Office Market Report Vienna | Autumn 2025

Market Report Autumn 2025

We stand for real estate.

Office Market Report

Preface

The current challenging geopolitical and economic environment is leading to a gen- erally cautious and well-considered market strategy on the part of numerous market participants. This restraint is particularly evident in the significantly more intensive examination and careful calculation of real estate decisions – a clear indication of the increased demand for transparency and planning security. Despite these challenges, numerous high-quality new construction projects are providing fresh impetus to the Vienna

office market. They are making a significant contribution to noticeably stimulating demand and bringing new momentum to the market. Our EHL office specialists support you in this challenging environment with in-depth market knowledge, many years of experi- ence and a strong sense of responsibility. Long-term partnerships are at the heart of everything we do – because for us, a sus- tainable customer relationship is the best expression of trust, integrity and quality.

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

Head of Office Agency EHL Gewerbeimmobilien GmbH

Vienna | Autumn 2025

Overview of the office market in Vienna

Executive Summary

The increase in new space production has been giving the market a significant boost since the beginning of the year. Several notable leases have already been signed, with a few more in the process of being finalised.

By 2024, the volume of completions had already doubled compared to the pre- vious year. This positive trend continued in 2025: with around 132,000 sqm of newly created office space, the production of new space once again reached a remarkable level. However, as the additional space could not be absorbed imme- diately and space consolidation continues to shape user behaviour, the vacancy rate has risen to 3.6 % at present. Production of new space & vacancy rate

Letting performance Rental performance is currently spread across different industries, company sizes and mar- ket segments. This diversity forms the basis for continued stable development of the office market. By the end of the year, it will reach around 210,000 sqm, significantly exceeding the previous year’s result.

Slightly rising rental prices Rental prices continue to trend upwards. This development is the result of a combination of the following factors: excess demand in prime locations, increased construction and financ- ing costs, and persistently high inflation. The prime rent has reached a level of EUR 29.00/ sqm.

The situation on the Austrian real estate investment market will remain tense in 2025. Above all, the ongoing wave of insolvencies and the lack of economic growth are slowing down the recovery. Nevertheless, there are initial signs of a possible stabilization. However, the turnaround will be slow and will not restore the yield and transaction levels seen in the years before the interest rate rise, even in the medium term. Although the transaction volume in the current year is stabilizing at a similar level to the same period last year, the increasing number of review pro- cesses indicates growing investor interest and allows for a cautiously positive outlook despite the continuing challenging market environment. Investment

Office Market Report

Office Market Vienna 2021 - 2025

300,000 sqm

7 %

225,000 sqm

6 %

210,000*

150,000 sqm

5 %

180,000

170,000

165,000

132,000*

126,000

75,000 sqm

4 %

90,700

66,700

3.6 %

45,800

3 %

2021

2022

2023

2024

2025

Production of new space in sqm

Take-up in sqm

Vacancy rate

*Forecast, Source: EHL Market Research | Q3 2025

Market overview

Production of new space

132,000 sqm



Office supply

Total market**

VRF***

Take-up*

210,000 sqm



Office space in sqm 11,753,300 sqm 5,845,715 sqm

Vacancy rate

3.6 %



Vacancy rate

3.6 %

4.51 %

Prime yields

5.0 %



Forecast

** All indicators are based on the total market (old and new buildings), unless indicated otherwise *** According to the Vienna Research Forum,viennaresearchforum.at

Prime rents EUR/sqm/month

29.00 €













Increasing

Slightly increasing

Stable

Slightly decreasing

Decreasing

Source: EHL Market Research | Q3 2025

Vienna | Autumn 2025

Market in balance

Rising rental performance due to broad demand structure

The leasing performance achieved to date on the Vienna office market has proven to be solid and stable – a result that can be attributed primarily to the broad and balanced demand structure. Demand is not concentrated on a single market segment or a specific industry, but is rather spread across a diverse spectrum of different user groups. The leases signed so far this year represent a diverse range of indus- tries and company sizes – from small and medium-sized enterprises to international corporations. Product demand is equally diverse: while high-quality new-build space in prime city-centre locations with correspond- ing price levels is in high demand, there is also continued interest in cost-conscious secondary occupancy in established peripheral locations. This differentiated demand ensures healthy market activity across various quality and price levels and forms the basis for continued stable development of the rental market.

Notable leases this year include a non-prof- it organisation that will move into new headquarters in the 22nd district in spring 2027. The lease brokered by EHL, covering approximately 18,000 sqm, is one of the largest lease agreements concluded in recent years. Demand is not concentrat- ed on a single market seg- ment or a specific industry, but is rather spread across a diverse spectrum of dif- ferent user groups.

