Rental prices for office space in the Austrian capital of Vienna is some of the most expensive in Europe.
Experts from property company EHL Immobilien also warn that the rental prices will continue to rise.
In top locations such as Vienna’s first district location Kohlmarkt office space goes for 390 Euro per M2 per month.
The office rental market is in motion and is currently being spurred on by new large office rental space locations such as the DC Tower located at the Alten Donau which has 86,000m2 of office space to rent and is the highest office building in Austria. The other newly opened 61,000 m2 office space in Wien Mitte which opened last year.
New office space in Vienna has been in decline since 2008. Many office buildings have been converted into luxury hotels in the city.
Office space costs around 28 Euro/ m2 per month in the city.
Less than seven per cent of office space in the city is currently empty which puts Vienna as one of the most in demand areas for office space and is only third in Europe to London’s West End and Berlin in terms of having the least empty space.
The highest office rents are demanded on the noble locations of kohlmarkt and Grabem where prices can top 390 Euro m2 making it one of the ten most expensive locations worldwide in terms of rent.
It is not only office rent which is high. The price of private property as well as housing rent is also expected to increase in 2013.
Last year the price of property increased by 11.7 per cent and rent increased on average by 9.8 per cent.
Since 2007 rent in Vienna has increased by 30.3 per cent.