreis €/sqm 9.659
Developer
Wohnbauvereinigung für Privatangestellte
Gemeinnützige GmbH.
Gemeinnützige Bau-, Wohn- und
Siedlungsgenossenschaft „Neues Leben“
registrierte Genossenschaft mbH
Apartments privately
financed
Apartements for rent
freifinanziert
224
170
Base Costs €/sqm 556
Net rent €/sqm 11,64
Asking price €/sqm 6.097
MIPIM | 2023
53

Investing in Austria
LOWER AUSTRIA
1–2 Romm apts: 35 %
3 Romm apts: 36 %
4+ Romm apts: 29 %
Apartments: 80 %
Terrace house/Duplex: 18 %
Detached house: 2 %
All residential units in EXPLOREAL (n = 21.009
ø 21 Apartments / Project
All apartments on offer (n = 14.696)
With loggia: 19 %
With balcony: 43 %
With terrace: 50 %
With garden: 37 %
With open space: 97 %
(loggia/balcony/terrace/garden)
All apartments on offer (n = 14.961)
ø 1,68 PKW-Stellplätze / Wohnung
Arithmetic average of suitable projects
(n = 1.013)
Arithmetic average of suitable
projects (n = 988)
ø Land cost share: 474 €/sqm
Arithmetic average of suitable
projects (n = 233)
ø 75,2 sqm Wohnnutzfläche
Median of all residential units on
offer (n = 14.958)
ø 11,8 sqm Freiflächen
(Loggia/Balkon/Terrasse)
Median of all residential units
on offer (n = 14.961)
Source: EXPLOREAL/Stand: 18.08.2022
Projects in marketing (Marketing Start August 2021)
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Projekte
Projekte
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Niederösterreich 232 5.299 1,04 105
Niederösterreich 232 5.299 1,04 105
Amstetten 12 240 2,1 102,6
Baden 24 469 3,2 107,7
Bruck an der Leitha 13 358 3,4 110,6
Gänserndorf 12 262 2,5 109,6
Gmünd 96,1
Hollabrunn 8 183 3,5 101,4
Horn 4 34 1,1 100,4
Korneuburg 12 369 4 109,9
Krems an der Donau
(Stadt)
4 88 3,5 104,9
Krems (Land) 7 125 2,2 102,7
Lilienfeld 98,8
Melk 14 211 2,7 101,3
Mistelbach 11 118 1,6 103,7
Mödling 16 401 3,4 108,5
Neunkirchen 10 137 1,6 102,2
Sankt Pölten (Land) 20 526 4 103,9
Sankt Pölten (Stadt) 10 635 11,3 103,7
Scheibbs 4 62 1,5 99,9
Tulln 20 382 3,6 110,3
Waidhofen an der Thaya 1 12 0,5 96,2
Waidhofen an der Ybbs
(Stadt)
1 17 1,5 99,2
Wiener Neustadt (Land) 14 246 3,1 103,7
Wiener Neustadt (Stadt) 12 402 8,5 111,1
Zwettl 3 22 0,5 95,6
Fotos: Tobias Singer, ZOOM VP
54 ImmoFokus

Completions &
Pipeline
Owned property Private financed rental Subsidized rental Other Other
Top-3-Projects in Completion 2023 ff.
St. Pölten XIX/1+2+3
Completion März 2023
3100 St. Pölten, Niederösterreichring 5
Steingötterhof
Completion Q3 2024
3100 St. Pölten, Dr. Wilhelm-Steingötter-Str. 25
Fliegergasse 15-35
Completion Q1 2024
2700 Wr. Neustadt, Fliegergasse 15-35
Developer
Gemeinnützige Bau-, Wohn- und
Siedlungsgenossenschaft „Alpenland“
Apartments privately
financed
Apartments subsidized 46
Apartments subsidized rent 148
Base Costs €/sqm 235
68
Developer
6B47 Real Estate Investors
Owner-occupied apartment 191
Asking price €/sqm 3.948
Base Costs €/sqm 346
Selling price €/sqm 4.125
Developer
MITRAS Holding und ELK BAU
Apartments privately
financed
126
Asking price 3.707
Net rent €/sqm 6,99
Asking price €/sqm 3.614
Selling price €/sqm 3.557
MIPIM | 2023
55

Investing in Austria
BURGENLAND
1–2 Romm apts: 43 %
3 Romm apts: 30 %
4+ Romm apts: 27 %
All apartments on offer (n = 2.708)
With loggia: 51 %
With balcony: 35 %
With terrace: 49 %
With garden: 40 %
With open space: 97 %
(loggia/balcony/terrace/garden)
All apartments on offer (n = 2.819)
Apartments: 74 %
Terrace house/Duplex: 24 %
Detached house: 2 %
All residential units in EXPLOREAL (n = 3.485)
ø 13 Apartments / Project
Arithmetic average of suitable
projects (n = 278)
ø 74,2 sqm Wohnnutzfläche
Median of all residential units on
offer (n = 2.819)
ø 11,0 sqm Freiflächen
(Loggia/Balkon/Terrasse)
Median of all residential units
on offer (n = 2.819)
ø 1,73 PKW-Stellplätze / Wohnung
Arithmetic average of suitable projects
(n = 289)
ø Land cost share: 431 €/sqm
Arithmetic average of suitable
projects (n = 56)
Source: EXPLOREAL/Stand: 28.10.2022
Projects in marketing (Marketing Start Oktober 2021)
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Burgenland 103 904 1,01 103,7
Eisenstadt (Stadt) 6 88 5,8 109.3
Eisenstadt-Umgebung 12 161 3,6 108.0
Güssing 12 68 2,6 98.7
Jennersdorf 3 26 1,5 99.5
Mattersburg 13 132 3,3 101.9
Projekte
Projekte
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Burgenland 103 904 1,01 103,7
Neusiedl am See 18 156 2,6 108.2
Oberpullendorf 16 81 2,2 102.4
Oberwart 23 192 3,5 99.8
Rust (Stadt) 108.0
Fotos: K3 Immobilien, Michael Pinzolits Fotografie, TheHeyon
56 ImmoFokus