In general, new construction projects for the next two years are proving very popular with tenants. Outstanding examples include the LeopoldQuartier OFFICE near the city centre, the modern CENTRAL HUB in the TwentyOne urban development area, the striking landmark building VIENNA TWENTYTWO at the Donau Zentrum, the high-quality renovated enna, the-work-life- building and the architecturally striking CARRÉ Muthgasse. In 2026, DC2 – The Place 2 Work 2 Live 2 Be, Austria‘s first office tower with an integrated photovoltaic façade, will be completed.

Prime locations 19.0 - 35.0

Standard location 13.0 - 16.0

Quality location 15.0 - 19.0

In €/sqm/month | EHL Rent Index of 100 existing and/or refurbished office buildings at various locations Offered rents for first-time occupancy

Office Market Report

Completions 2025

Property

Address

Size

VIENNA TWENTYTWO, components 1+3

1220; Dr.-Adolf-Schärf-Platz 10

24,000 sqm

enna - the work-life-building

1030; Erdberger Lände 40

22,500 sqm

CENTRAL HUB, TwentyOne

1210; Siemensstrasse 89

22,500 sqm

LeopoldQuartier OFFICE

1020; Obere Donaustrasse 25

22,000 sqm

CARRÉ Muthgasse

1190; Muthgasse 105

13,000 sqm

Silo Next

1230; Lemböckgasse 57

9,000 sqm

Village Works

1030, Adolf-Blamauer-Gasse 25

7,500 sqm

MC15

1030; Modecenterstrasse 15

7,250 sqm

Fokus On

1190; Heiligenstädter Lände 19

3,000 sqm

Source: EHL Market Research | Q3 2025

Vacancy rates in European comparison (in %)

Prime rents in European com- parison (in EUR/sqm/month)

Paris (Central)

13.2

London (Central + West End)

179,5

Budapest

12.8

104,0

Paris (Central + CBD)

12.7

62,5

Bucharest

Milan

Frankfurt

11.2

55,0

Munich

Frankfurt

54,0

Warsaw

10.8

Milan

9.6

Amsterdam

47,5

Madrid

8.6

Berlin

46,0

London (Central)

8.3

Madrid

43,5

Munich

8.1

Warsaw

30,0

Berlin

7.9

Prague

30,0

Prague

6.6

Vienna

29,0

London (West End)

6.4

Budapest

25,5

Amsterdam

6.4

Bucharest

20,5

Paris (CBD)

4.8

Vienna

3.6

Source: EHL Market Research | BNP Paribas Real Estate | Q3 2025

Vienna | Autumn 2025

Office regions in Vienna

Inner City | Surroundings

Selected properties 1010, Goldenes Quartier Office 1010, Haus am Schottentor 1010, Kohlmarkt 2 1010, Renngasse 13 1010, Salzgries 12 1010, Strauchgasse 3 1020, LeopoldQuartier OFFICE 1040, Ensemble Schwarzenbergplatz 1090, FRANCIS

Vienna Office Regions

Rents

€ 18.0-35.0

Rents tendency

  

Supply

Demand

Main Railway Station | Quartier Belvedere 4 Selected properties

Southern Region | Wienerberg

Selected properties 1100, myhive am Wienerberg 1100, The Brick

1030, Anchor* 1030, DOCKS

1030, LOOP Offices* 1030, Village Works 1100, LAX 2B 1100, QBC 1100, The Icon Vienna 1100, Tower Canettistrasse 1110, LMNT Offices*

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

Rents

€ 16.0-26.0

Rents

€ 12.0-18.0

Rents tendency

  

  

Supply

Demand

Northern Region

Vienna Donau City | Surroundings

Selected properties 1190, CARRÉ Muthgasse* 1190, Square 1 1200, Millennium Tower 1200, Rivergate 1210, GRAND CENTRAL

Selected properties 1220, Andromeda Tower 1220, Ares Tower 1220, DC Tower 1 1220, DC2 - The Place

2 Work 2 Live 2 Be*

1210, Peak Vienna 1210, TwentyOne

1220, IZD Tower 1220, Saturn Tower 1220, VIENNA TWENTYTWO

Rents

€ 12.0-25.0

Rents

€ 14.0-35.0

Rents tendency

  

Supply

Demand

Seestadt Aspern

Airport City Vienna | Surroundings

Selected properties 1220, Campus West 1220, HOHO Wien 1220, PIEROS* 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

Rents tendency

  

Supply

Demand

Office Market Report

Lassallestrasse | Messe | Prater

Eastern Region | Erdberg

Selected properties 1020, 2nd Central 1020, Austria Campus 1020, E-Zone

Selected properties 1030, enna 1030, Landmarx 1030, MQM

1020, Lassallestrasse 3 1020, Quartier Lassalle 1020, Vienna Works 1020, Weitblick, Viertel Zwei*

