Office Market Report

Office Market Report: Fall 2023

A current survey by OTTO Immobilien.

We are glad to send out good news concerning the current situation on the Viennese office market. As already suggested in our spring report, the recent market parameters show a highly satisfactory trend and therefore confirm our former assessment: Despite the tough economic framework conditions the office market turned out to be robust and started quite successfully into the second half of the year.

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In the first half of 2023, 74,400 sq m of office space were rented, which means a clear plus of 16 % as compared to the first half of 2022. According to our experts the rents were by 6 % higher than the five-year-average. For this year we expect a net take-up of approximately 135,000 sq m for the Viennese office market, a value which does not take sublets into consideration.

The rental prices show a rising trend as well. The prime rent in the inner city of Vienna has increased by EUR 1.00 from net EUR 27.50/sq m to EUR 28.50/sq m and month, and the average price for quoted rents for modern space according to VRF* has risen by 2 % from EUR 15.50/sq m to EUR 15.80/sq m. For prime locations in the inner city of Vienna rents of even EUR 30/sq m and month might be possible in the future.

Do you need any help for Your enterprise in these hard times? Are You looking for answers and personal consultation? 

We would be pleased to answer your questions and welcome you for a personal discussion at your convenience.

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Your research expert:

Martin Denner , BSc

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