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Vienna Office Market Q3 2019

Vienna office market: Vienna Research Forum publishes its figures for the 3rd quarter of 2019

  • Take-up in the third quarter at approx. 54.400 m²
  • Largest rental accounts for nearly 12% of the total take-up
  • Vacancy rate amounts to 4.3%

In the third quarter of 2019 take-up on the Vienna office market totaled 54,387 m² – around 46% more than in the third quarter of 2018 and 9% less than in the second 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 was the new lease of 6,606 m² in the Erdberg - St. Marxsubmarket. This corresponds to approx. 12% of the total take-up on the Vienna office market in the third quarter. One further large-scale letting was registered in the Inner Districs - CBD submarket with 5.600 m² (new lease). A total of 62 lettings were re­corded in the third quarter – 13 more than in the pre­vious quarter and 20 more than in the third quarter of 2018.

A closer look at take-up based on type of rental shows that 88% account for new leases and 12% for pre-lets*.

Vacancy rate is stable at 4.3% in 3rd quarter

In the third quarter of 2019, the vacancy rate in the VRF portfolio of modern office buildings in Vienna amounted to 4.3%, which is similar to the previous quarter and a decrease of 0.5% percentage points to the same period of the previous year (Q3 2018). The submarket with the lowest vacancy rate was Inner Districts - CBD with 1.68% and the sub­market with the highest rate was North with 9,48%.

For the first time in September 2016, the VRF collected the total stock of modern office space for Vienna which it updated at the end of the third quarter of 2019: it amounts to 6,018.988 m²**, of which 59% belong to class A and 41% to class B real estate according to VRF standard. In the third quar­ter, the property Silo Plus in the Wienerberg (South) submarket was included in the stock.

 

* The take-up registered by VRF only refers to new leases and pre-lets, renewals of rental agreements are not included.
** The stock of office space can change from quarter to quarter due to regular adaptations of unclassified objects, conversions and com­pletions.

VRF is a merger of the leading Vienna commercial real estate companies (CBRE, Colliers, EHL, ÖRAG, OTTO, Spiegelfeld)