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

Rents

€ 14.0-27.0

Rents

€ 12.5-19.5

Rents tendency



  

Supply



Demand



* Project

Western Region

Selected properties 1120, Forum Schönbrunn 1120, O.A.X* 1120, VIO PLAZA 1140, Workstation Wien West 1150, Storchengasse 1

Rents

€ 11.0-20.0

Rents tendency

  

Supply

Demand

A22

U2 U5

A23

A21 A2 S1

Vienna | Autumn 2025

Rentals

New projects bring fresh momentum to the Vienna office market

Rentals 2025 (selected examples)

Tenant

Address

Size

Non-profit organization

1220; Donaustadtstrasse 47

17,800 sqm

Educational institution

1210; Peak Vienna

6,500 sqm

ÖSB Consulting GmbH

1100; Brehmstrasse 12

4,200 sqm

Insurance company

1120; Euro Plaza 5

3,600 sqm

Law office

1010; Renngasse 13

3,400 sqm

Pharmaceutical companies

1100; Brehmstrasse 12

3,400 sqm

Medical Institute

1140; Hütteldorfer Strasse 130

3,200 sqm

VGN Medien Holding GmbH

1030; enna

2,400 sqm

Trading company

1030; enna

1,800 sqm

Training company

1020; Lassallestrasse 3

1,800 sqm

Deichmann GmbH

1030; MC 15

1,800 sqm

International Organisation for Migration

1020; 2nd Central

1,800 sqm

Financial institution

1080; Francis

1,700 sqm

Energy company

1100; TWIN TOWER

1,600 sqm

Austrian Pharmacists‘ Publishing Company

1090; Francis

1,200 sqm

EHL provided consulting services to tenants and/or lessors.

Source: EHL Market Research | Q3 2025

Office Market Report

Take-up by regions

4 %

5 %

8 %

9 %

46 %

Eastern Region | Erdberg

Northern Region

Inner City | Surroundings Southern Region | Wienerberg

28 %

26 %

Other

Lassallestrasse | Messe | Prater

Take-up by sectors

2 %

4 %

6 %

8 %

Educational and trainings institutions

Pharma and health Banking and insurance sector Trade and services

8 %

58 %

Public sector

8 %

Law firms, consultants, tax advisors

31 %

IT | high-tech

Construction, real estate

Take-up > 1,000 sqm included Source: EHL Market Research | Q3 2025

Vienna | Autumn 2025

References

Our office- reference projects

See our expertise in action with a small selection of our lettings. From ultra-modern office concepts to sustainable office solutions – dis- cover which projects are part of our portfolio.

FRANCIS

enna

A medical institute (approx. 3,500 sqm), the Austrian Phar- macists‘ Publishing Company and Valmedica Althan GmbH (approx. 1,200 sqm) have decided to lease space in FRANCIS. EHL acted as advisor to the tenant and/or landlord.

VGN Medien Holding GmbH (approx. 2,400 sqm) and a well- known retail company (approx. 1,800 sqm) have decided to lease space in the striking work-life building, partly through the medi- ation of EHL.

GLA

47,700 sqm 1090 Vienna

GLA

22,500 sqm 1030 Vienna

District

myhive am Wienerberg | URBAN GARDEN EHL has been responsible for leasing the modern business cluster from the start and has attracted numer- ous renowned tenants. In 2025, an

Donaustadtstrasse 47

A non-profit organisation decid- ed to lease the entire project following a comprehensive market evaluation conducted by EHL. The new headquarters will be rebuilt in close consultation between the tenant and landlord and complet- ed in 2027.

energy company (approx. 1,600 sqm), FCC Austria Abfall Service AG (approx. 1,000 sqm) and Honda (approx. 1,000 sqm) leased space.

GLA

18,000 sqm 1100 Vienna

GLA

17,800 sqm 1220 Vienna

District

Office Market Report

LOOP Offices

DC2 - The Place 2 Work 2 Live 2 Be

The visionary office building (approx. 14,200 sqm) impresses with its striking appearance and ecological construction. EHL has been mandated on a co-exclusive basis and is currently in the midst of the marketing process.

The 175-metre-high DC2 will complement the Vienna skyline and offer high-quality offices with wraparound loggias. As the first high-rise building in Austria with a photovoltaic façade, it will become a showcase project for sustaina- bility and a feel-good atmosphere.

GLA

37,000 sqm 1220 Vienna

GLA

14,200 sqm 1030 Vienna

District

INNO CENTER

CARRÉ Muthgasse, house 2

The modern office building offers excellent value for money and a wide range of infrastructure. The approximately 7,000 sqm of va- cant space is currently reserved for a major tenant. EHL has been mandated on a co-exclusive basis.

