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Office Market Report

Office Market Report: Fall 2021

A current survey by OTTO Immobilien.

The Viennese office market shows positive signals again for the first time after the significant setback caused by Corona in the first half-year period. In comparison with the second quarter of 2021 the volume of rents has increased by approxima-tely 14,300 sqm (+52%) in the third quarter, which reflects the increasing willingness of office users to change their loca-tions. Nevertheless, the net take-up has clearly not met the expectations for this year. For the whole year of 2021 we have to revise the prognosis downwards to approximately 130,000 sqm, which means a considerable loss as compared to the net take-up of 2020.

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After a volume of new supply of approximately 130,800 sqm in 2021, the newly completed buildings will again slightly decline with a value of 116,140 sqm in the year to come, of which already approximately 75,000 sqm (65 %) are pre-rented or owner occupied in the third quarter of 2021, and as such are no longer available on the market. In 2023 the volume of new supply will increase slightly again to 130,000 sqm, however, without any pre-rents up to now.

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