2023年下半年奥地利房地产市场展望

AUSTRIA 01lnvestment The price discovery process initiated by the newr interest rateenvironment has not yet been completed. Restrained investmentactivity will continue through the seconc half of the year Diverging price expectations dampen investmentactivity I he change in the interest rate ervironinert lad a r:lear impact onthc invostmcnt markot in the flrst half of tao ycar. The t'ansastionvclurmo was arourd EUR 1 billior - Lhc woakusl roeull in Lhe lasl 1Oyears. Althc.lgh yield acjust'rlents have slreedy been imade, thedifferent pJrchase arice expectations cf pctential buyers andvelldcs contin.e to be t.he biggest urdle. Capital is bssicallyavails blc, but invosto's havc accomc much mcrc selcct vo inallocaliny il Selirg aigo-volurric assc le ovur E JR 100 rrillion oilarger porttolics is currantly ditfic.llt due to tne intens've reviewprccesses and the nore difficu lt lending g idelines. Tne ccmfort7nle nf most ivestnrs currently ellds at sround ul /t: millic2.At th moment, at least one more ntercst rat increase is expactodfrurr Lhu ECB lo Lackl hu sursislenllv high lovul of inflaLiur'Conseq .lently, further yield adjustrnerts wil be necessary in orderto widen the yield gap tc. the 12-year government bcnd rae and tacrinpensste for the higher investment risk in real estateivostments. Su [a1, raicly driy di: Lressod salus ur resliuclu'irigs havu ouuricaservec on the market. However, it car be assu Tled that s.lchsaenarios will beccme more freque rt in the short to mediu n termcue tn financing terms trst will sron ccme tc sn end, sndccrscqucrtly - across all assct classcs - moro procluct will becffurgd ur Lhu rrldr kul 02Office The market environment on the Vienna office market remainstense. Rents for modern office buildings in central locationscontinue to increase as a result, reflecting the low supply of nevspace. Pressure on central locations and modern buildings isincreasing Portfoliooptimizationontop ofthe listof priorities In Juric, Lhe rcsul Ls uf Lhe currenl EMEA officc Qccusicr Sontimon.Survey were published. Anong cther things. tr is s.irveyirvestig=ted th i_ture portfolio sraegies cf various ccnpanies.A.corcling to he survey, downsizing spare is one of the key iss.esFor offlcc ccuplers th is voar. Thc pcrtfoliut also a numbor of areas that target imi>roing spaee quality,Mciu Lhari 6o% of coiparios aru ciLhel Lakirng Lp oxpiningtenancies cr other contract opticns or re newing in the same place.prcvided that the curre at location and tle relevant lease clausescontinue tn he fit for puranse. In the first half nf 2023, around r0 sq m was le: ir V enia.Compared with the samo Ixerlod in thc prcvlous yea', thlsropruscnls an incroaec of around 14%. Dusoilo Lno posilive lrorid.wg expect take-up this ygar to be betwgen 150,000 sq I snd170,000 sq m and thus at a sin'lary lcw level as 'n the previcus twoyears. he weak new spmce prndurt an nss furt.aer invensified t.esituati