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1 Eine Stadt A city im Aufschwung on the move property market vienna 2013/2014 english edition in cooperation with

2 Ostbahnbergleitstraße Opel Wien Groß Enzersdorfer Straße Wien 22., Seestadt Aspern - Bpl. D4 Project Description: 174 apartments from 56 to 107 m² with loggias, balconies or terraces as well as parking spaces located in a community garage. The complex is divided into four individual buildings, each with their own design based on where they are located in the courtyard, orientation to the sun and accessibility. They are all low-energy buildings with high-quality thermal building envelopes and exterior sun screens. Special emphasis is given to natural lighting for the access zones and bicycle garages. Community facilities such as children's rooms, community rooms, large bicycle storage rooms and spacious parking areas are planned. All the buildings contain multi-purpose rooms in which trends such as home working, etc. can be realized. The apartments: Each unit has an open space such as a loggia, terrace or balcony. The floor plans are designed specifically for the needs of young families to create special living arrangements for the integration of work and living spaces. Construction start: 3rd Quarter of Expected completion: 3rd Quarter of FAIRliving WIENER STADTERNEUERUNGSGESELLSCHAFT Gemeinnützige Wohnbau, Planungs- u. Betreuungsgesellschaft m.b.h Wien, Eßlingg Telefon Fax: / 600 Internet:

3 preface Europe s Smart Centre Vienna Vienna is the hub connecting East and West an ever-growing number of international companies are capitalizing on this geographic advantage and decide to set up their operations in this city. The number last year rose to around 120, including an increasing number of companies from the up-and-coming BRIC nations; Brazil, Russia, India and China. Vienna scores highly with an excellent business environment which includes a highly qualified workforce, outstanding infrastructure, tailor-made real estate and expert support for businesses and business people. There are even more reasons in favour of Vienna: Vienna has recently been named the global city with the best quality of life for the fourth consecutive time. At the same time, Vienna ranks third in the Innovation Cities Global Index after Boston and New York and ahead of the San Francisco Bay Area with Silicon Valley. Therefore, Vienna is clearly Europe s most innovative city and, in terms of international comparison, one of the smartest cities of all. Vienna is currently building one of Europe s largest urban development areas. aspern Vienna s Urban Lakeside an intelligent city for 20,000 people will work and 20,000 will live will feature apartments, offices and other commercial space as well as a district for industry, education, science and research. A unique research project setting new standards is currently getting underway in partnership with Siemens. In a true real-time laboratory consisting of three different building complexes, some 20 researchers will spend the next five years interacting with users as they examine questions related to the areas of energy, environment, building technology and intelligent networks. Vienna is presenting itself at EXPO REAL 2013 for the third consecutive year: This year s motto Vienna Builds Smart is an opportunity for the Vienna Business Agency, Wien Holding and Vienna s urban development agency to demonstrate inspiring cooperation and present Vienna as powerful business location at the heart of Europe. EXPO REAL being one of the real estate sector s key events, we are using this platform as an opportunity to turn the spotlight onto Vienna s innovative real estate projects. We cordially invite you to visit our stand Vienna Europe s Heart and learn more about the exciting business location Vienna. Renate Brauner Vice-Mayor of the City of Vienna City Councillor for Finance and Economic Affairs property market vienna 2012/13 3

4 TECH GATE VIENNA Vienna s biggest science and technology park Office spaces as well as perfect conditions for events, meetings, conferences Tech Gate Vienna Wissenschafts- und Technologiepark GmbH, T. +43 [1] , A-1220 Wien, Donau-City-Straße 1

