Vienna Office Figures Q1 2026

Despite the persistently challenging market environment, the Vienna office market continues to show signs of recovery. Registered leasing activity of 54,100 sq m is 30% higher than the previous year and represents the strongest first quarter since 2018. The ten-year average was slightly exceeded by 2%.

Rents remained stable compared to the previous quarter, although further potential for increases exists, particularly for high-quality office buildings in prime locations. The top rent in Vienna thus remains at EUR 28.50/sq m, an increase of 2% compared to the previous year. The main train station submarket, at EUR 26.00/sq m, is only slightly behind and 8% higher than the previous year. The average rent across all transactions rose slightly to EUR 17.25/sq m (+1% compared to the previous year).

 

 

Completed office space is expected to decline to around 76,400 sq m in 2026. The significantly reduced speculative construction activity is particularly evident here. This is the lowest completion volume in almost 30 years. Office space production is expected to increase slightly to 93,500 sq m in 2027, but will remain moderate and demand-driven.

The vacancy rate for Vienna's total building stock fell slightly to 3.8% at the beginning of the year due to the limited availability of new space. The vacancy rate for modern buildings also declined slightly compared to the previous quarter, to 4.4%.

 

 

Office investments ranked third nationwide in Austria in the first quarter, with approximately EUR 80 m and a 15% market share. While several large deals dominated the office sector in the previous quarter, the sale of Science Park Urfahr and the sale of a stake in Hafenportal Linz demonstrated that high-quality office buildings with good locations and occupancy rates remain in demand, even in the state capitals. A small office investment was completed in Vienna during the first quarter.