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Work in Progress: Colliers Real Estate Market Report 2021

Cover Photo Colliers Austria Real Estate Market Report 2021

The real estate market is not only recovering noticeably from the effects of the pandemic, but some segments are even experiencing a real boom.

The stability of the Austrian real estate market is still highly valued by local and international investors. Apart from stable economic conditions, the decisive factor is a high quality of life and a positive demo-graphic development in urban areas. The focus is primarily on crisis-proof asset classes, with an enormous demand for logistics properties – but newly built residential buildings are also very popular.

Due to the great economic importance of tourism, the attention of many investors is naturally drawn to the Austrian hotel market. This market is also recovering noticeably, even if the record year of 2019 will remain a benchmark for some time to come. Year-round destinations and leisure hotels are en vogue, and forward deals, which used to be an exception, are becoming more and more common.

The apartment building market (“Zinshausmarkt”) is becoming more regional. Due to the shortage of available products in Vienna, investors are increasingly switching to the mostly cheaper federal states, of which Lower Austria is the second most important. In the office market, home office and desk sharing have become ubiquitous – but the overall effects of the pandemic are limited, at least in absolute terms, which is a cause for celebration.

A positive development is clearly noticeable on the retail market as well, in particular as a result of vacant spaces in very good locations and innovative concepts. Especially international customers are taking advantage of the opportunities that are now emerging on the market.

Winner of the crisis: warehouse and logistics properties

There is also a clear “winner of the crisis”: the demand for warehouse and logistics properties is increasing rapidly, and this asset class is currently experiencing a real boom. Private living concepts must become more flexible, as home office and the retreat into one's own four walls are forced into a complex symbiosis by the pandemic. Flexible floor plans that allow for separate work and retreat areas are gaining in importance.

To sum up, the pandemic has fueled some positive developments on the real estate market. For instance, Corona has turned conversion of use into this year’s hot topic, which has a positive effect on the sustainability of the entire industry.

Thomas Belina, Managing Partners of Colliers Austria: “In our last market report we pointed out that every crisis also brings new opportunities – and 2021 proved us right: Innovative retail concepts and various types of conversions of existing spaces are a sure sign that the pandemic is not slowing down the development of the real estate market, but partially even accelerates it. We are convinced that this is only the beginning of a process that will have a lasting impact – which is why we have made it the central theme of this year’s market report.”

COLLIERS Marktbericht 2021

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Thomas Belina

Managing Director


Thomas Belina has been strengthening the Colliers team in Austria since 2016, first as authorized signatory and since 2019 as managing partner. His main tasks include supporting the individual teams in a wide variety of projects, expanding the company, optimizing workflows, creating marketing concepts, budget control and personnel management.

The last ten years before that he worked for Karl Wlaschek Privatstiftung (one of the largest private real estate investors in Austria). As an overall authorized signatory, he was responsible, among other things, for the preparation of marketing strategies for various properties. As the owner's representative, he conducted negotiations with interested parties in the commercial sector until the lease was signed. Budget preparation and the associated controlling were also among his tasks, as was the creation of marketing concepts and their media implementation.

In 2010, Thomas Belina completed his studies in real estate management in Vienna.

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Georg Muzicant

Chief Executive Officer


During his studies, Georg Muzicant completed several internships at firms such as Merril Lynch, Colliers, The Davis Companies and The Monitor Group. In 2005, he decided to move from Boston to Vienna and join his family's real estate company. Since 2007 he has been managing director of Colliers International in Austria.

Based on his several years of experience in the Anglo-American real estate business, he focused on building a highly competitive development department for national and international projects. In recent years, the real estate market has become increasingly international and has changed significantly as a result. To meet the future challenges of an enlarged Europe, he has expanded Collier's services to become more specialized.

In addition, Georg Muzicant is executive partner of a private equity real estate business with assets under management of around 500 million euros.

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Nina Milchrahm

Head of Residential Real Estate


Nina Milchrahm joined Colliers International Vienna in September 2018. Since 2007 she has been working as a broker for residential and comercial properties in Vienna.

Before that she gained experience as a property manager. 

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Tanja Tanczer

Head of Retail


During her studies at  the Vienna University of Economics and Business Tanja Tanczer completed several internships at well-known real estate companies including  BUWOG, UNIQA Real Estate, Strabag Real Estate and Bondi Consult. She  also worked at a luxury fashion store in Vienna during her studies as a purchasing manager.

In August 2017 Tanczer  decided to combine her expertise in fashion and real estate and joined Colliers International Austria as a  Retail Consultant.

In 2019  she did not only become a member of the Colliers EMEA  Retail Core Team, but also became Senior Retail Consultant.

In August 2020 she got appointed as Head of Retail.

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Mario Stöckel

Head of Office Real Estate


Mario Stöckel joined Colliers International Immobilienmakler GmbH as Head of Office Real Estate in June 2017.

In the last ten years, he gained his professional experience at SIGNA Group, among others, where he was responsible for leasing in the office and retail sector as Head of Leasing Activities in 2014.

His relevant professional experience has provided him with in-depth expertise and excellent market knowledge.

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Dietmar Steger

Head of Capital Markets


Dietmar Steger joined Colliers Austria as Head of Capital Markets in September 2017. Prior to that, he gained extensive experience as Associate Director in the Capital Markets team at CBRE Vienna. In addition to supporting national and international key accounts, he was responsible for the acquisition of new sales mandates.

Prior to consulting, he worked for KGAL and UNIQA Real Estate as an acquisition manager. 

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Michael Messner

Head of Industrial & Logistics


Michael was responsible for Corporate Real Estate Management, Asset Management & Growth as well as for Investments in Central-Eastern Europe and Turkey at OMV AG, Austria's largest industrial group.  He realized a number of large-volume, international real estate projects in various asset classes.  The development and realization of industrial- and logistic-parks, the optimization of the entire asset-basis and the transformation of brownfields into high-quality investment products, formed the basis of his activities. 

Since April 2021 he now strengthens the team of Colliers in Vienna and leads the Industrial & Logistics Department.  

"We want to be a reliable, powerful partner for companies, developers and investors in  decision-making processes and asset management related issues. We will use the global Colliers network to generate the maximum added-value for our clients."

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Philip Mramor

Head of Valuation


In October 2020 Philip Mramor joined the property valuation team of Colliers in Vienna. He worked as a consultant in the field of "Property Valuation" at EHL Immobilien for about four years.

Before that, he worked  in the RBI Group in real estate management for about six years. In the last ten years Philip Mramor was able to gain valuable experience and knowledge regarding all asset classes by advising and supporting national and international as well as private and institutional clients.


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Daan Bakkenes



As Head of Hotels is Daan Bakkenes responsible for the development and expansion of the hotel department at Colliers Austria. He has an international professional background with stations in the United Arab Emirates, the Netherlands, Austria and Germany and has worked in the strategic management of various hotel chains for many years.

In addition to his traditional hotel background, which ensures the necessary knowledge to serve an investor's interest, his team reviews the property's full potential and the fulfillment of all possible sources of income, cash flows and investor returns.

Daan Bakkenes is personally very passionate about the hotel industry. When a completed project emerges from an initial vision and generates corresponding returns, the job is done. This also embodies his vision to enrich the cities and places of this world with suitable hotel concepts.

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