5 preface Smart Planning for Vienna Cities are playing a central role in the development of the answers to the major questions of our time and in particular to ecological challenges. Today, more than half of the world s population lives in cities. They are responsible for 75 per cent of energy consumption and around 80 per cent of greenhouse gas emissions. And one thing is clear: challenges in the areas of energy and climate change can be most successfully solved in cities. Vienna is excellently positioned to face a future in which we will have to largely do without fossil-based sources of energy and rely on environmental technologies. Structures which are already in place include the well established public transport infrastructure, the extensive existing green spaces and the very efficient energy supply based on the use of combined heat and power. Other examples which show that new approaches are possible include the biomass power plant built in the district of Simmering in The Smart City theme is a major priority of the City of Vienna. The proportion of energy coming from renewable sources will significantly rise in the coming years. The greatest challenge will be to break the link between urban growth and energy consumption. We have set ourselves the very ambitious target of reducing energy consumption by 10 per cent between now and 2020 despite a growing population. Emissions-free technologies such as solar energy are particularly important for urban energy systems. Hence, in the past few years we have built four Citizens Solar Power Plants. Our target is to build a total of 300,000 square metres of solar collectors in Vienna by 2020 which represents almost a quadrupling of the current area. All these innovative developments can only be successful when implemented in a spirit of cooperation. This is why it is even more important and reassuring that energy suppliers with their great expertise and direct access to end-users are also energetically addressing these issues. The future belongs to cities: today s global challenges particularly in the areas of mobility, energy supply, climate protection and social cooperation will be most efficiently resolved in cities. The population of Vienna is rising fast. Our city will have around two million inhabitants by We see this growth as offering us the opportunity of strategically promoting expansion in these new areas. This growth must be ecological, sustainable and social. And it is essential that solutions have a participative approach and address social aspects of their urban context in order to ensure that Vienna s transformation into a Smart City is a project in which everyone can participate. Maria Vassilakou Vienna s Deputy Mayor and Executive City Councillor for Urban Planning, Traffic & Transport, Climate Change, Energy and Public Participation property market vienna 2012/13 5

6 urban development 111 privately-financed rental apartments and 36 serviced apartments next to the WU Campus. Attention: building site! Vienna is currently busily preparing for the two million inhabitants who, according to projections, will be living in the city by around There are building sites in every corner of the city. Vienna is growing relentlessly. In the past 20 years more than 170,000 people have moved to Austria s federal capital. This makes the city, with its current population of around 1.74 million, not only the fastest growing city in Austria but also, alongside Brussels, Stockholm and Madrid, one of the fastest growing in the EU. According to a prognosis from Statistik Austria, this trend is set to continue over the next few years: In 2035 Vienna will once again be home to more than two million people a total which was last reached in In view of this strong population growth it is reassuring to visit any of the city s many viewpoints and see for oneself the enormous number of cranes which confirm the amount of building going on in the city. There really is a lot happening at the moment in the area of urban development. The most spectacular project which is currently being realised is aspern Vienna s Urban Lakeside. By 2030 this area of 2.4 million square metres should provide homes for 20,000 people and jobs for a further 15,000. And one half of the area should be accessible to the public in the form of streets, squares, green spaces and leisure areas. Aspern is a place for research People are already working in the new, green and at the same time urban Aspern district. More specifically in aspern IQ, which already opened its doors last year. At the beginning of October the research company Aspern Smart City Research GmbH & Co KG will also start its activities in the Technology Centre. This is a joint project involving Siemens, Wien Energie and Wien Energie Stromnetz, which is seeking to develop, amongst other things, applications for smart grids, intelligent electrical systems and building technology in cooperation with residents and with the motto: Smart City. Vienna s railway station landscape is also currently undergoing an intensive transformation. The overall Central Station project involves, for example, much more than station infrastructure. The 109 hectare project also includes 6 property market vienna 2013/14

7 aspern IQ is an ideal location for companies which are active in the fields of environmental and sustainable technology. apartments, office space and a park as well as schools and kindergartens. The station complex also contains a shopping mall and hotel. The West Station, formerly the city s most important station for long-distance trains, has already been opened after a face-lift and the overall project is due for completion at the end of The station even has its own shopping centre: BahnhofCity Wien West. The new Wien Mitte station has been operating since early this year. The complex also includes a shopping centre known as The Mall as well as offices and a new terminal for the City Airport Train (CAT). A Green Heart close to the Danube A further megaproject is the new urban district which is currently being developed on the former Northwest Station. Between now and 2025 the site of around 44 hectares between the Danube and the Danube Canal should become home to areas for living, working, shopping, culture, leisure and sport arranged around a central green open space known as the Green Heart. An urban quarter with 10,000 apartments and offices with 10,000 workplaces will be built on the 65 hectare site of the former North Station in Vienna s 2 nd district. St. Marx in Vienna s 3rd district has had many uses over the years. Once the site of a hospital, the area contained an abattoir and cattle market until the end of the last century. Today, Neu Marx as the area is now known is the host to other completely different activities. A range of media companies have rented space in the Media Quarter Neu Marx. Nxt Marx, which is due for completion in 2014, is a true architectural highlight for companies from the creative industries and communications and information technology sectors. On the other hand, the Marxbox an extension to the Campus Vienna Biocenter is a laboratory and office building. Flagship Building: ENERGYbase Just like the above-mentioned aspern IQ in aspern Vienna s Urban Lakeside, the ENERGYbase in Vienna s 21st district is also certified as a passive house. It is no exaggeration to say that the building, which meets 100% of its energy needs from renewable resources, can be seen as a model for the green building of the future. At the same time, 80% less energy is used here than in a conventional office building. A number of technology firms have already moved into the area around the approximately 5,000 square metre building. The Breitensee Business Park is currently close to completion. The 25,000 square metre object in Vienna s 14th district evolved during the course of design and construction into an innovations centre and it already has a number of tenants, largely from the graphic and design sectors, as well as a local television station and innovative manufacturing companies. And this is only one of countless projects which are currently in the design or construction phase across the city. Patrick Baldia property market vienna 2013/14 7

