2023年下半年奥地利房地产市场展望

CBRE H22023 RealEstateMarketOutlook AUSTRIA 01 lnvestment Thepricediscoveryprocessinitiatedbythenewrinterestrateenvironmenthasnotyetbeencompleted.Restrainedinvestmentactivitywillcontinuethroughtheseconchalfoftheyear 03 02 A:FpresenttheEcBisstIlexpectedincraaseinterestratesi,rthertocomtatthepersistanthyhigh levelcfinflaticn.Atheaeqinninsofthesoconchalfoftheyear,theFcr'saordholcdlingsaretobe recucedmorequickly,stabilsingthecuricntnterestraltconviroamont PrlmcyieldsinAustrlainallassctclasscshavebccnIrercasodbyanaversgcofarouad1oobasspcints ovorLhopast12monhs-ancarocxpoeledloriecfurtroiby-hecndo'Lhcyoal,oulLoasrnaloicxlenlthanbatcre. FuruuasL:furoechaszelclassvaly.GcodfunidarnunilaldalainLhelcgislicssuclci,'olcxarriplu,enisules afasterstabilisstion.Unce'ta'nty=bc.ttutureEscrizeria,aTiongotherthings,iscurbingincerest'noficeinvestnentsthstareno:consideredprineoficepropercies. PelEs.atagrsttl:kJdate=cz:Auetrie KeyTrends 01 trsnsacticnstnokplsaeintheserndcuarter,msinlvr:slsedhytheinterestraterises UJK_R_SLAKCI PeglEs.atagrsttl:kJdatecz:Auetrie Ihechangeintheinterestrateervironinertladar:learimpacton thcinvostmcntmarkotintheflrsthalfoftaoycar.Thet'ansastion vclurmowasarourdEUR1billior-LhcwoakuslroeullinLhelasl1O years.Althc.lghyieldacjust'rlentshaveslreedybeenimade,the differentpJrchaseariceexpectationscfpctentialbuyersandvelldcscontin.etobet.hebiggesturdle.Capitalisbssically availsblc,butinvosto'shavcaccomcmuchmcrcselcctvoin allocalinyilSelirgaigo-volurricasscleovurEJR100rrillionoi largerporttolicsiscurrantlyditfic.lltduetotneintens'vereview prccessesandthenoredifficultlendinggidelines.Tneccmfort 7nlenfmostivestnrscurrentlyelldsatsroundul/t:millic2. Atthmoment,atleastonemorentercstratincreaseisexpactod frurrLhuECBloLacklhusursislenllvhighlovulofinflaLiur' Conseq.lently,furtheryieldadjustrnertswilbenecessaryinorder towidentheyieldgaptc.the12-yeargovernmentbcndraeandtacrinpenssteforthehigherinvestmentriskinrealestate ivostments. .4I.:] Divergingpriceexpectationsdampeninvestment activity 140 130120 110 100 908070605040302010 Resiclential Office Logistics HighStreet ShoppingCentreHotel PrimeyieldadjustmentJune2022vs.June2023 lIod SISE GuLrte:DRC3e:t2"th07/2220 Su[a1,raiclydriydi:Lressodsalusurresliuclu'irigshavuouuri caserveconthemarket.However,itcarbeassuTledthats.lch saenarioswillbeccmemorefrequertintheshorttomediunterm cuetnfinancingtermstrstwillsronccmetcsnend,snd ccrscqucrtly-acrossallassctclasscs-moroprocluctwillbe cffurgdurLhurrldrkul CJK_R_SLAKCI 02 Office ThemarketenvironmentontheViennaofficemarketremainstense.Rentsformodernofficebuildingsincentrallocations continuetoincreaseasaresult,reflectingthelowsupplyofnev space. 03 02 Signficantdiffe'encesaremergingtbetweenthesJbmarkets.Thefcc.JsisonEsG-ccnpliant oropertiesardmode'nspscesincertrsllocsticnstrstsllcwfortheimplementatanoffexibleand hybridwcrkplacoslralegioe, Thcpctantialforreatalgrowthhssnotyetbeencxploited.Partcularlyinthccentralocations,furtherenlincroesosaicxpoclodby.hecndo"thcyoal. Curripaniesarufocusingheirμcilful'sslralugyurthsfollcw'ngkoy-hurnusdwnsizng,consulidaliuriandinc'easingspaceandcos:et'iciency.Optirnizationistecominganincreasinglychalengingprccess. KeyTrends 01 ThesituacionontheVien'acfficemarketremainstense.Vacancyratesareatahistoricallyowlevel JK_R_SLAKCI .002C2 Desiredchangeinspacewithinthenext3years 35 30 25 20 15 10 5 0 bigger FLLJ5, %0. 10% v 30%bigger 1%00-%01 10%-30% GoLrte:DRC3e:terth07/2220:MCAffizeCecuuielSentire'lSulvu2023 Pressureoncentrallocationsandmodernbuildingsis increasing Inthefirsthalfnf2023,aroundr0sqmwasle:irVenia. ComparedwiththesamoIxerlodinthcprcvlousyea',thls ropruscnlsanincroaecofaround14%.DusoiloLnoposilivelrorid. wgexpecttake-upthisygartobebetwgen150,000sqIsnd 170,000sqmandthusatasin'larylcwlevelas'ntheprevicustwoyears.heweaknewspmceprndurtannssfurt.aerinvensifiedt.e situati<n<nthcmarkctan<lvacorcyratoshavcrcachxlancw rocurdlowrparlicula',aloukalLhcirodeinoffios.ock(ClessA andB)highlightsthedrmaticsituation,asvecancyhereisonlyaround3.G%. Ihedemansofboththecfficeoxcc.Jrieranc:theiremplnyeeshave changcdoverthelastfewvesrs.Qualityolaysanincreasingly i'ripurlanlruleandtnuslexibili.yufspace,gcodLranspurl ccnngctionsandshortcornmutingimes,butalsctheiss.lect sustainability.areallincreasinglycomingintcfcc.us.Officedemald isaccnrdnglyfcc.Jsngmoresndmareni1mncerrht.ilclings:in centrallxcationsthatcarmcettrosrrecuircments,Ductcth vdcaricyldle,turripanicsarefuruuuluslaillcokirngforIccaliunas earlyaspossible.Ourrecordsstowthattheprelertingratefcrprojects,sched.ledforcompletionvthinthenext12monthsisalreadyaver4c.Framtheladlord'saerspective,thisInarket situation<f"crssomcacvan=ssios:c.gfurtierrcntalgrcwthaswoll dslcvrglinturiliverales. Portfoliooptimizationontopofthelistofpriorities InJuric,LhercsulLsufLhecurrenlEMEAofficcQccusicrSontimon. Surveywerepublished.Anongctherthings.triss.irveyirvestig=tedthi_tureportfoliosraegiescfvariousccnpanies. A.cor