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Trend for Pre-letting – Tenants must plan long-term
Station (Hauptbahnhof), the area Lasallestraße | Messe | Prater as well as the area on Wienerberg, where the development potential for new buildings is to a great extent exhausted. In these currently highly sought after areas prospective tenants may have to consider taking high-quality renovated buildings, such as Quartier Lassalle in the second district, myhive Ungargasse in the third district or myhive Wienerberg.
The strong decrease in deliveries on the Vienna office market in 2019 means that prospective tenants must start looking for new space earlier. Very little first-time occupancy space of more than 3,000 sqm is immediately available. Companies looking for larger spaces are advised to plan well ahead. For units of 1,000 to 3,000 sqm it is recommended to place a search order at least 12 months before the planned moving-in date. For more than 3,000 sqm the time frame should be up to 18 months. Otherwise, it is possible that requirements relating to quality, size or location might not be completely fulfilled.
„Prospective tenants should plan their moves well ahead and also consider properties in the new hotspots.“
Pre-lettings dominate the market
The current letting figures clearly show the changed market situation. Of the lettings with more than 1,000 sqm this year, 40 % were pre-lets where the rental period began more than 12 months after the contract was signed. However, even early planning is no guarantee that companies will find suitable space at their preferred location. This is especially true in the recently strong growing office clusters like Quartier Belvedere by the new Vienna Central
From 2022 there will be new hotspots in the Vienna office market with large-scale developments such as „ViennaTwentytwo“ in the 22 nd district, „Francis Vienna“ on the Althangründe close to the train station Franz-Josefs-Bahnhof or the office tower „Weitblick“ in Viertel Zwei.
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