Focus On: Serviced Offices in Vienna
Following on from our latest stop in Germany, where we focussed on the serviced office market in Hamburg, we continue our tour by moving South East across Europe to Vienna, the capital city of ski-lovers paradise, Austria.
Vienna is the largest city in Austria, lying on the East side of the country close to neighbouring Slovakia and Hungary. In 2001, Vienna’s city centre was designated a UNESCO World Heritage Site, and the city is renowned for its historical and cultural associations. Recent studies have ranked the city as one of the best in the world for quality of life, alongside Canadian favourite Vancouver.
For business, Vienna is a city of great importance as it holds the seat of a number of United Nations offices, along with several other prominent international institutions and companies such as global oil firm, OPEC, and Siemens.
Recently, high profile business agent Christie + Co announced that they are opening a new office in Vienna as part of their move to establish a stronger presence in South East Europe. The new location will be the 11th office for the firm, which specialises in the sale of businesses throughout Europe in the hospitality, leisure, care and retail sectors.
In the flexible office space market, there are currently 13 serviced office properties advertised on the officebroker.com website located in and around Vienna.
According to Rav Jisdhaul, officebroker.com’s Account Manager for the EMEA region (Europe, Middle East & Africa), enquiries for serviced space in the capital typically focus on three main areas – the city centre and industrial area, the business district, and the airport.
“Our clients are generally interested in one of three main areas, but rarely for the outer limits of the city or the suburbs,” explains Rav.
“There is a large ferris wheel right in the middle of the business and financial district (Wiener Riesenrad – pictured), similar to the London Eye, although it’s an antique as it was built over 100 years ago. It’s a major landmark of the city and is a big hit with tourists.
“We also get a lot of enquiries for the city centre, and the industrial area on the banks of the river, which also has its own landmark – the Millennium Tower. We actually work with an office provider who has serviced space in the tower – it has really amazing views.”
The tower (pictured) is the highest building in Vienna at over 200 metres high, and stands alongside the River Wien.
Rav comments that enquiries for Vienna have slowed down over recent months, which can be partly blamed on the after effects of the downturn and a slowdown in development. However, this is expected to be boosted by the approach of several project deadlines, such as the Euro Plaza, a modern office park offering over 370,000 sq ft of office space, which has a planned completion date of 2011.
Aside from development schemes picking up pace, the success of the city as a business location and the expectation that interest will return to its former strength is attributed to its high profile, largely thanks to its association with prominent global organisations, and the quality of its existing buildings, which offer a lasting appeal to clients.