Completions &
Pipeline
Owned property Private financed rental Subsidized rental Other Other
Top-3-Projects in Completion 2023 ff.
Bischof Stefan Laszlo-Straße
Completion Q3 2025
7000 Eisenstadt, Bischof Stefan Laszlo-Straße
Developer
Neue Eisenstädter Gemeinnützige Bau-, Wohnund
Siedlungsgesellschaft m.b.H.
Dorfsiedlung Markt Allhau
Completion Q2 2024
7411 Markt Allhau, Hochstrasse 47
Developer
Plus-Immobilien GmbH
Bahnhofsplatz 5
Completion Q3 2024
7000 Eisenstadt, Bahnhofsplatz 5
Developer
K3 Immobilienentwicklungs GmbH
EISK3 Projektentwicklung GmbH
Apartements for rent 69
Net rent €/sqm 9,56
Owner-occupied apartment 45
Asking price €/sqm 4.192
Apartments privately
financed
45
Base Costs €/sqm 864
Asking price €/sqm 4.413
MIPIM | 2023
57

Investing in Austria
STYRIA
1–2 romm apts: 45 %
3 romm apts: 39 %
4+ romm apts: 16 %
All apartments on offer (n = 9.861)
With loggia: 6 %
With balcony: 58 %
With terrace: 37 %
With garden: 22 %
With open space: 96 %
(loggia/balcony/terrace/garden)
All apartments on offer (n = 10.097)
Apartments: 96 %
Terrace house/Duplex: 3 %
Detached house: 1 %
All residential units in EXPLOREAL (n = 17.040)
ø 26 Apartments / Project
Arithmetic average of suitable
projects (n = 649)
ø 62 sqm Wohnnutzfläche
Median of all residential units on
offer (n = 10.091)
ø 13,8 sqm Freiflächen
(Loggia/Balkon/Terrasse)
Median of all residential units
on offer (n = 10.097)
ø 1,37 PKW-Stellplätze / Wohnung
Arithmetic average of suitable projects
(n = 661)
ø Land cost share: 641 €/sqm
Arithmetic average of suitable
projects (n = 285)
Source: EXPLOREAL/Stand: 28.10.2022
Projects in marketing (Marketing Start Oktober 2021)
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Projekte
Projekte
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Steiermark 169 4.707 1,25 103,7
Steiermark 169 4.707 1,25 103,7
Bruck-Mürzzuschlag 13 227 2,3 95,2
Deutschlandsberg 4 74 1,2 98,8
Graz (Stadt) 62 2636 9 113
Graz-Umgebung 30 712 4,4 106,2
Hartberg-Fürstenfeld 8 103 1,1 98,4
Leibnitz 11 313 3,6 101,6
Leoben 7 98 1,7 94,5
Liezen 6 76 1 95,8
Murau 91,7
Murtal 3 58 0,8 94,9
Südoststeiermark 9 125 1,5 97,7
Voitsberg 6 107 2,1 97,7
Weiz 10 178 1,9 102,5
Fotos: C & P Immobilien, Telegram 71, trivalue
58 ImmoFokus

Completions &
Pipeline
Owned property Private financed rental Subsidized rental Other Other
Top-3-Projects in Completion 2023 ff.
Gate 17
Smart Quadrat
Jakomini Verde
Completion November 2023
8055 Graz, Triester Straße 432
Developer
C&P Bauträger GmbH
Apartments subsidized 510
Base Costs €/sqm 345
Asking price €/sqm 3.872
Selling price €/sqm 4.434
Completion Q3 2023
8020 Graz, Waagner-Biro-Straße 126-134
Developer
Smart City Graz Wohnbau GmbH, TRIVALUE
Manamagment GmbH
Apartements for rent 291
Owner-occupied apartment 69
Base Costs €/sqm 838
Asking price €/sqm 4.954
Completion Q4 2024
8010 Graz, Kasernstraße 24
Developer
Periscon GmbH, ARE Austrian Real Estate GmbH
Apartments subsidized
Bauherrenmodell
570
Base Costs €/sqm 321
MIPIM | 2023
59

Investing in Austria
CARINTHIA
1–2 Romm apts: 33 %
3 Romm apts: 44 %
4+ Romm apts: 23 %
All apartments on offer (n = 1.606)
With loggia: 10 %
With balcony: 41 %
With terrace: 53 %
With garden: 33 %
With open space: 96 %
(loggia/balcony/terrace/garden)
All apartments on offer (n = 1.729)
Apartments: 93 %
Terrace house/Duplex: 5 %
Detached house: 2 %
All residential units in EXPLOREAL (n = 7.858)
Vergleich Ferienwohnungen (n = 131)
ø 21 Apartments / Project
Arithmetic average of suitable
projects (n = 218)
ø 76,4 sqm Wohnnutzfläche
Median of all residential units on
offer (n = 1.724)
ø 19,3 sqm Freiflächen
(Loggia/Balkon/Terrasse)
Median of all residential units
on offer (n = 1729)
ø 1,76 PKW-Stellplätze / Wohnung
Arithmetic average of suitable projects
(n = 226)
ø Land cost share: 548 €/sqm
Arithmetic average of suitable
projects (n = 62)
Source: EXPLOREAL/Stand: 30.05.2022
Projects in marketing (Marketing Start Mai 2021)
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Projekte
Projekte
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Känten 91 1.765 1,04 105
Känten 91 1.765 1,04 105
Feldkirchen 3 18 0,6 99
Hermagor 1 92,5
Klagenfurt Land 18 248 4,1 100,4
Klagenfurt (Stadt) 18 827 8,1 107,6
Sankt Veit an der Glan 7 66 1,2 94,4
Spittal an der Drau 14 162 2,1 94,3
Villach Land 6 51 0,8 98,8
Villach (Stadt) 15 320 5 104,1
Völkermarkt 6 42 1 97,2
Wolfsberg 3 31 0,6 94,4
Fotos: Kollitsch Gruppe GS Visuals
60 ImmoFokus

