Stable demand and limited completions on the Viennese office market in Q2 2016

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1 Vienna Office, Q Stable demand and limited completions on the Viennese office market in Q m sq m 6,000 sq m 61,000 sq m 6.0% 26.00/sq m/month Compared to Q Figure 1: Office market indicators Q Q Q Y-o-Y 2016e Total stock (m sq m) 10.76* 10.88* % Completions (sq m) 22, ,000-73% 68,000 Take-up (sq m) 45,000 63,000 61, % 230,000 Vacancy rate (%) bsp 5.6 Prime rent ( /sq m/month) % *Due to a revision of our database, the office stock level was adjusted retrospectively SUPPLY VACANCY PRIME RENT TAKE-UP Q CBRE Research 2016, CBRE GmbH 1

2 Figure 2: Completions by office submarket,000 sq m CBD Donau City - Lassallestrasse Prater Erdberg Main Station Quarter Wienerberg North West Pre-let + owner-occupied* e 17e 18e *excl. refurbishments SUPPLY VACANCY CONVERSION Abbildung 3: Conversion of office buildings into residential properties Finalisation Location Developer Name Converted area, m² Q CBD ARE, Soravia Berggasse 11 ~ 4,400 Q CBD ARE, Soravia Jordangasse 7a ~ 1,900 Q Wienerberg 6b47 Philips Easy Living ~ 1,600 Q CBD 6b47 Althan ~ 18,700 Q CBRE Research 2016, CBRE GmbH 2

3 Figure 4: Supply/Take-up/Vacancy rate in Vienna,000 sq m e 17e Refurbished New Take-up Vacancy rate (%) 10% 8% 6% 4% 2% 0% TAKE-UP Figure 5: Selected office lettings in H Location Tenant sq m Erdberg BFA* ~ 3,750 Main station quarter Private university ~ 2,900 CBD TTTech* ~ 2,550 *CBRE was instructed on landlord or tenant side. Figure 6: Take-up by office submarket in Q CBD Donau City - Lassallestrasse Take-up in Vienna Q total: 61,000 sq m Prater Erdberg Main Station Quarter Wienerberg North West Figure 7: Take-up by sector in Q Financial services Business services Take-up in Vienna Q total: 61,000 sq m Consumer services & leisure Manufacturing, Industrial & Energy Computer & Technology Public sector Q CBRE Research 2016, CBRE GmbH 3

4 RENTS Figure 8: Prime rents in Vienna Prime rent Good locations Average locations e Figure 9: Rents in Vienna office submarkets in Q Prime rent = weighted average of highest achieved rents in /sq m/month (excl. operating costs and taxes) Inner districts (CBD) Office buildings Office towers North Office buildings Office towers Donau City Lassallestrasse (North-East) Office buildings Office towers West Office buildings Office towers Prater Office buildings Office towers Wienerberg (South) Office buildings Office towers Main Station Quarter Office buildings Office towers Erdberg (East) Office buildings Office towers Q CBRE Research 2016, CBRE GmbH 4

5 AUSTRIAN ECONOMY Figure 10: Inflation and real GDP in Austria Inflation in % Inflation Real GDP Change GDP in % e 17e Source: Oxford Economics Figure 11: Unemployment rate in Austria versus EU-19 14% 12% 10% 8% 6% 4% 2% 0% Austria EU e 17e Source: Oxford Economics Q CBRE Research 2016, CBRE GmbH 5

6 DEFINITIONS WIEN CONTACT BÜRO Completions: Includes newly constructed office space, which will be ready for tenant fit-out in 3 months, as well as fully refurbished offices coming back to the market. Vacancy: All office premises, including those in the pipeline if a handover to the tenant for fit-out is possible within the next 3 months. Prime rent: The prime rent is the calculated value of the weighted average of the highest achieved rents for newly signed contracts in the reference period ( /sq m/month excluding operating/additional costs and taxes). CBRE OFFICE To learn more about CBRE Research, or to access additional research reports, please visit the Global Research Gateway at Disclaimer 2016 CBRE: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.

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