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Zurich Office Market Profile - Q4 2017

​The supply of available office space in the Zurich region increased by 1.4% year-on-year to 415,500 m2, or 5.4% of the region’s total stock of office space in Q4 2017. That increase was mainly due to an expansion of the overall supply of office space in the market. Major new leasings at the moment primarily involve relocations or consolidations of office premises by companies that already resided in Zurich.

The overall Zurich office market looks set to remain a tenant’s market on the whole in the medium term. The largest office-space vacancies in the Zurich region are in the Zurich North area in the zone stretching from the Oerlikon train station to the Zurich airport. The ongoing expansion of the stock of office space in that area will further intensify competition there. However, the vacancy situation in the city centre is slowly improving.

The supply of available space in districts 1 and 2 in the centre of Zurich decreased in 2017 from more than 80,000 m² to approximately 67,300 m², or 4.3% of that area’s total stock of office space. The new tenants for the most part are companies that already resided in Zurich, which are taking advantage of the increased supply of floorspace to optimise their office-space situations. Boston Consulting Group, for instance, announced last year that it will move its Switzerland headquarters from Münstergasse to a different building in Zurich’s central business district (CBD) at the end of 2018 due to capacity constraints at the current premises. The moderate improvement of the situation in the city centre looks set to continue in the quarters ahead. Against this backdrop, the prime rent price in Zurich’s CBD edged upward last year for the first time since 2011 and now stands at approximately CHF 800/m² per annum.

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