Completions &
Pipeline
Owned property Private financed rental Subsidized rental Other Other
Top-3-Projects in Completion 2023 ff.
Das Maxpalais
Completion Februar 2024
9020 Klagenfurt, Friedensgasse 20-24
Developer
Antares Bauträger und Beteiligungs GmbH
GM Generationenpark GmbH
Adris Immobilien
Matrix Immobilien und Bauträger GmbH
Owner-occupied apartment 105
Asking price 8.211
Verkauspreis 5.214
Base Costs €/sqm 392
Net rent 15,64
Origen - Wohnen im
Welzenegg
Completion März 2023
9020 Klagenfurt, Schachterlweg
Developer
Innovation Wohnen Nageler GmbH
Apartements for rent 112
Base Costs €/sqm 236
Net rent €/sqm 9,46
Unsereins 1
Completion Q4 2024
9020 Klagenfurt, Feschnigstrasse 151-181
Developer
KEF Bauträger
Owner-occupied apartment 99
Asking price €/sqm 4.640
MIPIM | 2023
61

Investing in Austria
UPPER AUSTRIA
1–2 Romm apts: 36 %
3 Romm apts: 43 %
4+ Romm apts: 21 %
All apartments on offer (n = 3.913)
With loggia: 48 %
With balcony: 43 %
With terrace: 31 %
With garden: 25 %
With open space: 98 %
(loggia/balcony/terrace/garden)
All apartments on offer (n = 3.383)
Apartments: 94 %
Terrace house/Duplex: 5 %
Detached house: 1 %
All residential units in EXPLOREAL (n = 30.449)
ø 23 Apartments / Project
Arithmetic average of suitable
projects (n = 1.170)
ø 75 sqm Wohnnutzfläche
Median of all residential units on
offer (n = 3.781)
ø 8 sqm Freiflächen
(Loggia/Balkon/Terrasse)
Median of all residential units
on offer (n = 3.383)
ø 1,71 PKW-Stellplätze / Wohnung
Arithmetic average of suitable projects
(n = 1.054)
ø Land cost share: 495 €/sqm
Arithmetic average of suitable
projects (n = 240)
Source: EXPLOREAL/Stand: 18.01.2022
Completions 2020-2022 (Erster österreichischer Neubaubericht 2022)
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Projekte
Projekte
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Oberösterreich 701 15.280 3,38 104
Oberösterreich 701 15.280 3,38 104
Braunau am Inn 61 1.043 3,27 104,7
Eferding 11 151 1,51 102,8
Freistadt 20 309 1,54 101,3
Gmunden 57 1.273 4,15 101,8
Grieskirchen 33 539 2,75 102,4
Kirchdorf an der Krems 15 328 1,91 99,8
Linz (Stadt) 93 3.355 5,41 109,4
Linz-Land 90 1.981 4,33 108,2
Perg 29 531 2,55 103,6
Ried im Innkreis 26 471 2,53 100,2
Rohrbach 12 178 1,05 98,4
Schärding 16 272 1,58 101,2
Steyr (Stadt) 11 252 2,21 101,2
Steyr-Land 35 584 3,19 100,3
Urfahr-Umgebung 41 644 2,49 103,8
Vöcklabruck 78 1.515 3,65 103,2
Wels (Stadt) 26 844 4,47 107
Wels-Land 47 1.010 4,51 104,3
Fotos: EbsterLiving, WIMBERGER
62 ImmoFokus

Completions &
Pipeline
Owned property Private financed rental Subsidized rental Other Other
Top-3-Projects in Completion 2023 ff.
Wohnen im Stadtzentrum
Completion Juli 2024
4840 Linz, Vöcklabruck
Developer
„Gemeinnützige Siedlungsgesellschaft für den
Bezirk Vöcklabruck
Apartments subsidized rent 82
Gartenstrasse
Completion Q2 2023
4810 Ried im Innkreis, Gartenstrasse 36-38
Developer
Ebster Living Bauträger
Gorilla Immobilien
Apartements for rent 73
Veichter/Hagenberg
Completion 2023
4020 Hagenberg im Mühlkreis,
Schmidbauernweg
Developer
Wimberger Immobilien
Owner-occupied apartment 25
MIPIM | 2023
63

Investing in Austria
SALZBURG
1–2 Romm apts: 40 %
3 Romm apts: 34 %
4+ Romm apts: 26 %
All apartments on offer (n = 532)
With loggia: 19 %
With balcony: 47 %
With terrace: 46 %
With garden: 20 %
With open space: 98 %
(loggia/balcony/terrace/garden)
All apartments on offer (n = 482)
Apartments: 98 %
Terrace house/Duplex: 2 %
Detached house: 0 %
All residential units in EXPLOREAL (n = 9.235)
ø 21 Apartments / Project
Arithmetic average of suitable
projects (n = 475)
ø 70,6 sqm Wohnnutzfläche
Median of all residential units on
offer (n = 532)
ø 13,4 sqm Freiflächen
(Loggia/Balkon/Terrasse)
Median of all residential units
on offer (n = 482)
ø 1,77 PKW-Stellplätze / Wohnung
Arithmetic average of suitable projects
(n = 435)
ø Land cost share: 989 €/sqm
Arithmetic average of suitable
projects (n = 114)
Source: EXPLOREAL/Stand: 10.05.2022
Completions 2020-2022 (Erster österreichischer Neubaubericht 2022)
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Salzburg 271 4.912 2,91 104,0
Hallein 24 440 2,41 107,1
Salzburg (Stadt) 57 1.290 2,77 103,2
Salzburg-Umgebung 87 1.437 3,10 106,8
Projekte
Projekte
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Salzburg 271 4.912 2,91 104,0
Sankt Johann im Pongau 44 836 3,42 102,2
Tamsweg 7 91 1,50 94,8
Zell am See 52 818 3,10 102,0
Fotos: SIGES Salzburger Immobilien GesmbH, Myslik
64 ImmoFokus

Completions &
Pipeline
Owned property Private financed rental Subsidized rental Other Other
Top-3-Projects in Completion 2023 ff.
Paracelsus Garten
Wohnpark Thalgau
Duett Moarhaus
Completion Juni 2023
5500 Bischofshofen, Josef-Leitgeb-Strasse
Developer
Hans Myslik Betriebs GmbH
Gemeinnützige Wohn- und
Siedlungsgenossenschaft „Salzburg“
Apartments subsidized rent 14
Apartments privately
financed
44
Base Costs €/sqm 632
Asking price €/sqm 7.578
Selling price €/sqm 7.474
Completion Q2 2024
5304 Thalgau am Fuschlsee
Developer
SIGES Salzburger Immobilien GesmbH
Apartements for rent 10
Apartments privately
financed
70
Base Costs €/sqm 614
Asking price €/sqm 5.682
Selling price €/sqm 5.379
Completion Q3 2024
5111 Bürmoos, Moarhaugasse
Developer
gswb - Gemeinnützige Salzburger
Wohnbaugesellschaft mbH
Owner-occupied apartment 41
Base Costs €/sqm 245
Asking price €/sqm 5.297
Selling price €/sqm 4.973
MIPIM | 2023
65

