• PROVIDING A STRATEGIC ADVANTAGE Through Technology & Processes
  • EXPERIENCE QUALITY Under One Brand with A Single Point of Control
  • UNITING LOCAL COMMERCIAL Real Estate Experience with Global Execution
  • DELIVERING RESULTS Through Collaboration & Integration

Austria

Austria

Austria is one of the 10 richest countries in the world in terms of GDP per capita, has a well-developed social market economy, and a high standard of living. Next to a highly-developed industry, international tourism is the most important part of the national economy. Germany has historically been the main trading partner of Austria, making it vulnerable to rapid changes in the German economy. However, since Austria became a member state of the European Union it has gained closer ties to other economies. Expanding trade and investment in the emerging markets of central and Eastern Europe is a major element of Austrian economic activity. Austrian firms have sizable investments in and continue to move labor-intensive, low-tech production to these countries. Although the big investment boom has waned, Austria still has the potential to attract EU firms seeking convenient access to these developing markets.

Occupier demand is undergoing structural changes in Austria's major markets including Vienna and Salzburg. As a result of the current economic climate, company relocations are being postponed. Nevertheless, the recent reductions in manpower have created compensatory demand for smaller surfaces. Despite the forecast that the market is about to face reduced occupier demand in 2009 and 2010 as a result of the economic slowdown, prime rents are expected to hold firm as landlords will start offering higher lease incentives, such as rent free months or covering the costs of moving.
 

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