8 quality of life There are around 700 hectares of vineyards in Vienna. Life is best in Vienna Vienna is the global number one in terms of quality of life. This is confirmed not only by the Viennese themselves but also by a study from the consulting company Mercer. Which city has the world s best quality of life? For the representatives of governments and international companies who are stationed in Vienna and were questioned by the consulting company Mercer, there has only been one answer over the past few years: the Austrian capital. Last year, Vienna was named the city with the best quality of life for the fourth time in a row beating 221 competitors in the process. The ranking was drawn up on the basis of 39 criteria, including political, social, economic and environmental aspects. Other factors taken into consideration included personal safety, educational opportunities and public services. As confirmed by Mercer expert Sebastian Karwautz during the presentation of the annual comparative study, Vienna scores very highly in many categories such as security or the choice of public transport. Indeed, the crime rate in the city on the Danube is really amongst the lowest in Europe. According to the Global Peace Index 2013 Austria is, incidentally, the world s fourth most peaceful country featuring in the ranking ahead of even Switzerland, Japan and Finland. And the fact that so many expatriates are impressed by the wide selection of offis or public transport available in the city can also be no surprise. After all, Vienna has a total of five underground lines, 28 tram lines and over 100 local bus routes not to mention the urban train network. The Prater: a Green Lung close to the centre Vienna s expatriates also particularly appreciate the range of leisure areas which the city has to offer, say the Mercer experts. As one of the world s greenest cities with 120 square metres of green space for each inhabitant the city offers enough opportunities for relaxing out of doors. These include the many parks and green spaces a number of which can be found in the centre of the city. For example, Vienna s Prater is only three underground stations from St. Stephen s Cathedral in the heart of the city. With a total area of six million square metres it is no coincidence that the area is known as Vienna s Green Lung. Also unique are the wetland meadows on the Danube which make up much of the 8 property market vienna 2013/14

9 Prater and are partly protected as an area of special scientific interest. The amusement park at the north end of the Prater only constitutes a small part of the entire area. Vienna s Prater is also a paradise for sportspeople at all times of year from running, cycling and a range of team sports in the warmer months to cross-country skiing and ice skating in the winter. Also very popular amongst the city s sports fans is the Donauinsel, another leisure area which is much-loved by the Viennese. The 21 kilometre long and 250 metre wide artificial island which lies between the Danube and the New Danube was built as a flood prevention measure and completed in However, the island as it is called by the Viennese is not only a sporting paradise but also offers a rich variety of restaurants, most of which are located close to the Reichsbrücke. And music lovers are well catered for every summer when Europe s largest music festival takes place on the Donauinsel. The Wienerwald: a hiker s paradise A unique feature for such a major city is the Wienerwald, which directly borders the city in a number of districts. Vienna s forest has been a popular destination amongst the Viennese for more than a hundred years and has also enchanted countless poets, painters and composers. This, for example, is where Ludwig van Beethoven was inspired to write his Ode to Joy. Today, the Viennese flood into the Wienerwald in all seasons. Above all, the limestone hills which form the easternmost foothills of the Alps are full of marked trails and in no other Alpine Region in Austria will you find so many hikers. A number of these trails lead from the city out into the forest, passing inviting mountain huts on the way. Those entering the Wienerwald from Sievering, Nussdorf or Grinzing pass through extensive, picturesque vineyards. Wine has been cultivated in Vienna since Roman times which is another of the city s unique features. With vineyards covering a total of almost 700 hectares, Vienna has the world s largest urban wine growing area. 80 per cent of the wine produced is white wine, including Grüner Veltliner, Rheinrieslung, Weißburgunder and Chardonnay. A regional specialty is the Wiener Gemischte Satz, a wine created from of at least three varieties of grape which must come from the same vineyard and be mixed in certain proportions. Lovers of red wine will enjoy such varieties as Blauer Zweigelt, Blauburgunder and Cabernet Sauvignon. The quality of Viennese wine has been underlined by the countless awards that it has received. Enjoying wine in Vienna s Heurigen Much of this wine is served in typical wine gardens, which are known far and wide as Wiener Heurigen. Here one can also find regional culinary specialities and sometimes after a glass or two hear some traditional Viennese songs. Just as unique as the Wiener Heurigen are the city s Beisls. These are simple hostelries whose menus feature such classic dishes as the world-famous Wiener Schnitzel, goulash, baked chicken or Tafelspitz as well as various sweets. Not The Ferris Wheel in the Vienna Prater like St. Stephen s Cathedral, one of the city s landmarks. many people know that Vienna is one of that select group of cities which have their own cuisine. Amongst the monuments to this cuisine is the range of books from the German food critic Wolfram Siebeck. Alongside Vienna s Beisls, Siebeck also devotes himself to another local feature: the Vienna Coffee House. Since the opening of the first coffee house in 1683 these have become such a feature of the city that it is impossible to imagine Vienna without them. For many Viennese, their favourite coffee house of which the city on the Danube has a huge range, from simple coffee bars and pastry shops to café-restaurants is like a second living room, a place for reading, enjoying a conversation or, simply, watching other people. Another major contributor to Vienna s high quality of life is the range of cultural activities on offer in the city on the Danube. Vienna has, for example, three opera houses including the Vienna State Opera, which is world renown not just for its huge repertoire. Vienna enjoys a global reputation as the city of classical music which is surely largely due to the New Year s Concert which is performed annually by the Vienna Philharmonic in the Musikverein and broadcast in over 70 countries. But Vienna is also celebrated for its leading theatres such as the Wiener Burgtheater, which is possibly the best-known stage in the German-speaking Region and whose current intendant is the German Matthias Hartmann. But it is not only large and famous theatres which create a global reputation for theatre-lovers in Vienna also get their money s worth in the city s countless smaller venues. Patrick Baldia property market vienna 2013/14 9