Investing in Austria
TYROL
1–2 Romm apts: 35 %
3 Romm apts: 43 %
4+ Romm apts: 22 %
All apartments on offer (n = 1.193)
With loggia: 6 %
With balcony: 45 %
With terrace: 46 %
With garden: 22 %
With open space: 94 %
(loggia/balcony/terrace/garden)
All apartments on offer (n = 1.239)
Apartments: 97 %
Terrace house/Duplex: 2 %
Detached house: 1 %
All residential units in EXPLOREAL (n = 12.465)
Vergleich Ferienwohnungen (n = 185)
ø 21 Apartments / Project
Arithmetic average of suitable
projects (n = 600)
ø 75 sqm Wohnnutzfläche
Median of all residential units on
offer (n = 1.240)
ø 13,3 sqm Freiflächen
(Loggia/Balkon/Terrasse)
Median of all residential units
on offer (n = 1.239)
ø 1,67 PKW-Stellplätze / Wohnung
Arithmetic average of suitable projects
(n = 563)
ø Land cost share: 943 €/sqm
Arithmetic average of suitable
projects (n = 95)
Source: EXPLOREAL/Stand: 17.09.2021
Completions 2020-2022 (Erster österreichischer Neubaubericht 2022)
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Tirol 424 7828 3,41 106,5
Imst 38 506 2,77 103,7
Innsbruck-Land 103 1.872 3,43 108,1
Innsbruck-Sadt 52 1.418 3,6 113,3
Kitzbühel 38 484 2,49 101,1
Kufstein 63 1383 4,15 109,1
Projekte
Projekte
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Tirol 424 7828 3,41 106,5
Landeck 27 492 3,69 100,4
Lienz 22 317 2,17 96,3
Reutte 16 315 3,17 101,5
Schwaz 65 1.041 4,1 105,8
Fotos: Pendlarchitects, beaufort Architekten ZT,
66 ImmoFokus

Completions &
Pipeline
Owned property Private financed rental Subsidized rental Other Other
Top-3-Projects in Completion 2023 ff.
Bichlinger Strasse 89
Innsbruck Pradler Saggen
T 459 Integrationshaus
Completion März 2024
6363 Westendorf, Bichlinger Strasse 89
Developer
Neue Heimat Tirol - Gemeinnützige
WohnungsGmbH
Owner-occupied apartment 33
Apartments subsidized rent 17
Base Costs €/sqm 419
Net rent €/sqm 6,81
Asking price €/sqm 4.262
Completion Q1 2024
6063 Rum, Steinbockallee
Developer
Neue Heimat Tirol - Gemeinnützige
WohnungsGmbH
Apartements for rent 151
Completion Q3 2023
6020 Innsbruck, Gumppstrasse 71
Developer
Aplenländische Gemeinnützige WohnbauGmbH
Apartments subsidized rent 73
MIPIM | 2023
67

Investing in Austria
VORARLBERG
Completions 2020-2022 (Erster österreichischer Neubaubericht 2022)
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Vorarlberg 281 4868 4,04 106,1
Bludenz 28 415 2,15 101,2
Bregenz 80 1.374 3,38 106,4
Projekte
Projekte
WE
WE/
1.000
EW*
Bev´.
Prog.
2030**
Vorarlberg 281 4868 4,04 106,1
Dornbirn 64 1.295 4,77 109,2
Feldkirch 109 1784 5,45 105,9
Fotos: Haberl Baugesellschaft, Wohnbauselbsthilfe Vorarlberger gem. reg. Gen.m.b.H., Rhomberg
68 ImmoFokus

Completions &
Pipeline
Owned property Private financed rental Subsidized rental Other Other
Top-3-Projects in Completion 2023 ff.
Drei Häuser in Vorach
Completion September 2023
6890 Lustenau, Vorachstrasse 62+62a-b
Developer
Wohnbauselbsthilfe Vorarlberger gemeinnützige
Gen.m.b.H.
Bludenz Quartier Brunnenbach
Completion Q4 2022
6700 Bludenz, Wichnerstrasse
Developer
Haberl Baugesellschaft
Wohnen an der Furt
Completion Q2 2025
6850 Dornbirn, Rohrbach
Developer
Rhombergbau Bau GmbH
Owner-occupied apartment
gefördert
55
Owner-occupied apartment
frefinanziert
42
Apartments privately
financed
42
Asking price €/sqm 5.359
Selling price €/sqm 4.808
Base Costs €/sqm 1.452
Asking price €/sqm 6.289
Base Costs €/sqm 1.777
Asking price €/sqm 7.305
MIPIM | 2023
69

Investing in Austria
ImmoFokus asks …
... … and real estate experts answered. The real estate market is in upheaval. Rising interest rates, high
construction costs and almost exploding energy costs, accompanied by tighter lending policies, have the real
estate industry firmly in their grip. But what do the real estate professionals think? We asked the local experts.
Questions:
1
How optimistic or pessimistic are you going into the new year?
Which asset class will be the favorite for investors in 2023?
2
What do you see as the
biggest challenges this year?
3
Rising interest rates and construction
costs and almost exploding energy
costs, accompanied by tighter lending
regulations – the real estate market party
is over for the time being. How would
the parameters have to change to get
the party going again?
4
What three issues will have the most significant impact
on the real estate industry in 2023?
5
What are the plans and goals for your company in 2023?
70 ImmoFokus

