Office Properties | Market Report Spring 2026

Market Report Spring 2026

We stand for real estate.

Foreword

The persistently difficult geopolitical and economic environment continues to have a noticeable impact on developments in the Vienna office market. Numerous market participants are acting rather cautiously and with heightened diligence. This results in lower production of new space and longer decision-making processes for rentals and acquisitions. Despite challenging financing conditions, high-quality, architecturally distinguished new construction projects are being com- pleted again this year. The supply presents

itself as differentiated and well positioned in key market segments.

In today‘s demanding market environ- ment, our office specialists are at your side with sound market knowledge, many years of experience and a strong sense of responsibility. Our actions are consistently geared toward sustainable and collabora- tive partnerships. For us, long-term client relationships are the most convincing expression of trust, integrity and professio- nal competence.

Michael Ehlmaier FRICS

Franz Pöltl FRICS

Managing Partner EHL Immobilien GmbH

Managing Partner EHL Investment Consulting GmbH

Stefan Wernhart MRICS

Alexandra Bauer MRICS

Managing Director EHL Gewerbeimmobilien GmbH

Office Properties | Department Head EHL Gewerbeimmobilien GmbH

Executive Summary

Demand remains stable. This steady momentum underscores the strong resilience of Vienna’s office property market.

Vienna office market 2022-2026

300,000 m 2

7 %

225,000 m 2

6 %

230,000

200,000*

Due to the higher volume of new space in the previous year, which the market could not immediately absorb, the vacancy rate is rising short-term to 3.8%. Ho- wever, since completion output will be significantly lower in the current year, a declining vacancy rate can be expected again in the foreseeable future. New space production & vacancies

150,000 m 2

5 %

180,000

165,000

132,000

126,000

75,000 m 2

4 %

90,700

3.8%*

65,800*

45,800

3 %

Take-up Last year – contrary to many expectations – a gratifyingly high take-up of 230,000 m² of office space was achieved. Demand current- ly presents itself as stable at a good level, and several well-known tenants are current- ly in advanced lease negotiations.

2022

2023

2024

2025

2026*

Slight increase in rental prices Rental prices continue to follow an upward trend. Demand overhang at prime locations, persistently high construction and financing costs, and the renewed increase in inflation represent the main drivers. Prime rents are rising slightly and currently add up to EUR 29.50/m².

New space production in m²

Take-up in m²

Vacancy rate

*Forecast, Source: EHL Market Research | Q1 2026

Market overview

New space production

65,800 m 2



Office Properties

Total Market**

VRF***

The real estate investment market fundamentally got off to a good start in 2026 under favora- ble conditions: inflation fell to around 2%, the Austrian economy emerged from recession and showed initial signs of recovery, albeit still with modest growth. The wave of insolvencies also appeared to have already passed its peak. However, with the onset of the conflict in the Near East, uncertainty returned to the market all at once, and decisions are once again being par- tially postponed. New realities have been created, particularly for cross-border transactions and for engaging new investors from outside Europe. Investment

Take-up*

200,000 m 2



Office space

11,775,500 m 2

5,947,135 m 2



Vacancy rate

3.8 %

Vacancy rate

3.8 %

4.37 %

Prime yield

5.0 %



Forecast

All indicators are based on the total supply (old and new buildings), unless indicated otherwise

Prime rents EUR/m 2 /month

29.50 €



*** According to the Vienna Research Forum www.viennaresearchforum.at











Rising

Slightly rising

Stable

Slightly declining

Declining

Source: EHL Market Research | Q1 2026

Current completions

The office market: quality offensive vs. cost consciousness

Property

Address

Usable space

VIENNA TWENTYTWO, Bauteil 1+3

1220, Dr.-Adolf-Schärf-Platz 10

24,000 m 2

TWENTY ONE, CENTRAL HUB

1210, Siemensstraße 87-89

22,500 m 2

LeopoldQuartier OFFICE

1020, Obere Donaustraße 25

22,000 m 2

CARRÉ Muthgasse

1190, Muthgasse 105

13,000 m 2

Silo Next

1230 Lemböckgasse 57

9,000 m 2

MC 15

1030, Modecenterstraße 15

8,700 m 2

VILLAGE WORKS

1030, Adolf-Blamauer-Gasse 25

7,300 m 2

Fokus On

1190, Heiligenstädter Lände 19

3,000 m 2

The Vienna office market is currently caught between two opposite poles: cost consciousness and quality optimisation. Many companies are faced with so-called “stay versus go” decisions, meaning the need to evaluate a longer stay in their cur- rent facilities or relocate to new projects.