10 smart city The Smart City of the future The City of the Future must be smarter if it is to meet the challenges of increasing urbanisation. A timely research project is starting in Aspern in October. TRIIIPLE: Living and working in three towers close to the Prater. 10 property market vienna 2013/14

11 CITYGATE on Wagramerstraße: privately-financed freehold apartments, subsi-dised rental apartments and retail space. The increasing level of urbanisation is regarded by experts as one of today s most important megatrends as one of the economic, social and cultural developments that will most influence the future of the human race. According to estimates, around 70 per cent of the global population will be living in urban areas by While London and Peking were the only two cities whose population 200 years ago was over one million, around 30 metropolises will have a population exceeding 10 million by the middle of this century. Vienna will also grow strongly. According to a prognosis from Statistik Austria, the city will have over two million inhabitants by This development has already made one thing clear: if the City of the Future is to maintain its quality of life, it must become smarter. How can this happen? Experts understand such Smart Cities as nothing other than the ultimate integrated system. A system in which the energy and water supplies, transport network, health and education systems and public administration are interconnected. The flow of data generated by these digital systems is then, in turn, collected and analysed in order to allow the most intelligent and efficient decisions to be made. Not just distant dreams Many of the proposed applications of this smart approach remain, of course, distant dreams. Some areas such as road traffic, however, are already being more intelligently organised. Improvements in traffic flow and the resulting reduction in congestion can, for example, reduce CO2 and particle emissions by around 50 per cent. The starting point is that road traffic is currently responsible for around 30 per cent of energy consumption and 20 per cent of CO2 emissions. And even if we are a long way from the widespread implementation of Smarter Traffic, some cities have already started to update their transport systems. A prominent example is London, where an urban toll was introduced in certain areas of the city in The fiasco foreseen by critics failed to materialise quite the opposite in fact: the congestion charge reduced the number of traffic jams by 40 per cent. property market vienna 2013/14 11

