Vienna office market Q2 2019

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Vienna office market: Vienna Research Forum* publishes its figures for the 2nd quarter of 2019

  • Take-up in the second quarter at approx. 60.000 m²
  • Largest rental accounts for nearly 28% of the total take-up
  • Vacancy rate amounts to 4.3%

In the second quarter of 2019 take-up on the Vienna office market totaled 59,951 m² – around 15% more than in the second quarter of 2018 and 59% more than in the first quarter of 2019.
This is what the results of the Vienna Research Forum (VRF) show after evaluating the current key data of the Vienna office market. The VRF only takes into account modern office space built since 1990 or completely renovated and office space which meets certain quality criteria such as indoor climate, elevators or IT standards. According to the Vienna Research Forum, the largest take-up (prelease) was the lease of 17,000 m² in the Central Station submarket. This corresponds to approx. 28% of the total take-up on the Vienna office market in the second quarter. One further large-scale letting was registered in the Wienerberg submarket with 13.100 m² (pre-lease). A total of 49 lettings were recorded in the second quarter – one more than in the previous quarter and four less than in the second quarter of 2018. A closer look at take-up based on type of rental shows that 39% account for new leases and 61% for pre-lets*.

Decrease of vacancy rate to 4.3% in 2nd quarter In the second quarter of 2019, the vacancy rate in the VRF portfolio of modern office buildings in Vienna amounted to 4.3%, which is a decrease
of 0,9% percentage points over the previous quarter and a decrease of 0.4% percentage points to the same period of the previous year (Q2 2018). The submarket with the lowest vacancy rate was Inner
Districts - CBD with 2.0% and the submarket with the highest rate was North with 9,6%.

 

*A merger of the leading Vienna commercial real estate companies (CBRE, Colliers, EHL, ÖRAG, OTTO, Spiegelfeld)


Vienna office market Q2 2019

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