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Zurich Office Market Profile - Q3 2017

​Office space availability increased slightly in Zurich in Q3 2017. The supply of available office space in the region increased by 2% QoQ to 408,000 sqm, or 5.3% of the region’s total stock of office space. The situation differs among submarkets: While the CBD is slowly recovering vacancies in the overall market are likely to remain elevated for longer.

Available office space in the CBD districts 1 and 2 decreased further in the third quarter from over 69,400 sqm to 67,300 sqm, respectively to 4.3% of total stock. The decrease was mainly caused by smaller and medium-sized take-ups. Companies already residing in the region are capitalising from the increased availability in order to optimise their office situation. The moderate improvement in the CBD office market should continue in the near term. The top rent remained stable quarter-on-quarter at CHF 790/m² per year and has likely found the bottom at this level.

Vacancies throughout the market, on the other hand, look destined to trend higher again in the quarters ahead. Prominent new building projects are scheduled to come on the market in 2018 and 2019 and will expand the supply of available office space by several tens of thousands of square meters, especially in the north of the city. Net absorption will at the same time likely be only moderately positive. However, there were also some good news for the market area Zurich North in Q3 2017: The large office development project Ambassador House could find with telecom company Sunrise and co-working provider Spaces two anchor tenants. Sunrise will consolidate with this move two existing offices in Zurich Oerlikon at the new location.

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