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Vienna Officemarket Q4 2020

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Vienna office market: Vienna Research Forum publishes its figures for the 4th quarter of 2020

  • Take-up in the fourth quarter at approx. 50,300 m²
  • Largest rental accounts for about 22% of the total take-up Vacancy rate amounts to 4.2%
  • VRF-market take-up totaled 181,344 m² in 2020 (= 89% of the jointly compiled total take-up on the Vienna office market)

In the fourth quarter of 2020 take-up on the Vienna office market totaled 50.296 m² – around 34% more than in the fourth quarter of 2019 and 43% less than in the third quarter of 2020.

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 around 6,000 m² in the Prater/ ¬≠Lassallestraße submarket. This corresponds to approx. 12% of the total take-up on the Vienna office market in the fourth quarter. Another large-scale letting was registered in the North submarket with 5,400 m². A total of 56 lettings were recorded in the fourth quarter – 13 more than in the fourth quarter of 2019.

A closer look at take-up based on type of rental shows that 90% account for new leases and 10% for pre-lets*.

Vacancy rate decreased to 4.2% in 4th quarter

In the fourth quarter of 2020, the vacancy rate in the VRF portfolio of modern office buildings in Vienna amounted to 4.2%, which is an decrease of 0.2 percentage points compared to the previous quarter and an decrease of 0.4 percentage points compared to the same period of the previous year (Q4 2019). The submarket with the lowest vacancy rate was Inner Districts РCBD with2.0 % and the sub­-market with the highest rate was Airportcity Vienna with 15.2%.

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 fourt quarter of 2020: it amounts to 5,995,392 m²**, of which 61% belong to class A and 39% to class B real estate according to VRF standard. In the fourth quarter, four projects with a total of 49,700 m² were included in the stock, of which 2,700 m² are located in the Inner Districts - CBD submarket, approx. 37.000 m² in the Central Station submarket and 10,000 m² in the Wienerberg submarket.

 

* The take-up registered by VRF only refers to new leases and prelets, 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.



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Vienna Officemarket Q4 2020

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Mario Stöckel

Head of Office Real Estate

Vienna

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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