The striking office building stands out thanks to its impressive lobby and spacious roof terrace. EHL has been exclusively commis- sioned to market one of the two sections (approx. 5,700 sqm) and is currently in talks with several prospective tenants.

GLA

5,700 sqm 1190 Vienna

GLA

18,600 sqm 1120 Vienna

District

Vienna | Autumn 2025

Investment

Investment market

Market shows movement: Investors discover new opportunities despite challenging environment.

In recent months, the Austrian real estate investment market has suffered primarily from the ongoing wave of insolvencies and the lack of economic growth. The reluctance of banks to lend remains a fundamental obstacle, and alternative financing models – such as mezzanine and/ or private credit funds – are unable to close this gap. Rampant public debt and sluggish economic development in Germany are dampening the Austrian economy. Never- theless, we are seeing the first signs of a slight recovery in individual submarkets.

funds, insurance companies and pension funds are continuing to wait and see for the time being, or in some cases even reducing their portfolios, family offices, special funds and opportunistic investors are becoming more active again. No further interest rate cuts by the ECB are expected for the rest of 2025. Capital market rates, in particular the 10-year swap rate, which is important for the real estate industry, have risen by around 0.5 % since the beginning of the year. In some areas, such as residential property, but also centrally located offices, the sharp decline in development activity combined with high

tenant demand is leading to significantly higher rents. Many players see this as a signal to step up their acquisition efforts – but the dynamic rebound that everyone is hoping for is not expected in the short term. EU taxonomy and sustainability remain key issues, especially in the institutional sector: ESG-compliant new buildings are seeing comparatively small price adjustments, while older existing properties are often under enormous price pressure.

The strongest buyer groups continue to be family offices and foundations, with

While traditional buyers such as public

Prime yields on office properties in European comparison (in %)

8 %

8.0

6 %

6.5

6.25

5.4

5.0

4 %

4.5

4.3

4.25

4.20

4.0

3.9

2 %

0 %

Source: EHL Market Research | BNP Paribas Real Estate | Q3 2025

Office Market Report

institutional investors slowly but steadily becoming more active.

The office investment market is currently heavily focused on the top segment, i.e. prime locations with sustainable existing properties that generate strong and, if possible, long-term cash flow. Many market participants believe that the worst is now over and are taking advantage of attractive opportunities to make new purchases. If you move into classic B locations and have properties there that are struggling with vacancies or have significant sustain- ability deficits, you will see a sharp rise in risk premiums. Investment decisions

are also often driven by considerations of conversion to residential or hotel use.

The institutional residential segment is currently attracting the most interest. Some special funds are already returning and acquiring institutional residential products. In addition to residential properties, however, the hospitality segment is also in high demand. Interest here ranges from existing hotels, serviced apartments and student residences to develop- ment opportunities for such products in attractive locations. In the retail sector, retail parks in strong conurbations with healthy and growing catchment areas are particularly in demand, while demand for large shopping centres is noticeably lower.

Overall, however, the first signs of stabilisa- tion are also emerging. What we currently view as very positive and what is a clear indication of increasing future transaction activity is the significantly stronger due diligence activity currently being carried out by institutional investors. We are seeing a significant increase in interest here, as many market participants believe that the bottom of the market is within reach and now want to take advantage of attractive opportunities for new purchases. We therefore expect the Austrian real estate investment market to stabilise further in the coming months, supported by a gradual economic recovery and increasing investor interest.

Reference projects Investment

City Tower Vienna

Gasgasse 1-7

EHL Investment Consulting brokered the “City Tower Vienna” office tower on Marxergasse in Vienna‘s 3rd district, which is 100 percent leased to the Repub- lic of Austria and houses the Wien Mitte Justice Center.

EHL Investment Consulting brokered the office building with at Gasgasse 1-7 in Vienna‘s 15th district around 7,500 sqm. It is 100 percent leased to the Re- public of Austria and houses the Fünfhaus District Court.

GLA

7,500 sqm S IMMO AG

GLA

26,600 sqm Immofinanz

Client

Mariahilfer Strasse 121b

Lerchenfelder Gürtel 43

EHL Investment Consulting suc- cessfully brokered the IP TWO of- fice building in Vienna-Ottakring from S IMMO AG to 48 North Estates. The fully let property includes over 4,200 sqm of office and commercial space and 61 parking spaces.

EHL Investment Consulting bro- kered the office building with ap- proximately 4,300 sqm, of which around three quarters is office space and one quarter is retail space, which is almost entirely leased to a number of renowned companies.

GLA

4,200 sqm S IMMO AG

GLA

4,300 sqm S IMMO AG

Client

Vienna | Autumn 2025

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Cover: enna: Das Work-Life-Building | © beyond visual arts GmbH 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.

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