1
At present we are optimistic about the new year in all situations and market
phases. Even if the outlook is perhaps somewhat gloomier as a result of
macroeconomic developments, pessimism would be exaggerated and also
inhibiting. Regarding asset classes, logistics real estate, among others, was
again very much in demand last year. We expect this trend to continue.
But also the asset class “residential” is a classic investor favorite due to the
stability of the Austrian market and the segment. The main reason for the
partially collapsed transaction density in the large-volume area was the
fact that the price expectations between buyers and sellers (still) differ
significantly in some cases. Some consolidation is expected here in 2023.
2
Helmut Beer,
TPA
From a consultant’s perspective, we are currently experiencing a certain
tension between financing costs on the one hand and expected sales
returns on the other. These diverging expectations will probably continue
to be a significant challenge. On the seller side, expiring financing could
be a task to be solved. Also, capacity limitations and cost increases -
e.g., in material (supply chains), personnel or energy costs - will play a
decisive role. Last but not least, other forms of investment have become
more attractive in the meantime, which will also have interesting effects.
3
A party is actually only ever over when all the guests have left.
However, this does not seem to be the case in the real estate
market at the moment, so we assume that the party on the
real estate market is not over but that it will perhaps continue
somewhat subdued at the moment. As far as the parameters
are concerned, I think it will be the interplay of all the factors
that will settle down in the short to medium term.
4
In view of the current situation, it is
often apparent that above all
- ESG criteria and environmental aspects,
- efficiency (e.g., energy) and
- interest rate development
will play a decisive role.
5
As in previous years, in 2023 we will continue to
provide all of our clients with the best possible
personal support on all issues relating to taxes and
financing in the real estate sector, from transaction to
ongoing support. We also will continue reporting on
all news and changes with our tax services (newsletters,
webcasts, etc.). Finally, we will increasingly advise
clients in the context of the digital transformation and
all activities related to ESG. There will be an enormous
demand for this service in the coming periods and
clients are already increasingly asking for it.
Within the TPA Group, we will continue to pursue
the goal of consistently implementing ESG and EU
taxonomy topics within the company and offer our
employees secure, varied and promising job prospects.
MIPIM | 2023
71

Investing in Austria
1
2023 will definitely be a challenging year for the real estate industry; personally, I am
optimistic! Interest rate developments and inflationary events have put the brakes
on market activity - and further interest rate steps are expected. Adjustments to this
situation will still take some time and therefore the question of favorite asset classes
cannot be answered with any certainty at the moment.
Astrid Grantner-Fuchs,
EHL Immobilien Bewertung
4
2
The changed interest rate environment
with all the associated developments
is undoubtedly the key challenge - in
addition to real estate investments, other
investments have also become more
attractive again, and the capital market is
reorienting itself accordingly.
Rising interest rates, the development of inflation
with increasing prices in all possible areas of life
and a continuing tense geopolitical situation will
continue to occupy us and harbor imponderables
and uncertainty - and this affects those actively
involved in the industry as well as the consumers
or final users.
3
A mindset that is forward-oriented and
less nostalgic about the past - hoping that
“things will go back to the way they were” is
definitely too simplistic.
5
As the Austrian market leader in real
estate valuation, we want to continue to
be a reliable partner for our customers,
especially in such challenging times.
We will maintain our solid growth
course of the past years and see
ongoing training and qualification of
our team as an essential requirement.
In addition, our proximity to the
market helps us even more now to
provide well-founded valuations.
72 ImmoFokus

1
According to some predictions, 2023 is going to be a challenging year. Even without gazing into the magic
crystal ball, I think we can all agree that the current circumstances will continue to affect all our (working)
lives. Nevertheless, I am optimistic about the year 2023 - on the one hand, because we are well positioned as
BUWOG, and on the other hand, because the year offers us the opportunity to scrutinize and, if necessary,
optimize processes and strategies. We will also use the time to bring some projects in our development
pipeline to construction readiness so that we can continue building directly as soon as the situation has
somewhat eased.
Although investors are currently somewhat more reluctant to buy residential real estate, I am confident that
this situation will soon change again, partly due to a forthcoming easing of financing conditions - residential
real estate therefore continues to be a good and secure form of investment in my view.
Andreas Holler,
Buwog Group
2
One factor of uncertainty that will accompany
us in 2023 is the question of how the
market will develop in terms of recovery.
The current situation is that institutional
investors have become temporarily more
cautious. At the same time, owner-occupiers
with the necessary financial resources continue
to show a high level of interest in new
apartments. The current strictly regulated
financing conditions and the smoldering
interest rate uncertainty are causing the
financing process to drag on - but more light
should be shed on this soon and more accessible
lending to get the market moving again.
3
I see a lot of potential to revive the current somewhat tense market
situation - as developers, however, we will soon reach our limits, even
if we can achieve cost optimization in new construction; for example,
through modular construction, the use of resource-saving materials, and
a focus on digitization throughout the value chain and in the interests
of our customers. However, Housing 2023 is likely to be much more of
a challenge for policymakers. In my opinion, they could intervene at
the right moment to promote the development of new housing and at
the same time contribute to easing the price situation. This includes
accelerating the issuing of permits and the completion of classification
procedures but also funding programs for decarbonization and
climate protection measures. Sustainability has become a key issue in
residential construction, and it must be ensured that new, sustainable
housing is affordable for most of the society in the future.
4
In a nutshell: sustainability, digitization, and in connection with this: cost optimization.
5
We want to continue our growth course of recent years. To achieve this, we are relying on new ways of thinking and finding solutions and are
using the time to think outside the box. Although BUWOG is broadly and securely positioned as a full-service provider in Austria, we intend
to respond to the changing market conditions and adjust our business model in order to expand our competitive advantages further. We will
address the issue of sustainability in the portfolio with a renovation offensive: thermal renovations and the conversion to modern heating
systems in several hundred apartments are planned here. In addition, despite the current circumstances, we are pleased to be able to bring
more than 650 new apartments onto the market this year, thus ensuring a quality offering for apartment seekers in Vienna. Although there
will be no new construction starting in 2023, we will not be sitting still: Our goal is therefore to do everything necessary to be able to resume
our development activities as quickly as possible seamlessly. Here we can access an extensive portfolio of properties that we can continue
planning and bring into development by then. Overall, BUWOG will push the further general development of the organization - we want to
become more digital and efficient and thus create an improved customer experience and increase the satisfaction of our employees even more.
MIPIM | 2023
73