Companies are also reacting to these rising price levels with the more efficient use of their office space. Flexible and hybrid working models like desk sharing and adaptable office concepts help to adjust space requirements and cost structures.

The last and most recent completions include, in particular, the LeopoldQuartier OFFICE close to Vienna’s inner city, the striking VILLAGE WORKS near the railway station, the excellently refurbished enna – the-work-life-building, and the architectural- ly distinct CARRÉ Muthgasse. The planned completion of the DC2 – 2WORK. 2LIVE. 2BE in autumn 2026 will mark the realisa- tion of Austria’s most innovative office tower with its integrated photovoltaic facade.

DC2 – 2WORK. 2LIVE. 2BE

1220, Donau-City-Straße

29,000 m 2

enna – the-work-life-building*

1030, Erdberger Lände 40-48

22,500 m 2

Vordere Zollamtsstraße 3*

1030, Vordere Zollamtsstraße

14,000 m 2

Salzgries 12*

1010, Salzgries 12

2,700 m 2

*General refurbishment

Source: EHL Market Research | Q1 2026

New projects are attractive with their innovative, efficient and

Vacancy rates in European comparison (in %)

Prime rents in European comparison(in EUR/m 2 /month)

technically advanced equip- ment standards. At the same time, the rising demands on sustainability, energy efficiency and building quality lead to hig- her construction costs, which puts the underlying economics at a higher level compared with existing buildings. Location changes are strategi- cally used to create modern, staff-oriented and sustainable

Location changes are strategically used to create modern, staff-oriented and sustainable working en- vironments.

13.9 (13.2)

Budapest Paris (Central)

London (Central + West End)

174.0 (179.5)

12.5 (12.8)

Paris (Central + CBD)

104.0 (104.0)

Bucharest

12.1 (12.7)

67.0 (62.5)

Milan

Frankfurt

12.1 (11.2)

58.0 (55.0)

Munich

Best location 19.0 - 35.0

10.1 (9.6)

Frankfurt

54.0 (54.0)

Milan

Warsaw

Amsterdam

49.0 (47.5)

9.1 (10.8)

Madrid

9.0 (8.6)

Berlin

47.0 (46.0)

working environments – a development that is also reflected in higher rents and equip- ment costs. This has led some companies to decide, at least temporarily, in favour of a longer stay at their existing locations for financial reasons.

Average location 13.0 - 16.0

Berlin

8.9 (7.9)

Madrid

45.0 (43.5)

Good location 15.0 - 19.0

London (Central)

8.5 (8.3)

Warsaw

31.0 (30.0)

Munich

7.9 (8.1)

Prague

30.0 (30.0)

29.5 (29.0)

London (West End)

7.0 (6.4)

Vienna

Amsterdam

6.8 (6.4)

Budapest

28.0 (25.5)

Bucharest

5.9 (6.6)

Prague

20.5 (20.5)

5.4 (4.8)

Paris (CBD)

Data in EUR/m2/month | EHL Rent Tables of 100 previously built or generally refurbished office buildings at various locations Quoted rents, first tenancy

Vienna

3.8 (3.6)

Source: EHL Market Research | BNP Paribas Real Estate | Spring 2026 (compared to vienna Autumn 2025)

Inner City | Surroundings

Lassallestrasse | Trade Fair | Prater

East Region | Erdberg

Selected properties 1010, Goldenes Quartier Office 1010, Haus am Schottentor 1010, Kohlmarkt 2 1010, Renngasse 13 1010, Salzgries 12 1010, Palais Montenuovo 1020, LeopoldQuartier OFFICE 1040, Ensemble Schwarzenbergplatz 1090, FRANCIS