12 smart city The American IT company IBM is now working with the cities of Brisbane, Dublin, Singapore and Stockholm on the development of similar solutions. The results are there to be seen: a toll system in the Swedish capital reduced traffic volumes, waiting times and emissions by around 20, 25 and 12 per cent respectively. Singapore, on the other hand, has introduced a traffic management system that uses sensors to collects and process real-time data as a result of which traffic patterns in the city for the coming thirty minutes can be predicted with 90 per cent accuracy. The real-time laboratory of aspern Vienna s Urban Lakeside Aspern Vienna s Urban Lakeside Vienna s largest urban development programme which is currently being realised on the former Aspern airfield in the city s 22nd district is a real-time laboratory designed to research efficient and intelligent energy solutions. More concretely, Aspern Smart City Research GmbH & Co KG, is a research company jointly owned by Siemens, the energy supplier Wien Energie and the energy grid operator Wien Energie Stromnetz and which is starting work on 1st October 2013 addressing the key issues for the future of energy, environment, building technology and intelligent networks. The City of Vienna has high hopes for the research project. According to Renate Brauner, Deputy Mayor and Executive City Councillor for Finance and Economic Affairs, the results which we will obtain from this real-time laboratory will make an important contribution to the more efficient and intelligent use of energy from which future generations will also benefit, both here in Vienna and elsewhere. And the German technology company is also satisfied. The urban development project aspern Vienna s Urban Lakeside is an excellent opportunity to develop innovative technologies within a real infrastructure and to evaluate the level of acceptance by citizens, says Wolfgang Heuring, Head of Research at Siemens AG. Aspern Smart City Research GmbH & Co KG will be based in aspern IQ, the Technology Centre of the Vienna Business Agency. Research activities will focus on two adjacent buildings - the education campus and an apartment building with mixed office and residential use making this the first such project in Europe to cover three different building complexes. The subject of the research is, The urban development project aspern Vienna s Urban Lakeside is an excellent opportunity to develop innovative technologies within a real infrastructure. 12 property market vienna 2013/14

13 The Austrian capital has already taken steps in the direction of becoming a Smart City. however, not individual technologies or approaches to generating or storing energy but rather the ways in which these and other factors can be networked together. It should for instance become possible to combine data from sensors monitoring the levels of heat energy stored in the buildings with information and prognoses from the central meteorological institute (ZAMG) in order to calculate the heating requirements of a building several days in advance and to react in an accordingly energy-efficient manner. 20 researchers in the living lab A total of 20 researchers will be permanently active in the Living Lab. These will include experts from the fields of not only energy and network technologies but also the social sciences. The research will focus on the behaviour of users, the integration and interconnection of diverse technologies and approaches to generation and storage. The objective is to develop applications for smart grids, intelligent electrical systems and building technology that is to say, concrete and useful output for the technology giant Siemens. Only when we know which solutions and products are required for which mix of buildings can we make our contribution in the form of maximum energy efficiency, says Wolfgang Hesoun, Chairman of Siemens AG Österreich. It is quite clear that urbanisation across the globe means that there is a need for action. On the one hand because cities are responsible for no less than three quarters of all energy consumption and 80 per cent of all CO2 emissions and on the other hand because it is generally cities where resources are most scarce. Not least for this latter reason is a modern electricity infrastructure also essential. Smart Grids are, for instance, intelligent electricity networks which not only reliably transport electricity but can also deal with, for example, varying output levels. While the production of conventional energy is relatively easy to control, this is not the case with the renewable energies which are playing an ever more important role. A wind power plant can only generate electricity when the wind is blowing. Yet production and transport are only truly efficient when they are coordinated with the consumption patterns of end-users. The potential for future developments and customerfriendly applications is, in any case, extensive. In view of this, Wien Energie is also hoping to be able to draw some important conclusions from the research work of Aspern Smart City Research GmbH & Co KG. We would like to learn about the customer expectations of tomorrow. But it is also about intelligent energy management and intelligent network and Smart Home answers to such questions as how best to combine conventional energy sources such as district heating with new, decentralised solutions, says Marc Hall, the board member of Wiener Stadtwerke responsible for energy. Patrick Baldia property market vienna 2013/14 13

14 education Der neue Campus WU im 2. Bezirk. A university city that is growing One example is Vienna s University of Economics and Business, which is moving into a new campus designed by international star architects for the winter semester 2013/14. Vienna is the second most significant university city in the German-speaking region. The city s nine universities, six universities of applied sciences and three private universities boast a total of more than 145,000 registered students. In order, however, to continue as a successful university location in the future, the infrastructure of Vienna s various educational institutions must continue to meet certain requirements. A number of current development projects are designed to make this possible. The new campus of the Vienna University of Economics and Business in Vienna s second district is without doubt one of the most spectacular university real estate projects of recent years. Starting in the winter semester 2013/14, around 25,000 students and 1,500 employees will study, work and research on the 90,000 square metre site belonging to the Wiener Messe GmbH. The university will occupy an area of 35,000 square metres. More concretely, this area consists of five building complexes grouped around the central library & learning center, which includes areas for teaching and learning as well as libraries and offices. The buildings were designed by, among others, internationally renowned architects such as Hitoshi Abe, Zaha Hadid, Eduardo Arroyo and Carme Pinós. However, the campus is not only used by students and their teachers because the other 55,000 square metres are also accessible to the public. This latter area includes restaurants, retail stores, bookshops, a kindergarten and a sports centre. There are also a range of possibilities for relaxing after a hectic day at the university. Not uninteresting in this respect is the fact that the Prater, one of Vienna s largest leisure areas, is located to the south of the site. Patrick Baldia 14 property market vienna 2013/14