Investing in Austria
1
We are a thoroughly optimistic company - crises create new challenges, which bring new
ideas, new approaches, and new solutions. Vienna had an increase in the population of over
50,000 people last year, and due to high construction costs and subsidized housing rates,
much less is being built than is necessary. For investors, therefore, the residential asset class
is still very interesting - especially if the challenges of home offices were taken into account
when planning the apartments
2
Innovation, creativity and of course, ESG - implementing
routines to translate our data into numbers is our focus. Of
course, this is only alongside our desire to develop the best
buildings for specific properties.
4
Wolfdieter Jarisch,
S+B Gruppe
Even more so than in recent years: Quality,
exclusivity, innovation, environmental protection.
3
We leave the partying to others; we see opportunities in challenging
times to develop new concepts and realize new innovative ideas.
We celebrate first and foremost with our employees to thank them
for their immeasurable commitment - this is an essential part of
our corporate philosophy, which is also why many of them have
been working for us for over 16 years on average.
5
To bind our employees further and even closer together into
an S+B family because together we are (almost) unbeatable!
And, of course, the topic of children’s rights - now legally
required by ESG - will demand a lot from us.
74 ImmoFokus

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nachhaltig in Balance.
• gute Erreichbarkeit
• flexible Bürogrößen
• optimale Infrastruktur inkl. Gastro
• multifunktionale Gemeinschaftsflächen
• E-Ladestationen
• Green Lease
• begrünte Terrassen-Landschaft
myhive-offices.com
myhive am Wienerberg | myhive Ungargasse | Eine Marke der IMMOFINANZ
MIPIM | 2023
75

Investing in Austria
1
I am both optimistic and pessimistic.
Pessimistic because I believe that the interest rate rally is not yet over and that
interest rates will continue to rise. Inflation will be with us for longer than most
think, and energy costs in particular will remain at a high level after a brief period
of relief. At the same time, I am also optimistic because I believe that many who
bought their properties with borrowed capital will run into budgetary difficulties.
This creates opportunities for our involvement in the market and good purchases.
However, these purchases require the right timing, and you also need the necessary
equity. We have that, and that’s why I’m optimistic that we’ll be able to find and take
advantage of good opportunities next year, especially in the second half of the year.
3
Daniel Jelitzka,
JP Immobilien
2
We will continue to implement the ESG and make sure that all existing and new
projects comply with ESG requirements and EU taxonomy in order to make our
contribution to the necessary environmental goals.
We are operating in a challenging capital market, which means the value of capital is
high. Therefore, one must have the necessary capital need when opportunities arise.
4
Those would be interest rates, then
inflation and energy prices, and finally
the available liquidity of buyers. 5
The party won’t be back anytime soon. But
the market will become more dynamic if
some parameters develop positively. For
this to happen, the Euribor should settle at
a tolerable level, let’s say at 200 basis points.
Inflation would have to fall to the EU target
of 250 basis points, and energy costs should
not be higher than twice the pre-crisis level.
Then there will be a positive mood on the
market again, and that is ultimately a very
important parameter for good economic
development.
We will continue to follow our path consistently.
That means reacting flexibly to the market and
ensuring that we have enough equity “in our petty
cash” to take advantage of opportunities that come
our way at the right time.
76 ImmoFokus

1
The first half of the year will undoubtedly be characterized by a wait-and-see attitude. The
big question is whether the markets can adjust to the multiple crises, which I assume they
will. We are already hearing cautiously positive signals from Germany. It cannot be ruled
out that the situation will improve considerably as early as the second quarter. I think 2023
will be the year of opportunities across all asset classes. The downward trend at Zoom, the
video conferencing provider, suggests that office real estate might positively surprise us.
2
A significant issue will be rapidly rising rents due to inflation,
both residential and commercial, as well as rising operating
costs. Priority goals must therefore be to curb inflation and
stabilize energy prices. The dependence on Russian gas in
Austria and Germany must be reduced rapidly. However,
the challenges posed by the incipient retirement wave of
the baby boomer generation must also not be overlooked.
4
1. the interest rate level
2. requirements for private loans
3
Developments pertaining to interest
rate levels and inflation need to become
reasonably predictable again. The
opinions of experts, some of which diverge
considerably, point to uncertainty that
is making investors cautious. Ultimately,
however, investment pressure remains
high and real estate is still a safe investment,
this will not change. There may be a slight
consolidation in the coming months, but
I do not expect a collapse. We don’t have
a real estate crisis but multiple external
crises that have shaken the overall
structure
3. inflation and construction costs
5
Mark Krenn,
Cerha Hempel
True to our guiding principle, ‘Quality matters!’ we want to continue on our
growth path with the highest quality standards and customer satisfaction.
This year, we are also devoting more attention to sustainability in all
areas. We are also continuously evaluating and implementing legal tech
tools to increase our efficiency in providing legal advice.
MIPIM | 2023
77

Investing in Austria
1
The year 2023 will certainly be a very exciting year for the investment market due to
the many challenges. Nevertheless, we are optimistic about the year, as challenging
times always offer opportunities that need to be identified and exploited. With regard
to the question of the most popular asset class in 2023, it is still too early to venture a
forecast here. At the moment, many investors are focusing on asset classes that have
fundamentally strong demand from occupiers, such as residential, logistics and prime
offices.
2
3
Markus Mendel,
EHL Investment Consulting
The end of the ECB’s zero interest rate policy, which
was initiated in the middle of last year due to the sharp
rise in inflation, and the gradual interest rate increases
that have continued to this day are certainly the biggest
challenges that will demand quite a bit from market
participants. In addition, high construction costs, supply
bottlenecks, high energy prices and a very cautious
financing environment on the part of banks continue to
exacerbate the situation.
One thing is clear in any case, simply turning back the wheel is not possible!
It is necessary to find new ways to cope with the current situation and still be
successful on the market. This will certainly pose a great challenge to one or
the other market participant, but those who are financially sound and use the
available potential will be able to dive through the existing trough. When there
is clarity again regarding the interest rate situation on the capital markets, the
currently prevailing restraint of investors will ease, and the market will settle at
a new level.
4
The further development of the interest rate
landscape, all topics around ESG and EU taxonomy
as well as the general inflation, especially in the area
of energy and construction costs are the topics that
have a huge impact on the real estate industry and
will have a positive or negative effect on market
events depending on the development.
5
In such a volatile market phase, it is important to be very close to what is
happening in the market, to identify potential opportunities at an early
stage and to manage risks. It is our goal to continue to expand EHL’s market
leadership in 2023 and to initiate the best possible transactions for our clients.
With our long-standing team of dedicated and well-connected investment
experts, we will certainly succeed in doing so. Therefore, we have already
started the new year with full commitment and a good pinch of optimism.
78 ImmoFokus

