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The supply of available office space in the Zurich region decreased relative strongly by 5.3% to 393,400 m², or 5.1 % of the region’s total stock of office space, in Q1 2018. Among other, demand of coworking companies started to influence the occupier market more noticeably. The premium brand IWG (International Workplace Group), for instance, will become the anchor tenant in the building Bahnhofsplatz 1 of listed real estate company PSP Swiss Property with around 4,700 m²and the Swiss brand Headsquarter will occupy around 2,000 m² in the office property Stauffacher 1 of pension fund BVK. Additionally, there are still major relocations of companies already residing in Zurich, which are taking advantage of the increased supply of floorspace to optimise their office-space situations.
The vacancy situation is improving particularly in the CBD. The supply of available space in districts 1 and 2 in the centre of Zurich decreased in Q1 2018 from 67,300 m² to approximately 61,200 m², or 3.9% of that area’s total stock of office space. While the CBD’s occupier market in general remains tenant friendly, the availability of large floor plates is becoming increasingly tight. Against this backdrop, the prime rent price in Zurich’s CBD edged upward for the second time in a row from CHF 800 to CHF 825/m² per year. The slow but steady improvement of the situation in the city centre looks set to continue in the quarters ahead.
The overall Zurich office market, however, should remain a tenant’s market in the near to medium term given the ongoing expansion of the stock of office space. The largest office-space vacancies in the Zurich region are currently in the Zurich North area in the zone stretching from the Oerlikon train station to the Zurich airport.
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08 May 2018