Impulses for the office market
New projects boost momentum on the Vienna office market
Last year, the limited new construction activity of recent years was clearly noticeable on the Vienna office market. The long-standing restraint in completions led to a very limited supply of first-time occupancy space in top locations and a historically low vacancy rate of just 3.3 per cent. A comparable figure is currently only known from Paris. In prime locations, such as Vienna‘s city centre and around the main railway station, the low availability of office space has led to significant excess demand, resulting in rising rents and declining incentives. However, the prospects for 2025 are promising: In 2024, the completion volume has already doubled compared to the previous year to around 90,700 sqm and a volume of 111,000 sqm of new office space is expected for this year. This increased production of new space should stimulate the market in the long term and contribute to a new dynamic. The projects due for completion this year set a high standard in terms of fit-out quality and sustainability. Examples include the timber-hybrid LeopoldQuartier OFFICE near the city centre (approx. 24,000 sqm), the efficient new CENTRAL HUB building in
TwentyOne (approx. 21,000 sqm) and the landmark VIENNA TWENTYTWO building near the Donau Zentrum (approx. 24,000 sqm). This portfolio is complement- ed by the high-quality refurbishment enna, the-work-life-building (approx. 22,500 sqm) and the striking CARRÉ Muthgasse (approx. 13,000 sqm). The projects due for com- pletion this year set a high standard in terms of fit-out quality and sustainability.
A special milestone is expected in 2026, when DC2 – 2 work 2 live 2 be (approx. 37,000 sqm), the first office tower with an integrated photovoltaic facade, will be completed. The aforementioned projects will enable future users to realise flexible, innovative and energy-optimised office concepts in excellently developed locations. The new office space concepts are increasingly orientated towards residential and hotel requirements rather than traditional office formats.
Prime locations 18.0 - 28.5
Standard locations 13.0 - 16.0
Quality locations 14.0 - 19.0
In €/sqm/month | EHL Rent Index of 100 existing and/or refurbished office buildings at various locations First-time occupancy rents
06
Office Market Report
Powered by FlippingBook