1
We have all become more cautious about forecasts due to the events of the last
few years. But we are optimistic - partly because 2022 was a very successful
year for us. After all, we showed an 18% increase in sales. This assures us that
there is an increasing need for current and valid data, especially in volatile
times. In 2023, we will therefore continue to invest in the area that ensures
transparency and stability in the market: real estate data.
2
Our data shows: in 2022, the number of registered properties decreased by about 11%.
Of course, if fewer are being bought or sold, property prices may fall as well in some
places. However, this is not yet reflected in the transaction data currently available.
How the development will continue depends on several economic (energy), political
and ecological factors. I think that this year, in addition to general market factors, we
will also have to deal with new regulations within the industry, such as the proposed
change in who covers the broker costs in a property transaction (das Bestellerprinzip).
Roland Schmid,
IMMOunited
3
I wouldn’t say the party is over,
but a wait-and-see attitude and
uncertainty are already apparent.
This is why it is so essential that
relevant market information
continues to be available. Because
only then can well-founded
business decisions be made. This
in turn creates security - even in
challenging times. If the economic
situation also stabilizes to some
extent again, nothing will stand in
the way of a pleasant and secure
mood, despite possible changes in
the general conditions.
4
I think that long-term developments
in particular, such as technological
progress, social trends and climate
change will have a strong impact on
the market. These are definitely not
new topics, but they are precisely
those that bring with them the
greatest potential for change.
5
We have now been on the market for more
than 15 years, have established IMMOunited
and have made a name for ourselves. That’s
a good starting point, of course. But we also
need to consolidate our market-leading
position consistently. That’s why we are
focusing more on research and innovation
this year and investing a substantial amount
in product development - both internally
and externally. In addition to extensive
innovations in our existing services, there
are also numerous other ideas, some of
which we are pursuing together with
universities. This is particularly important
to us because innovation secures the future.
MIPIM | 2023
79

Investing in Austria
1
Given the prevailing conditions, it is difficult to say whether optimism or pessimism is
appropriate. Since I am personally always optimistic, I will approach 2023 with optimism as
well. In any case, 2023 will be exciting, especially as it is still difficult to predict how the interest
rate situation and inflation will develop. However, I am convinced that the real estate industry
will show the creativity necessary for successful projects, especially in difficult times. In my
opinion, predicting which asset classes will come up as winners is difficult. Only logistics will
remain highly in demand, in my view.
2
The biggest challenge I see is the confluence
of several unfavorable circumstances,
such as rising interest rates,
high inflation, increased energy prices,
more restrictive lending (KIM-VO) and
high construction prices. As a result, a
corresponding level of uncertainty and
restraint can be perceived in the market.
Another major challenge will be the
higher equity requirement for project
financing.
3
Peter Fassl,
HSP
It is important that the parameters that are currently difficult to predict (interest
rates, inflation) become predictable and assessable again for market participants.
Only then will it be possible to calculate projects reliably again, which will
ultimately lead to investors becoming more active as well.
4
Interest rates, inflation and
sustainability (taxonomy, ESG).
5
We attach great importance to high-quality
and personal advice for our clients. We have
always strived to improve this in the past.
This will not change in 2023.
80 ImmoFokus

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WWW.TWENTYONE.IMMO
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MIPIM | 2023
81

Investing in Austria
1
This year has already started very positively for us, as the demand for
office and logistics space in Vienna AirportCity continues to be strong,
and we have already been able to attract several new international
companies to our location. In particular, the demand for modern
logistics space and land very often exceeds the available supply.
2
The rising interest rates and construction costs are one concern. Due to the war
events in Ukraine, the continuing international tensions have also led to changes
and uncertainties on the real estate market. The players in the real estate sector
will have to react to those two factors.
3
I am convinced that all of the above factors need
to calm down, as they are having a negative
impact not only on the real estate sector, but on
our entire society. Therefore, countermeasures
by all key stakeholders are urgently needed to
ensure sufficient construction activity and, thus,
a secure supply of living and working space.
5
4
Wolfgang Scheibenpflug,
Flughafen Wien
Inflation trends, ESG and construction cost increases can be considered as
the three most important issues. These three factors in particular will lead
to rapid and necessary changes within the industry.
This year, we will continue to push the
expansion of Vienna AirportCity with great
commitment. For example, we are looking
forward to the groundbreaking ceremony for
the new “Vienna House Easy” hotel in the fall.
This will provide our customers with over 1,400
hotel rooms, directly at the location in three
hotels, from spring 2025. However, we also
want to further expand our range of modern
office space to meet the high demand in the
future. Concrete plans for an “Office Park 5” are
already well advanced.
82 ImmoFokus

1
Only optimists succeed. As a real estate consultancy that does
not specialize in just one area, such as transaction business, for
instance, we do not see a slump in demand for our services but
rather a shift within our service portfolio. The favorites of investors
in all asset classes will be sustainable properties in particular, but
also those that can be developed there with realistic outlay.
2
Considering that the prime rate is currently at 3%, some business models or real
estate investments simply no longer pay off from an investor’s point of view, and
company values are also falling. Refinancing costs for bonds are also only possible
at significantly higher coupon rate than a year ago, making capital market
financing more complex and more expensive. In any case, the biggest challenge in
2023 will be to ensure the robustness of the respective business models.
4
3
The wild party is over, but the music is still playing. The current
financing situation is nothing new; rather, we are back to the
regular interest rate situation we were used to for decades. We
were simply too spoiled in recent years and now have to plan more
efficiently again and make well-considered purchases.
Due to the current situation on the transaction market and the capital market,
companies will have to focus much more on the real estate itself again and work
on the properties to make them climate-ready as well as transaction-ready. The
due diligence phases are becoming longer again, and more minor issues that
were considered insignificant in recent years are once again being negotiated
more intensively in transactions. Additionally, the key topics for 2023 are the
ESG, digitization of asset management and portfolio management data, and
more substantial stakeholder dialogue.
5
Marius Richter,
PwC
In 2023, we want to further expand our
PwC Real Estate platform to broaden
our full-service offering. The platform
comprises real estate lawyers, tax advisors,
auditors and business consultants
specializing in the sector. We want to work
together with the industry on intelligent
and smart ESG solutions and jointly
promote standardization in this area.
In my opinion, there are still too many
and too few coordinated solutions and
measurement criteria within the industry.
We want to work on more transparent
and uniform guidelines, especially with
the interest groups of the real estate
industry and contribute our ESG knowhow.
Working together is the only way to
manage the energy transition in the real
estate industry.
MIPIM | 2023
83

