The last few years have been characterized by uncertainty and structural changes for the commercial real estate market in Austria. However, a turning point is emerging for 2026: experts expect a cautious stabilization of the market, coupled with new opportunities due to technological developments and changes in the use of space. This article provides a forecast for commercial real estate in 2026 as well as a look at the most important trends, market segments and regional characteristics.
1. interest rate trends and financing: a ray of hope for investors?
The interest rate situation remains a key topic in the 2026 forecast for commercial real estate: key interest rates are expected to ease next year, which will have a positive impact on debt-financed investments. Project developers and portfolio holders in particular are likely to benefit, provided they meet sustainability criteria and adapt to flexible usage concepts.
Current data on capital market interest rates can be found at OeNB interest rate statistics
2. industrial and logistics real estate: after the boom comes the gap
After a wave of completions in 2024/25, the volume of new logistics real estate construction will fall significantly in 2026. Many halls are empty or only partially let. Nevertheless, modern properties with ESG standards remain in demand. Rents are stagnating at a high level or rising moderately, particularly in Greater Vienna . Cf: the independent real estate editorial team
3. office real estate in transition: flexibility as the new standard
Hybrid work, modular use of space and ESG reporting are changing demand. Traditional office towers are becoming less attractive; flexible, smart working environments with a high quality of stay are in demand. In Vienna, we see an increased conversion of vacant offices into residential or mixed-use projects in 2026.
Tip: Future of Work Report (McKinsey)
4. retail real estate: between shrinkage and specialization
Brick-and-mortar retail is continuing to shrink, while retail parks and local shopping locations are stabilizing. Large shopping centers are focusing on experience formats and gastronomy to compensate for the loss of footfall. Properties with gastronomy or leisure uses are benefiting. Cf.: Austrian Retail Association
5 Regional differences: Salzburg & Vienna in focus
In Salzburg, demand for commercially usable existing properties remains high, as hardly any new space is being created. In Vienna, on the other hand, oversupply in peripheral locations is putting pressure on prices - prime locations in central areas remain stable.
Find out here how you can still rent out your commercial property in the best possible way: Kroy Real Estate
6 Investor trends 2026: Sustainability, security, mix of uses
The forecast for commercial real estate in 2026 shows that investors will invest even more strongly in the coming year A recovery in the commercial real estate market is on the horizon - and 2026 could be a real opportunity for many companies. Falling interest rates, more stable rents and new trends such as ESG-optimized logistics space or data centers are creating an environment in which investments can pay off again. Our overview shows what you should look out for now: From the increasingly scarce new construction projects and different market dynamics in Vienna and Salzburg to the segments that will be in particularly high demand in 2026.
Read why modern logistics properties are achieving stable rents despite rising vacancy rates, how Salzburg's shortage of space is leading to new location strategies and why investors are increasingly focusing on secure cash flows and energy-efficient buildings.pay attention to ESG criteria, certifications (e.g. DGNB) and crisis-resistant usage concepts. Particularly in demand: mixed-use projects, co-working spaces with a high degree of digitalization and energy-efficient commercial spaces.
Tip: DGNB certification system
Key Takeaways
- Interest rates could fall in 2026 → Opportunity for investors
- Logistics: Stable rents despite decline in new construction
- Offices: Flexible concepts in demand, conversion trend
- Retail: local suppliers and restaurants score points
- Top locations Vienna stable, Salzburg tight supply
- ESG & mix of uses determine investment decisions
Conclusion: 2026 as the year of reorientation
The commercial real estate market in Austria is facing a phase of consolidation in 2026. Those who invest strategically now, think about sustainability and take a regionally differentiated approach can benefit from new opportunities.
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FAQ'S: Forecast for commercial real estate 2026
How will commercial real estate prices develop in 2026?
Prices will remain stable in prime locations in 2026, while slight price pressure is expected in peripheral locations - especially for office and logistics space with low ESG quality. .
Is the construction of new logistics properties still worthwhile?
Only to a limited extent. Due to high levels of prefabrication in 2024-25 and rising vacancy rates, less new construction will take place in 2026. Opportunities exist for ESG-compliant, energy-efficient properties with good connections. .
Which types of commercial property will be particularly in demand in 2026?
Mixed-use real estate
ESG-certified office space
Inner-city local supplier locations
Co-working and flexible space concepts
What role does sustainability play in the investment process?
A central one. In 2026, investors will pay more attention to ESG standards (e.g. DGNB, ÖGNI), energy efficiency and carbon footprint - not only out of conviction, but also due to regulatory requirements and market demand. .
What happens to vacant offices?
There is a clear trend towards conversion in Vienna: vacant office space is being converted into apartments or „urban hubs“ (a mixture of living, working and services). .
How is demand changing due to the interest rate situation?
The expected easing of interest rates in 2026 could make investments more attractive again - especially for long-term investors and project developers with a focus on sustainability. .
