A limited supply of first-time occupancy spaces led to a historic low in vacancies of 3.3 percent. This resulted in a demand surplus in the Vienna city centre and around the main train station, leading to rising rents, EHL Real Estate announced on Thursday in a press release. More spaces are expected to be offered this year.

Last year, around 165,000 square meters were rented in the Vienna office market - 9 percent less than the previous year. Although the first half of the year developed positively in this respect, the rental performance significantly decreased in the second half of the year.

Over 100,000 Square Meters of New Office Space Expected

For the current year, EHL Real Estate expects that around 111,000 square meters of new office space will be added, up from 90,700 square meters last year. The new office spaces will stimulate demand, the real estate service provider is convinced. In addition, the requirements of tenants for the equipment are increasing, which is reflected in higher rents.

(APA/Red)

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