15 Besuchen Sie uns auf der expo real 2013 in Halle a1, Stand 110»Wien Europa Mitte«Messe München, 7. bis 9. Oktober 2013

16 urban development Upon completion, DC Tower 1 will be Austria s highest building. Vienna: Attractive business location at the heart of Europe Vienna offers companies and their employees the perfect environment for their location. The list of good arguments is long and convincing. Whether it is the central location at the heart of Europe, the world s best quality of life, the expertise for the up-andcoming markets of Central and Eastern Europe, the wealth of well qualified and highly educated workers or the high levels of stability or legal security the business location Vienna has a lot going for it. And there is no indication that this appeal will change in the near future: in the latest European City of the Future 2012/13 ranking by fdi Intelligence, a subsidiary of the Financial Times, Vienna is named as the European city with the greatest economic potential. The justification for this: the stable and innovative environment. Companies choosing the city on the Danube as a location are also choosing one of Europe s economically strongest cities. According to the latest Eurostat statistics, the regional GDP per head in 2010 was 165 per cent of the EU average. This put the Austrian capital in tenth position in the ranking of the economically most powerful regions (with positions one to nine going to the City of London, Luxembourg, Brussels, Hamburg, the Paris Region, Groningen, Bratislava, Prague and Stockholm) and this is a ranking which can also be seen on the ground. 800 corporate relocations since 2004 Vienna certainly works hard to attract international companies. And the success of the agencies responsible for this work, ABA-Invest and the Vienna Business Agency, can be seen in the fact that around 800 companies have settled in Vienna since This has created over 7,000 jobs as well as leading to investments of around 670 million euros. A special mention should be given to the record year of 2011 in which 126 foreign companies chose Vienna as a location, creating a total of almost 2,000 jobs and investing around 200 million euros. ABA-Invest and the Vienna Business Agency work closely together but have different skills and responsibilities. ABA- Invest sees itself as more or less the first point of contact for international investors. It offers free and comprehensive basic advice, including information about subsidies and market opportunities as well as corporate consulting. 16 property market vienna 2013/14

17 The Business Agency, on the other hand, offers a range of services including financial support and advice as well as preparing the operational infrastructure for companies. Service centre for expatriates A special service developed by the Business Agency is the Expat Center Vienna, which seeks to offer international professionals and managers optimal support as they settle in Vienna. The services on offer include the advising of expatriates and their families in all aspects of daily life and the organisation of regular events not least as a means of enabling expatriates to network. A welcome additional detail: the range of services offered by the Expat Center Vienna is free. The city authorities also put a lot of energy into positioning Vienna as a location for corporate headquarters. To date, 200 companies have chosen Vienna for their international headquarters with company-wide responsibilities, as a result of which 28,000 jobs have been created. The Headquarters Austria expert platform was established specifically to help solve headquarters-related problems. More concretely, the platform supports managers in the organisation and management of their corporate headquarters as well as in the promotion of their common interests. Excellently educated workers Vienna also benefits as a location from its highly qualified and well-educated workforce. Nowhere else in Austria is there a higher proportion of highly qualified workers. At the same time, the city has the lowest proportion of workers with nothing more than a secondary education. This situation is certainly partly explained by the fact that Vienna is the second largest university centre in the German-speaking region. A total of 145,000 students are currently studying in the city s nine universities, six universities of applied sciences and several private universities. At 46.4 per cent, the share of young people in Vienna in tertiary education is easily the highest in Austria. In comparison, the national average is 28.5 per cent. This high proportion of students naturally leads to high levels of tertiary qualification. According to Statistik Austria, 22.4 per cent of the population of Vienna had such a qualification in At the same time, the number of Viennese with no more than a compulsory secondary education has gradually fallen in recent years and now stands at 23 per cent, one third lower than in UN City Vienna In addition to so many companies, international organisations also value Vienna as a location. The city is, for example, one of the four official bases of the United Nations (UN), alongside New York, Geneva and Nairobi. Since 1979, the UN The UN has had a base in the Vienna International Centre (VIC) since has been at home in the Vienna International Centre (VIC) in the Donaustadt district where it now employs over 4,000 people from more than 100 countries of whom around one third are Austrians. According to the UN, its presence in Vienna generates 360 million euros every year for the Austrian economy in the form, for example, of administrative outgoings, spending by employees and the purchasing of office supplies and equipment. The VIC is also the base more specifically the global headquarters of the International Atomic Energy Agency (IAEA). Hence the majority of the organisation s 2,300 global employees, who also come from more than a hundred countries, are employed at the Vienna location. OPEC is another international organisation which is based in Vienna, where it has around 150 permanent employees. This choice of location is a very prestigious one for the city on the Danube because the oil ministers of the OPEC member states meet here two or three times a year to agree production quotas. Since 1995, Vienna has also been the home of the General Secretariat and the most important committees of the Organisation for Security and Cooperation in Europe (OSCE). Patrick Baldia Facts Population: 1.74 million Unemployment rate: 9.5 % Percentage of school-leavers entering tertiary education: 46.4 % Percentage of population with tertiary qualification: 22.4 % Regional GDP per capita: 44,300 Euro Regional GDP (as proportion of EU average): 165 % Gross value added 2012: +0.3 % property market vienna 2013/14 17

