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Research · As of November 2026
Logistics, Industrial & Corporate Real Estate
The Austrian market after the exceptional cycle of 2021 to 2023: more supply, more selective demand, stable prime rents. Key figures, analysis and outlook with a focus on Vienna and its surroundings, complemented by Linz and Graz.
Key figures
The market in eight figures – and why it is gaining importance.
prime rent per m² per month in Vienna and surroundings, unchanged since the end of 2025. Around €7.35 is expected for the second half of 2026.
As of H1 2026vacancy of modern space (class A+B) in Vienna and surroundings – a decrease of 0.78 percentage points since the end of 2025.
As of H1 2026take-up in the first half of 2026, of which around 31,000 m² by owner-occupiers – the highest half-year figure since 2024.
As of H1 2026prime yield for logistics real estate in Austria in the first half of 2026, after 5.10% in the first quarter.
As of H1 2026investment volume in logistics real estate in Austria in 2025, an increase of 28% on the previous year.
As of 2025/26of Vienna’s vacancy is in buildings completed in 2023 or later: vacancy is primarily new, speculatively built supply – not a quality problem.
As of 2025/26of Vienna’s logistics stock is class A. In Graz the figure is 73%, in Linz 46%.
As of 2025/26of land were newly taken up every day in Austria in 2022–2025. Target of the national soil strategy: 2.5 ha per day.
ÖROK, 2025Significance of the asset class
Logistics and industrial real estate does not primarily follow consumption but the organisation of production and distribution – and this is being restructured. Supply chains are being designed to be more resilient: shorter, more redundant and with higher safety stocks. E-commerce is moving distribution closer to cities; pharmaceuticals, temperature-controlled logistics, defence and the energy transition are creating new space requirements.
For investors, the segment has thus evolved from a niche to a core segment: short construction times, low obsolescence of modern buildings and indexed leases result in a comparatively stable cash flow profile. Corporate real estate – mixed-use commercial, production and storage space for SMEs – forms the smaller-scale, often owner-occupied sub-segment: less transparent, but of considerable importance to the regional economy.
Current status
Vienna and surroundings: from oversupply to absorption.
The market responded to the exceptional demand of 2021 to 2023 with a pronounced speculative pipeline. When demand weakened with the interest rate turnaround, the economic slowdown and tariff conflicts, vacancy of modern space rose to 9.8% by the end of 2025. Its structure is revealing: around half is in buildings completed in 2023 or later. This is a cyclical supply phenomenon, not obsolescence.
In 2026 the relationship is reversing. Developers are holding back, completions in the first half of the year halved again compared with the same period of the previous year, while take-up reached its highest half-year figure since 2024. Demand has become more fragmented: units between 1,000 and 3,500 m² are in particular demand, driven by SME occupiers.
Vienna & surroundings
The country’s largest and most liquid market; vacancy falling, prime rent stable.
- Prime rent €7.25/m²
- Vacancy 9.0% (class A+B)
- 57% of stock class A
- Completions 2026e around 110,000 m² (−16%)
Linz
Industrially driven market with older stock; new construction in 2025 came predominantly from owner-occupiers.
- Stock just under 2 m m²
- 46% class A
- Completions 2025 around 70,000 m²
- Prime rent €7.00/m²
Graz
Youngest stock of the three markets, shaped by automotive and food distribution.
- Stock just under 1.2 m m²
- 73% class A
- Completions 2025 around 77,000 m² (three owner-occupier projects)
- Prime rent €6.45/m²
Data basis: market reports by international real estate advisors 2026, ÖROK, ECB; analysis and assessment by St Patrick Real Estate. Vacancy relates to modern space of classes A and B.
Development & outlook
Outlook 2027: scarcity returns – first in land.
The following assessment is our own. It is based on the market data cited and on our transaction experience.
Supply
New construction remains low: around 110,000 m² are expected for Vienna in 2026, 16% less than in the previous year, and further projects are being postponed. If demand remains at the 2026 level, we expect a noticeable reduction in vacancy by the end of 2027.
Rents
With falling vacancy, we expect moderate rental growth in the prime segment in 2027. The spread between modern class A space and older stock remains high – energy efficiency, clear height and certification are becoming price factors.
Yields
The compression to around 5.00% expected in spring did not materialise. After two ECB rate hikes in 2026 – the deposit rate has stood at 2.50% since September – we expect prime yields to move sideways as long as the interest rate path does not turn.
Land
The real bottleneck is land. Municipalities are cautious with zoning, and the soil strategy aims to halve land take. Zoned, serviced commercial land will become the scarcest factor of production in the medium term; brownfields and densification are gaining importance.
Demand
Retail and distribution, pharmaceuticals and temperature-controlled logistics, as well as defence and the energy transition remain the drivers. Owner-occupiers are increasingly realising their requirements as built-to-suit – often with construction times of six to nine months from building permit.
The full version: Logistics Market Report Austria 2026/27.
Submarkets, forecasts and scenarios for 2027 – as a PDF download (German edition; English version in preparation).