Investing in Austria
1
From an investor’s point of view, residential real estate will continue to be the focus as an asset
class in 2023, with a strong emphasis on location and sustainability. Demand has decreased
significantly, but at the same time, due to high construction costs, supply is also reducing, and
fewer construction projects are being realized. Some planned new construction projects are being
postponed while expanding and refurbishing existing properties is gaining importance. In the
case of office properties, it is clear that despite changes in working environments and adapted
office concepts, the office remains central to the exchange of ideas and good cooperation between
employees. Therefore, the following applies more than ever for both asset classes: an attractive
and central location and convenient accessibility will prevail on the market.
Günther Sturm,
AKS
2
The real estate sector is currently facing several of challenges: high
construction and energy costs, the interest rate situation, and stricter
lending guidelines are significant obstacles on the domestic real estate
market - those factors that will create a noticeable impact in 2023 that
only increasingly stabilize in the second half of the year. Nevertheless,
it is still true that real estate remains an attractive asset class, especially
given of the sharp increase in rent due to inflation. ESG factors and the
Taxonomy Regulation also continue to gain relevance for the real estate
sector. Energy-efficient building designs that integrate geothermal solutions,
PV systems, and sustainable materials such as aluminum and steel
are standard, with no way around it for the entire construction industry.
4
The entire construction industry faces the task of
significantly reducing the carbon footprint of new
constructions and existing buildings. Energy-optimized
concepts, as well as the use of more renewable energies
and sustainable materials such as aluminum and
steel have priority and will continue to shape the real
estate industry this year. Alukönigstahl has already
been focused for a while on future-oriented products
and services that actively promote climate-friendly
construction. Above all, implementing processes towards
circular construction - for example, with the cradle-tocradle
approach in our Schüco aluminium systems is a
trend-setting sign against a resource-intensive linear
economy. In addition, aluminum and steel have a long
service life and an exceptionally high recycling potential
- in some cases, up to 100 percent.
5
3
The current economic mood in Austria will only
brighten up slowly in 2023 and will also be transferred
to the construction and real estate industry with
some delay. The sharp rise in financing costs and
construction prices combined with high inflation
will require further measures - such as increased
subsidies or relief through adjusted specifications.
This is offset by the explicit goal of constructing
smart and climate-friendly buildings with high
functionality and open spaces that also ensure costefficient
operation. 2023 will therefore lead to a
balance, and the market will adapt and consolidate.
One of our highlights is BAU 2023, which is taking place
again this year after a four-year break. We are taking the
opportunity to meet face-to-face with customers and
partners from all our markets and are looking forward to
presenting Schüco’s and Jansen’s product innovations in
Munich. In addition, we will focus on sustainability, and
we devote more attention to digitalization. As a team with
the necessary expertise, we will continue to forge ahead
with sustainable innovation and technologies in the areas
of design, health, safety and energy efficiency - from smart
planning, construction and operation to highly functional
façades and window solutions with integrated ventilation
systems or accessibility in windows, doors and sliding doors.
84 ImmoFokus

1
As I am a fundamentally optimistic person, I am pretty positive about this year. In challenging
times, it’s essential to think in a more complex manner and in new directions to take advantage
of the opportunities these times can bring. Identifying the investor’s favorite for this year is still
difficult for me from the current perspective, as the interest rate situation and inflationary events
will still have a lasting impact on this topic.
2
In addition to identifying the opportunities
to emerge from the crisis stronger,
ESG in real estate is undoubtedly one of
the main topics in 2023. Of course, this is
in addition to our main goal of providing
the best possible support to our customers
in their search for the perfect office
and retail space. This is the most essential
task for this year in the current market
environment, where we are faced
with very low production of new space.
Stefan Wernhart,
EHL Gewerbeimmobilien
3
In commercial leasing, times have
been turbulent for a bit longer since the
COVID-19 pandemic. We have used the time
intensively to position ourselves in the best
possible way in all areas. In the challenging
economic environment, we are even closer
to our customers in order to accompany
them in all matters and to jointly develop
innovative and target-oriented solutions.
4
For me, the topics of
sustainability, the further
development of inflation,
especially concerning energy
and construction costs, and
quality - whether in services
or the development of real
estate - are the cornerstones
that will accompany us very
intensively this year.
5
In difficult times, it is all the more important to thank our
employees for their tireless efforts to date and to bind
them even more strongly to the company so that together
we can emerge from this challenging, temporary phase
motivated and strengthened. In addition, it is of course
our essential ambition to maintain our outstanding
performance in the area of commercial leasing, which
we have been able to achieve thanks to our long-standing
and loyal customers and to expand this even further by
going the extra mile with our employees.
MIPIM | 2023
85

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Ausgabe 02/2023
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... Einfluss von ESG und EU-Taxonomie; Strukturierte
Finanzierungen; Restrukturierungen; Non-Performing Loans;
Vorteile von Mezzanine-Finanzierungen; Finanzieren über
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New at MIPIM 2023! The Road to Zero area
MIPIM 2023
14-17 MARCH 2023
CANNES, FRANCE
Better Places.
Greater Impact.
Stronger Business.
www.mipim.com
A new dedicated 400 sqm zone to help
the real estate industry accelerate the
transformation of the built environment
towards a more sustainable model.
Exhibition
Networking
Conferences on the new «Road to Zero
stage» with a focus on practical methods
to decarbonise the real estate industry.
Road to Zero sponsors:
Content partners:
Ausgabe 01|2023
88

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89 ImmoFokus

Ausgabe 01|2023
90