MODESTA REAL ESTATE PROCESSES MAJOR LETTINGS IN VIENNA’S OFFICE MARKET
The previous ten months have been very successful for Modesta Real Estate. Andreas Polak-Evans, SIOR and Managing Partner at Modesta Real Estate, particularly points to the 3rd and 4th quarter as the high-selling months of 2016. The letting of the former Siemens property, located at Kempelenpark in district 10, can be seen as one of the highlights: In the first phase, Modesta Real Estate has let 3,000 sqm to the vocational training institute BFI and an additional 4,300 sqm will be relocated next year. As a result, the location has established itself as a training campus in this region. Furthermore, Modesta Real Estate was also able to let a new 7,400 sqm office location to ÖSB Holding GmbH, also known as Update Training GmbH. Several company locations will be merged into a single new company headquarters. In spring 2017, an approximately additional 3,000 sqm will be expanded into another former Siemens property. Another successful transaction was also the contract closure with Radar Service GmbH. Modesta Real Estate successfully let 2,000 sqm office space to this IT-company in Zieglergasse/Mariahilfer Straße.
Between July and December 2016, Modesta Real Estate has advised a total of more than 12,000 sqm office space with additional renting options for approximately 8,000 sqm in spring 2017. “This notable increase in demand for office space is due to the fact that many large scale companies increasingly merge their locations into a company headquarters to facilitate communication and to optimize space efficiency”, concludes Polak-Evans.