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The volume of office rented in Vienna has reached the 5-year minimum
The volume of office rented in Vienna has reached the 5-year minimum
February 02, 2010The number of office space leased in the Austrian capital over 2009, has plummeted by 34%. While the vacancy rate hasn’t changed dramatically, the volume of office property construction has plunged in the city by 35%.
In Q4 2009, monthly office rents have amounted to approximately €22 per a sq. m., which is 5.3% lower than a year earlier, according to by CB Richard Ellis.
Over 2009, the volume of investment in Vienna offices plummeted by 38% compared with the preceding year.
Experts believe that the activity of renters and rental rates for offices would remain stable or slightly increase over 2010. This growth in construction may lead to an increase in the number of vacant space. An influx of investments in Vienna offices is also expected – by the end of 2010 it may exceed the figures of 2009 by one and a half times.
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