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Office Market Report

Office Market Report: 2022

A current survey by OTTO Immobilien.

In 2021 the net take-up amounted to approx. 136,000 sqm, which corresponds to an average year – despite of Corona. For this year we expect a net take-up in the modern office supply of approx. 150,000 sqm. While this value would correspond to an increase by approx. 10 % as compared to the previous year, it would still be below the average of the past three years. One striking feature in the first quarter of 2022 was the high share in the take-up in the sub-market Prater/Lassallestraße, where four leasing areas made up 40 % of the complete net take-up.

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After a volume of completions of 123,000 sqm in 2021, the newly completed buildings will again slightly incline with
a value of 128,900 sqm in the year to come, of which already approximately 91,000 sqm (71 %) are pre-rented or owner
occupied in the third quarter of 2021, and as such are no longer available on the market. In our opinion, in 2023 the volume
of completions will decrease significantly again with a total of 45,582 sqm. Without doubt, the increasing building costs and
delays in delivery will have an effect on the project pipeline in the years to come.

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