Vienna office rents second lowest in Europe

Companies looking for low office rents will feel right at home in Vienna. A March 1997 comparison of average costs in 19 cities in Western and Eastern Europe - from Amsterdam to Moscow to Zurich - by realtor Richard Ellis ranks Vienna comfortably in second place.

Vienna's annual rent for an office in a favorable location, at US$188/m2, is topped only by Amsterdam's $182. The highest rents - $677 - are to be found in Moscow, and Prague and Budapest rentals also rank significantly higher than Vienna's.

These statistics present yet another argument for Austria's capital as the optimal site for business outreach to Eastern Europe. In addition to such well-known advantages as its central location, the expertise of services such as banking and shippers in Eastern markets and the highly qualified workforce, Austria offers a state-of-the-art, high-performance telecommunications infrastructure - with broadband networks linking all provincial capitals by the end of 1997 and a comprehensive, 120,000 km. (75,000 mile) fiber optic info highway.

No wonder more than 1000 foreign companies coordinate their Eastern Europe business from Austria. Such as IBM, which realized record 1996 revenues of ATS 10 bil. ($833 mil) from its Vienna-directed operations in the 21 Eastern European nations, and Hewlett Packard Austria, which reported 1996 sales of ATS 7 bil. ($583 mil.) in the East.

  • Low Rents in Vienna
  • Amsterdam 182
  • Vienna 188
  • Milan 205
  • Rome 205
  • Lisbon 208
  • Madrid 213
  • Brussels 214
  • Budapest 240
  • Prague 294
  • Frankfurt 304
  • Paris 407
  • London 606
  • Moscow 677
Office Rents EU/E. Europe, m2-price in US$
Source: Richard Ellis, 3/1997
Visit Austrian Business Agency's website at http://www.telecom.at/AustrianBusinessInfo or enter a text search 'Austrian Business Agency' and 'Business Monitor'.

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