18 real estate returns The Goldenes Quartier: The new luxury location in the centre of Vienna. No bubble on the Vienna real estate market Experts view the steep price increases experienced by the market for residential real estate in Vienna over recent years as the consequence of a strong underlying development. The popularity of Vienna s residential real estate market amongst investors over the past two years has been marked by a correspondingly sharp increase in price levels. The reason for this: the financial and euro crises and, not least, the shortage of secure investment options offering good returns have increasingly focused investor s attention onto real estate. And even if experts currently speak of a high level recovery, they are also convinced that the starting position of the Vienna market remains positive. Amongst the reasons for this is the attractive basic market environment. Population growth is driving demand for apartments today, tomorrow and the day after that, says Helmut Hardt, Managing Director of Wiener Privatbank, who can also see no bubble on the Vienna market for residential real estate and prefers to talk instead of solid fundamentals. Direct real estate investment in Vienna remains attractive for investors, not least due to the continuing low-interest rate environment. Hardt confirms that the upward trend has somewhat slowed down recently but is at the same time convinced that these strong basic conditions will ensure that the long-term development of the market remains positive, even when normality has returned. Fewer real estate transactions A recent study by RE/MAX Austria suggests that real estate transactions in Vienna in the first six months of 2013 were 25 per cent down on the previous year. According to experts, this is partly due to the continuing low supply of freehold apartments and apartment blocks. At the same time, increased costs such as the tax on real estate profits which came into operation in April 2012 do not exactly encourage owners to part with their properties. But demand for real estate has also fallen in comparison with previous years, reports Bernhard Reikersdorfer, Managing Director of RE/MAX Austria. The expert then adds, even though the level remains high. While supply has steadily diminished, the prices of freehold apartments in Vienna have continued to rise. In comparison with the same period last year, the average square metre price rose by 19 per cent to 2,868 euros. This means that the federal capital has the second highest residential property prices in Austria behind only Salzburg, where the 18 property market vienna 2013/14

