Viennese Office Market: Collapse Threatens

Professional ServicesReal Estate ♦ Published: March 5, 2012; 11:35 ♦ (Vindobona)

Although office rents are relatively low in Austria´s capital, multinational companies tend to establish their headquarters elsewhere. Real estate experts fear a vicious circle.

Viennese Office Market: Collapse Threatens / Picture: © Wikimedia Commons / Fabian Lackner [CC BY-SA 3.0 (]

Recently the tobacco group JTI and the U.S. Coca-Cola have downsized their offices in Vienna. Moreover, rumors over a withdrawal of UNO´s operations arose. “If that should happen, then Austria has a real problem. By comparison, Austria is relatively cheap anyway.” Wolfgang Vejdovsky, CEO of PwC commented.“ Rents in all Western Europe´s capital are higher, even Warsaw became more…