Which developments are influencing Vienna’s office market this year? A glimpse into the current office market reports by EHL Immobilien and the OTTO Immobilien group reveals the secrets.
Modern and flexible
The premises that are standing empty in Vienna are mostly old and no longer market-compliant. There is only a small number of genuinely new properties. Nowadays, air-conditioned rooms that have been adapted to make them up-to-date are among the minimum requirements for an office. What’s more, high-quality furnishings, striking architecture and flexible use of space are also in great demand. Even the overheads are being scrutinized more closely.
Location, location, location
Office spaces should be central and conveniently located. Which makes the inner districts ideal. The inner city has always been popular, while demand started to increase in 2015. Buildings in walking distance of a metro station are highly sought after.
Demand outstrips supply
The lowest growth in office spaces since records began is expected for 2016. On the other hand, demand has outstripped supply for the first time in many years. Numerous companies are actively looking for large spaces of up to 500 m2 or even over 1,000 m2, but are currently unable to find premises that meet their requirements.
Not only is there a high demand for office spaces – residential properties are also highly sought after. Increasingly, outmoded office buildings are being withdrawn from the market and repurposed into apartments.
And the leases?
Rent levels are considered to be stable at the moment. In some districts, however, new buildings entering the market can lead to slight rises in average lease prices.
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