ACC Annual Meeting 2023
Meet our experts at booth #712
Global Life Sciences & Healthcare Forum 2023
Blurring Boundaries - Exploring the convergence of life sciences and law
Career Calling 2023
Career Calling is the place to be when it comes to planning your career and joining the labour market. At this annual fair, our trainees and colleagues from the Human Resources department will be on hand to answer your questions. More about Details on Career Call­ing.In­sights into Career Calling 2022. 
CMS Expert Guide to Public Takeovers in Austria
1. Are takeovers of listed companies regulated? Yes. The Takeover Act (Über­nah­mege­setz, TA) regulates public takeover offers regarding shares of Austrian listed companies. The Takeover Commission (Über­nah­mekom­mis­sion...
CMS Hotels & Leisure Global Brochure
At CMS, we understand the Hotel & Leisure business environment. Our experience covers all aspects of the industry – we are there to guide you and help you grow and stay competitive in crowded markets...
Trading of crypto-as­sets in detail
The Markets in Crypto-As­sets Regulation (MiCAR) sets down a harmonised regulatory framework for service providers known as crypto-asset service providers (CASPs), which carry out activities with crypto-as­sets...
CMS Expert Guide to Crypto Regulation in Austria
Disclaimer: This chapter was last updated on 6 September 2023 and does not reflect any subsequent de­vel­op­ments. The information provided is intended for general in­form­a­tion­al purposes and should not be...
Turning the corner? CMS European M&A Outlook 2024
Dealmaking expectations mixed amidst economic uncertainty, but private equity notably bullish 
Austria makes it permanently possible for GmbHs and AGs to hold virtual...
With the enactment of the Virtuelle Gesell­schafterver­sammlungen-Ge­setz (VirtGesG) in mid-July 2023, Austrian lawmakers have created the permanent possibility for private limited liability companies (GmbH)...
Turning the Corner? CMS European M&A Outlook 2024
We are pleased to share with you the 2024 edition of the European M&A Outlook, published by CMS in association with Mer­ger­mar­ket.
Europäis­cher Im­mob­i­li­en­in­vest­ment­markt im Jahr 2022 trotz vielver­sprechen­dem...
Press release - 11.09.2023 Total investment across the European real estate market fell by around 14% in 2022 compared to the previous year, coming in at EUR 248 billion, according to global law firm CMS’ latest European Real Estate Deal Point Study. During the first six months of 2022, the markets rebounded from the Covid-19 pandemic, resulting in a flourish of transactions and total investment for the period – matching the record levels seen in 2020. In the second half of 2022, however, the sharp increase in financing costs prompted cautious investment behaviour, leading to a decline in overall investment levels across the continent. The decline was particularly pronounced in the fourth quarter of 2022, with investments plummeting by 57% compared to the same period in 2021, reaching ap­prox­im­ately €47 billion.The report noted that investment trends varied widely across countries, with Italy (+25%), Spain (+29%) and Belgium (+177%) experiencing greater investment volumes in 2022. France (+1%) maintained investment levels similar to the previous year, whilst Germany (-16%) and the UK (-19%) witnessed a de­cline. Jo­hannes Hysek, a partner in the Real Estate department at CMS Austria, said: “The volatility in the European real estate investment market during 2022 emphasises the need for investors to remain vigilant and adaptable in the face of ever-chan­ging economic conditions. The ongoing uncertainty in the market has nevertheless created a favourable environment for buyers, enabling them to negotiate high discounts when purchasing properties. The decrease in real estate investment has continued this year. In the first half of 2023, a clear reluctance on the part of investors could be observed. One of the main reasons for this is the constantly increasing interest rate environment. So far, there are no indications of a trend reversal, so further development remains to be seen.”“European real estate markets experienced quite diverse developments last year, opening up some attractive investment op­por­tun­it­ies on the buyer side. We saw revived interest especially in office and residential properties in prime loc­a­tions,” says Nikolaus Weselik, a partner at CMS Vienna and an expert on construction and real estate law, summarising the study’s res­ults.“In­ter­na­tion­al investors accounted for the majority of real estate investment in 2022, with a share of 54 per cent,” adds Gregor Famira, a partner at CMS Vienna and co-head of the regional Real Estate Practice Area Group. “They held an even stronger position than in other countries in Eastern Europe, where almost two thirds (63 per cent) of all transactions advised by CMS featured a foreign investor on the buyer side. Our study – now on its 13th edition – highlights current standards and margins for trans­ac­tions, which is why many players in the market like to refer to it in ne­go­ti­ations.” CMS’ analysis of the real estate market in 2022 revealed the following key trends: Demand for office property is on the rise again. Following the record low of 2021 (19%), investor interest in this segment revived. Its percentage share rose to 24%, making office real estate the most sought-after asset class in Europe alongside residential prop­erty.In­vest­ment in residential properties accounted for a 24% share of the market. That made them the most sought-after asset class with regard to the transactions on which CMS advised. The main reason for the popularity of residential properties is the stable income that they generate, which is particularly attractive to investors during uncertain times.In­ter­na­tion­al investors accounted for the majority of real estate investments. At 54%, their share was almost the same as in the previous year (55%). National buyers, whose investments accounted for 46%, dominated the market as recently as 2020 due to the Covid-19 pandemic. This trend has now reversed slightly in favour of in­ter­na­tion­al investors, following the lifting of pan­dem­ic-re­lated travel re­stric­tions. Sus­tained a strong desire for security on the part of sellers. The proportion of transactions in which steps were taken to ensure the buyer met its financial obligations remained at the record high level of 70% seen in the previous year (2021).Buy­ers were frequently able to negotiate favourable terms with regard to contractual provisions on limitation periods. On the one hand, the parties agreed to the buy­er-friendly statutory limitation rules more often than before. On the other, limitation periods of more than 24 months were often agreed in 2022, whilst there was a slight fall in the proportion of short limitation periods of up to 18 months. Not­able increase in seller-friendly limits on liability. De minimis and basket clauses were agreed sig­ni­fic­antly more often in 2022 (52% and 42%, re­spect­ively), thus setting the market standard even in more buy­er-friendly times. This represented an 8% increase in de minimis clauses and a 10% increase in basket clauses in transactions carried out by CMS last year. Most in­ter­est­ingly, the number of transactions with agreements on limits to liability was particularly high in Eastern Europe, including de minimis clauses (70%), basket clauses (52%) and caps (75%) – a trend that has since driven segment growth in Europe more widely.The CMS European Real Estate Deal Point Study 2023 now includes over 2,500 trans­ac­tions, spanning the period from 2010 to 2022. This com­pre­hens­ive study has empowered CMS to identify significant market trends and guide their clients through the dynamic landscape of European real estate.
CMS Annual Review of English Construction Law De­vel­op­ments: An In­ter­na­tion­al...
We are pleased to announce the publication of the 2023 edition of our in­ter­na­tion­ally focused Annual Review of English Construction Law De­vel­op­ments. Now in its thirteenth year, the Annual Review sum­mar­ises...