19 average square metre costs 3,148 euros and in front of Tyrol where the figure is 2,551 euros. The cheapest residential property is currently found in Lower Austria (1,620 euros per square metre), followed by Styria (1,610 euros) and Burgenland (1,586 euros). The highest square metre price is currently found in the centre of Vienna or, more precisely, the city s 1st district. Experts identify top prices of up to 28,000 euros per square metre. The city centre is also home to the highest rents of up to 28 euros per square metre. In the view of RESAG Managing Director, Georg Aichelburg-Rumerskirch, these high prices also help to explain why the hectic activity experienced by the Vienna real estate market in recent years is now a thing of the past. In our day-to-day business we see that higher prices also make clients more selective. The search for quality is constantly intensifying, he adds. Stable tendency of top office rents In recent months or, more concretely, in the first half of 2013 top rents on the Vienna office market rose slightly to around 25 euros per square metre per month. This represents an increase of around 2 per cent over the same period of the previous year and around 0.25 euros compared with the end of Martina Paukner, who is responsible for investment and research in the office and commercial real estate sector at Otto Immobilien, speaks of a stable tendency and adds that rental prices have developed steadily during the first six months of the year. A square metre of modern office space on the wider Vienna market costs an average of euros. The amount of office space completed has remained relatively constant in comparison with the first half of These 69,000 square metres of new space of which, according to the experts of CBRE, 57 per cent were newly built and 43 per cent refurbished should be followed by a further 80,000 square metres in the second half of According to Andreas Ridder, Managing Director of CBRE Österreich, the volume of developments and refurbishments has thus returned to the levels experienced in the years before the sharp growth of 2012 in which office space totalling 338,000 square metres was completed. The end of 2013 should be marked, for example, by the opening of the DC Tower 1 which, at around 220 metres, will be Austria s tallest building. Around 125,000 square metres of office space were let in the first six months of this year, which represents a reduction of almost 14 per cent on the same period of However, Ridder reports that rental performance accelerated markedly in the second quarter as a result of which it is expected that the total will reach around 225,000 square metres by the end of As in the past few years, the majority of these deals involve small offices or offices measuring fewer than 500 square metres. Some investment deals in the pipeline Investors have been somewhat cautious in Austria in the past few months. The volume of 430 million euros invested in the first half of 2013 represented a reduction of 22 per cent compared with Rather than being a cause for alarm, however, Ridder merely sees this as a reflection of a general trend towards lower levels of investment in the first six months of the year. He points to several interesting deals which are still in the pipeline. Between now and the end of the year we are expecting a volume of investment of up to 1.8 billion euros, says the expert. In contrast with more recent years the attention of investors in the first six months of the year was focussed not on office real estate but on the retail and hotel sectors which made up 30 and 17 per cent of the total investment volume respectively. In comparison: only eight per cent of all investment rather than the usual 50 per cent concerned office real estate. However, given the ongoing sales processes, Ridder assumes that this situation will change in the second half of the year and that several interesting office deals will be completed. And what returns can investors currently expect? According to Paukner, the top yields for modern buildings in premium locations which have good long-term rental contracts are currently around 5.25 per cent. The experts of CBRE Österreich speak of a figure of around 4.8 per cent. As Ridder explains, top yields have constantly been falling since the end of last year. Between now and the end of 2013 there will be a further small fall. Yields in good locations have also slipped back, a trend which is also set to continue in the coming months. Returns in average locations have on the other hand been stable recently and should remain so until the end of the year. Patrick Baldia The ÖBB headquarters next to Vienna s new Central Station. property market vienna 2013/14 19

20 research and development Expansion of the Campus Vienna Biocenter in Neu Marx. Lively research activity on the Blue Danube Vienna has ambitious targets: between now and 2020 the city should develop into one of Europe s leading locations for life sciences. Currently, 400 companies from the sector are working in Vienna. Vienna is increasingly developing into an internationally respected research location. Today, the city has over 1,300 research facilities, far more than any other location in Austria. The role played by the life sciences sector in this research environment is becoming more and more significant in terms of both the quality of the research and the number of people employed. A series of innovative real estate projects is now responding to this trend with the aim of ensuring that the location can prosper further. For the target is an ambitious one: by 2020 Vienna should be positioned as one of Europe s leading life science clusters. Around 400 companies in the life sciences sector are currently based in the city, approximately one quarter of which are active in the biotech and medtech fields. The entire sector employs more than 9,000 people in Vienna, with a further 14,000 working in 22 research institutes focussing on pure research. The quality of all this activity is confirmed by, amongst other things, the number of publications in international professional journals. Vienna has five universities and two universities for applied sciences with research institutes with a life sciences focus as well as a further fifteen non-university research facilities. And the city has more than 35,000 students in the life sciences sector. Research complex in Vienna-Döbling Research activity is, for example, currently intense in Muthgasse in the district of Döbling. And this activity is set to intensify further due to the on-going phased expansion of the Centre for Biotechnology which has developed at the location around the Vienna Institute of Bio Technology of the University of Natural Resources and Life Sciences (BOKU-VIBT). BOKU s BioTech I building was completed in 2009 by a consortium consisting of Wiener Standortentwicklung GmbH (WSE), Bauträger Austria Immobilien GmbH (BAI), PORR and the Vienna Insurance Group and this is to be followed in the next few years by BioTech II and the White Space. When these have been completed, the Vienna Muthgasse LifeScience Research Complex will consist of 50,000 square metres. The potential of the location, which is well served by public transport and just a few minutes from the city centre and 20 minutes from the airport by car, is also underlined by the fact that a number of companies have joined the various university institutes in the first building, BioTech I. These include Novartis, the Austrian Institute of Technology (AIT), Themis Bioscience, Dutalys and Pharmavision, all of whom are located in Block B of the building which despite the physical connection provided by the lobby 20 property market vienna 2013/14

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