Selected properties 1020, 2nd Central 1020, Austria Campus 1020, E-Zone 1020, Lassallestraße 3 1020, Quartier Lassalle 1020, Vienna Works 1020, Weitblick*

Selected properties 1030, enna 1030, Landmarx 1030, MQM

Vienna’s Office Regions

1030, Solaris 1030, Tricore 1030, ViE 1030, Austro Tower 1110, Office Campus Gasometer

Rents

€ 18.0-35.0

Rents

€ 14.0-32.0

Rents

€ 12.5-19.5

Rent development

  



  

Supply



Demand



* Project

Main Railway Station | Belvedere

West Region

South Region | Wienerberg

Selected properties 1030, Anchor* 1030, DOCKS

Selected properties 1120, Forum Schönbrunn 1120, O.A.X* 1120, VIO PLAZA 1120, Arcade Meidling 1140, Workstation Vienna West

Selected properties 1100, myhive am Wienerberg 1100, The Brick

1030, LOOP Offices* 1030, Village Works 1100, LAX 2B 1100, QBC 1100, The Icon Vienna 1100, Tower Canettistraße 1110, LMNT Offices* 1110, TRAGWERK* Selected properties 1190, CARRÉ Muthgasse 1190, Square 1 1200, Millennium Tower 1200, Rivergate 1210, GRAND CENTRAL

1120, EURO PLAZA 1120, INNO CENTER 1230, Silo Next 1230, Silo Plus 2345, Campus 21

Rents

€ 16.0-26.0

Rents

€ 11.0-20.0

Rents

€ 12.0-18.0

Rent development



Rent development

  

Supply

Rent development

  

 

Supply

Demand

Supply

Demand

A22

North Region

Vienna Danube City | Surroundings

Selected properties 1220, Andromeda Tower

1220, Ares Tower 1220, DC Tower 1 1220, DC2 – 2WORK. 2LIVE. 2BE 1220, IZD Tower 1220, Saturn Tower 1220, VIENNA TWENTYTWO

1210, Peak Vienna 1210, TwentyOne

Rents

€ 12.0-25.0

Rents

€ 14.0-32.0

Rent development

  

  

Supply

Demand

U2 U5

Seestadt Aspern

Vienna International Airport | Surr.

Selected properties 1220, Campus West 1220, HOHO Vienna 1220, ROBIN Seestadt

Selected properties 1300, Office Park 1300, Office Park 1 1300, Office Park 2 1300, Office Park 3 1300, Office Park 4 1300, Office Park 4 Next* 2320, Concorde Business Park

1220, SeeHub 1220, Seeparq 1220, Sirius 1220, Technologiezentrum Seestadt 1220, PIER 05*

Rents

€ 12.5-18.0

Rents

€ 10.0-22.0

Rent development

  

Rent development

  

Supply

A23

Demand

A21 A2 S1

New projects add fresh drive to the Vienna office market

Take-up by region

2.3%

7.0%

9.0%

East Region | Erdberg Inner City | Surroundings

37.5%

Vienna Danube City | Surroundings

9.8%

West Region

South Region | Wienerberg

Lassallestrasse | Trade Fair | Prater

Rentals 2026 (selected projects)

Vienna International Airport | Surroundings

15.5%

Tenant

Address

Usable space

19.0%

Pharmaceutical company

1030, Litfassstraße

7,000 m 2

Public sector tenant

1030, QBIK

6,500 m 2

IT company

1020, LeopoldQuartier Office

3,800 m 2

Retail company

1220, DC1

2,900 m 2

Pharmaceutical company

1230, Silo Next

2,500 m 2

Take-up by branch

IT company

1120, U4-Center

2,300 m 2

Insurance company

1220, TwentyTwo

1,800 m 2

Public sector tenant

1140, Hackingerstraße 5c

1,600 m 2

2.3%

4.7%

7.5%

Pharmaceutical company

1090, Francis

1,600 m 2

Pharmaceuticals | healthcare

Industrial company

1120, Euro Plaza

1,100 m 2

28.8%

IT | High-tech Public sector

Source: EHL Market Research | Q1 2026

14.3%

Attorneys, business and economic consultants Banks and insurance sector Other Retail trade & services

21.0%

21.3%

*Includes rentals >1,000 m² Source: EHL Market Research | Q1 2026

Our Office Reference Projects

Witness our expertise in action with a small selection of our rental commissions. From high-tech office concepts to sustainable office solutions, discover some of the many projects in our portfolio.

