Milan ($52/sqft, 9.2% vacancy) and Vienna ($29/sqft, 4.6% vacancy) compete on different axes: Milan on rent and tax and Vienna on talent depth.
Milan ($52/sqft, 9.2% vacancy) and Vienna ($29/sqft, 4.6% vacancy) compete on different axes: Milan on rent and tax and Vienna on talent depth.
| Metric | Milan | Vienna |
|---|---|---|
| Region | EMEA | EMEA |
| Country | Italy | Austria |
| Class A rent (USD/sqft/yr) | $52 | $29 |
| Class A rent (local) | 48 EUR | 312 EUR |
| Vacancy | 9.2% | 4.6% |
| Trend | rising | flat |
| Prime yield | 4.6% | 4.4% |
| Premium flex / seat / month (USD) | $580 | $720 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 27.9% | 23% |
| Metric | Milan | Vienna |
|---|---|---|
| Typical term | 6 yrs | 5 yrs |
| Typical rent-free | 5 mos | 6 mos |
| Lease norms | Net leases under the 6+6 standard (six-year minimum with tenant renewal option for another six). Free rent of 4-9 months and TI of €60-€100/sqm typical. | Net leases with operating-expense pass-throughs (Betriebskosten) are standard. CPI indexation (VPI) is universal. Lease lengths of 5 years are typical with break options; longer terms negotiable for full-floor takes. Free rent of 4-8 months and EUR 250-350/sqm fit-out">fit-out contributions are typical on prime deals. |
| Tax note | 24% federal corporate income tax (IRES) plus 3.9% regional production tax (IRAP) for a combined effective rate near 27.9%. | Austrian federal corporate income tax of 23% (reduced from 25% in 2024). 20% VAT. Vienna municipal payroll tax (Kommunalsteuer) of 3%. International-organisation tenants benefit from headquarters-agreement tax exemptions. |
| Metric | Milan | Vienna |
|---|---|---|
| Talent index (0–100) | 82 | 84 |
| Talent note | Deep finance, fashion, design, and luxury talent. Strong feed from Bocconi, Politecnico, and the broader Lombardy university system. Multilingual (Italian-English) talent supports international corporate HQs. | Strong feed from TU Wien, Wirtschaftsuniversität Wien, and the University of Vienna. Multilingual professional base (German, English, CEE languages) supports regional-HQ tenancy. Deep institutional banking and asset management talent. |
Milan: ATM Metro (5 lines), tram, and bus. Trenord regional rail anchors the Greater Milan catchment. Malpensa airport is connected via the Malpensa Express; Linate is closer to the city.
Vienna: Wiener Linien U-Bahn (five lines), S-Bahn commuter rail, and ÖBB long-distance rail at Hauptbahnhof. All trophy office clusters are within a 5-minute walk of a U-Bahn station.
Vienna is the cheaper Class A market on a USD basis.
Vienna has the deeper talent index (84/100 vs 82/100).
Vienna has the lower headline corporate tax (23% vs 27.9%). Local incentives can change the effective rate materially.
Milan typical term is 6 years with 5 months free; Vienna runs 5 years with 6 months free.
Milan: ATM Metro (5 lines), tram, and bus. Trenord regional rail anchors the Greater Milan catchment. Malpensa airport is connected via the Malpensa Express; Linate is closer to the city. Vienna: Wiener Linien U-Bahn (five lines), S-Bahn commuter rail, and ÖBB long-distance rail at Hauptbahnhof. All trophy office clusters are within a 5-minute walk of a U-Bahn station.
Score Milan, Vienna and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD.
Reviewed by Samuel Okafor — EMEA contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.