The office market in Vienna has collapsed. Gastronomy and hotel properties are also less in demand.
Austria's real estate industry has come through the crisis reasonably well, because even in times of crisis real estate remains in demand as investment and investment properties, according to sReal Immobilien.
There is demand for living space and logistics space in the metropolitan areas, while the situation is worse for retail, hotel and catering properties.
Gardens and terraces
Not surprisingly, gardens and terraces are in demand in Corona times, which affects the federal capital and in some cases also the larger cities in the federal states, while small towns in the countryside benefit.
In the case of apartments, the need for space is increasing, for example for one's own home office. In the case of condominiums, however, there is still a trend towards small apartments that are intended as an investment, according to sReal in a broadcast on Wednesday.
Compared to the five-year average, letting performance on the Vienna office market fell by around 60 percent in the first quarter of 2020. In addition to the Corona crisis, the reason for this is the low supply of new space.
The development of warehouse and logistics real estate is different due to the growing online trade. In this segment, there is a high demand for efficient space that is well connected to the transport network.