DC2 – 2WORK. 2LIVE. 2BE

WEITBLICK

FRANCIS

enna – the-work-life-building

This landmark building in Viertel Zwei is genuinely captivating with its height of 120 m and its distinctive appearance. Through the integration of office, hotel, conference, co-working and gas- tronomy, it will set new standards for an urban usage concept.

A medical institute (approx. 3,500 m²), Österreichische Apotheker- Verlagsgesellschaft m.b.H., and a well-known pharmaceutical company (approx. 1,600 m²) have chosen to lease space in the FRANCIS. EHL provided advisory services on the tenant and/or landlord side.

EHL brokered space in this distinctive office building, among others, to VGN Medien Holding GmbH (approx. 2,400 m2) and a well-known retail company (approx. 1,800 m2).

The 175m-high DC2 will make an attractive addition to the Vienna skyline and offer high-quality offices with surrounding loggias. As Austria’s first high-rise with a photovoltaic facade, it will be a showcase project for sustainabili- ty and a feel-good atmosphere.

Total area

47,700 m 2 1090 Vienna

Total area

29,000 m 2 1220 Vienna

Total area

27,000 m 2

Total area

22,500 m 2

District

1020 Vienna

District

1030 Vienna

INNO CENTER

Euro Plaza 4+5

Donaustadtstraße 47

CARRÉ Muthgasse, Haus 2

This modern office building impresses with an optimal price- performance ratio and diverse infrastructure. EHL brokered the letting of 4,400 m² to VHS Wiener Volkshochschulen GmbH.

EHL was commissioned by Union Investment Real Estate Austria on a co-exclusive basis for the rental of several office properties in Vienna. Among others, the contract covers the EURO PLAZA 4 and 5.

In connection with an extensive mar- ket evaluation accompanied by EHL, a non-profit company contracted to rent the entire project. The new headquarters will be built in close coordination between the tenant and property owner, with completion scheduled for 2027.

This attractive office building is characterised by a prestigious lobby and expansive roof terrace. EHL received an exclusive com- mission to market one of the two buildings (approx. 5,700 m2).

Total area

5,000 m 2

Total area

5,700 m 2

Total area

18,600 m 2

Total area

17,800 m 2

District

1120 Vienna

District

1190 Vienna

District

1120 Vienna

District

1220 Vienna

will only come on the market after, or short- ly before, completion and rental. The high credit volume scheduled for refinancing this year has motivated many players to evaluate the sale of individual properties to reduce their debt financing load. Private investors, family offices and foundations remain the dominant buyers. A growing number of special funds is currently expanding beyond the threshold of research and market monitoring into actual acquisition activity. An analysis by use shows continuing strong demand for existing residential properties, whereby the increasingly active special funds place spe- cial value on sustainability and compliance with the EU Taxonomy. Demand is high for properties with fixed-term contracts and a realistic potential for rental adjustments. The demand for properties in the hospi- tality sector (hotels, serviced apartments, student dormitories, etc.) remains strong.

the office sector is also a clear function of the location.

Here, commercial use is by far the primary motivation. An interesting fact is that this market segment is not dominated solely by local and German players, but also includes a substantial number of international investors. In the retail sector, the greatest demand comes from local convenience suppliers and retail parks. Office and commercial buildings in Vienna’s inner city pedestrian zones and, increasingly, also in the Mariahilfer Strasse have become interesting transaction targets. Demand in A review of the players on the real estate investment market shows open-end funds, insurance companies and distressed property ow - ners as the main sellers.

Investment Market

Properties at top locations with sustainable technical features and secured, long-term cash flow are high on the shopping list of local private investors as well as the few active special funds. Properties at weaker locations tend to attract increasing interest from developers for conversion, especially to residential use. In view of the developments in Ukraine and the Near East, the only hope is that these crises will have no, or only limited effects on the Austrian real estate market and not disrupt the positive trend that characterised the beginning of 2026.

