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The Austrian commercial real estate market is continuing to grow steadily with no signs of overheating, CBRE Group estimating the total volume could reach a record 3.4 billion U.S. dollars for the year.
The prognosis is based on the 1.69-billion-dollar investment volume for the first six months of the year, about half of which came from outside of Austria., Kronen Zeitung newspaper reported Friday.
Karla Schestauber from Bank Austria said this could potentially be maintained for the second half of 2014, which if it does indeed reach 3.4 billion dollars would surpass the previous record volume recorded in 2007.
Bank Austria said all three main segments of real estate investment are performing well, apartments, offices, and retail, in particular because investor demand is greater than available supply.
The retail sector has performed particularly well, while the outlook for the office market is on the one hand optimistic, on the other aware that tenancy has been unexpectedly strongly restrained due to the Ukraine crisis, the bank said.
Additionally while the domestic market has increasingly become a focus for foreign investors, foreign sovereign wealth funds have remained out of the picture due to the overall volume of the domestic market still being too small.