2026 is off to a good start, the market is finally showing the first signs of recovery.

The extremely strong fourth quarter in 2025 with a transaction volume of roughly EUR 2 billion was followed by substantial investor interest during the first two months of the new year. The market appeared to ignore the still weak performance indicators produced by the Austrian economy. Howe- ver, uncertainty returned with the outbreak of the crisis in the Near East. The branch assumes the impact on the European and, above all, on the Austrian real estate investment market will be limited, but con- sequences for the domestic market cannot be excluded in today’s globally integrated economy. Numerous owners have recently decided in favour of selling or have started to test the market. The consultants involved in sale preparations are now operating at

a speed not seen in many years. Selling intentions are visible throughout the branch – from private investors to insurance companies, funds and public institutions to project developers. It is still unclear whether current interest rates will permit a further increase in transactions and whether banks will provide the necessary financing volumes. Many market players see an end to the steadily rising wave of bankruptcies, but a substantial influence on the market will remain at least during the first half of 2026. For many investors, this situation serves as a trigger for attractive acquisitions. That would, all in all, lead to a cautiously positive market outlook but under the assumption

of a “quick” resolution to the conflict in the Near East without any major impact on the global capital markets. Real estate yields in Austria have remained relatively low in European comparison and, consequently, the potential for rent increases is the most important driver for investments. This is still especially true for existing properties in the residential sector but also applies to commercial properties like offices or hotels at good locations. The weak growth generated by the Austrian economy combined with rising interest rates and high exit yields has pushed de- velopment activity in all segments down to a historical low. In spite of this situation, the few properties currently under construction

Reference Projects – Investment

Muthgasse 11

Wipplinger Straße 35

Science meets investment in the brokerage of this over 18,000 m2 property, which currently houses the University of Natural Re- sources and Life Sciences. EHL Investment Consulting success- fully brokered this first-class life science property in the 19th District. Within the framework of a co-ex- clusive contract, EHL Investment Consulting marketed this fully rented office and commercial building at Franz-Jonas-Platz with over 11,000 m² of usable space in a central location at the Floridsdorf Railway Station.

In Vienna’s 1st District, EHL Investment Consulting brokered the ‘Haus der Europäischen Union‘, a modern office building with over 4,600 m² of usable space, underground parking and two penthouse apartments.

Office properties – prime yields in European comparison (in %)

Total area

4,600 m 2

Total area

18,200 m 2

8 %

Hallmann Holding GmbH

Client

Privatinvestoren

8.0

6 %

Franz-Jonas-Platz

Hietzinger Kai 101-105

6.5

6.25

EHL Investment Consulting brokered the former Allianz headquarters at Hietzinger Kai to Kollitsch Invest. Plans call for new development of the roughly 22,000 m² and conversion to residential, office and commer- cial use.

5.0

5.0 4.8

4 %

4.5

4.3 4.25

4.2

4.0

2 %

Total area

11,000 m 2

Total area

22,000 m 2

Client

S IMMO AG

Client

KGAL

0 %

Source: EHL Market Research | BNP Paribas Real Estate | Q1 2026

Our view is always directed ahead.

The EHL Group makes its corporate values come alive. Every day. Competent. Dedicated. In all areas of its business..

Rental & Sale Valuation Investment Asset management Market research

Office buildings Retail properties Industry & Logistics Residential properties Investment apartments

Investment properties Residential investment Commercial real estate Land Hotels

EHL Gewerbeimmobilien GmbH Rathausstraße 1, 1010 Wien T +43 1 512 76 90 office@ehl.at www.ehl.at

Cover: DC2 – 2WORK. 2LIVE. 2BE | © S+B Gruppe The information and forecasts in this report are provided without guarantee, warranty or liability. The digital version of the report can be downloaded under www.ehl.at/research.

We stand for real estate.

Page 1 Page 2-3 Page 4-5 Page 6-7 Page 8-9 Page 10-11 Page 12-13 Page 14-15 Page 16