News release

Switzerland office market 2024

Supply increasing, demand and construction activity slowing down, new buyer groups in the investment market

January 09, 2024

Daniel Stocker

Head of Research
+41 44 215 75 23

Zurich, 9th January 2024 – Jones Lang LaSalle (JLL) has published a new study on the office real estate market in Switzerland. The report provides comprehensive insight on the office space markets in Zurich, Geneva, Bern, Lausanne, Basel and Zug. In addition to providing key data and reporting on the most significant changes in Switzerland’s largest market areas, the office market study also highlights evaluations on the availability of ESG compliant office spaces and presents a brief digression on Europe.

The aggregate office space availability rate in the five largest office markets in Switzerland – Zurich, Geneva, Bern, Basel and Lausanne – slightly increased over the last twelve months from 4.5% to 4.6%. To put that in perspective, only 1.15% of housing units in Switzerland stand vacant in comparison. Higher availability rates on the office market are common, though, particularly since available floor space is a basic prerequisite for enterprise and economic growth.

The office market experienced considerable momentum last year with numerous lettings and relocations. Several flex space providers and private banks were in growth mode. However, demand cooled noticeably as the year progressed, although this has not yet had a noteworthy impact on the amount of available space.

Office vacancies in Switzerland are rock-bottom low compared to elsewhere in Europe. The average vacancy rate for a set of 24 European cities stood at 7.7% at last reading (previous year: 7.2%), with Dublin, Bucharest, Budapest, Stockholm, Warsaw and Lisbon exhibiting vacancy rates of 10% or higher. In Switzerland, vacancy rates of that magnitude exist only in some isolated submarkets such as Opfikon/Glattbrugg, Wallisellen, Geneva Airport and Lausanne West/Crissier. Almost a third of the vacancies registered are in these four submarkets. In many other districts – especially in centrally located ones – there is much less available office space on the market. 

The total measured rise in supply of 32,400 m2 in the five largest office markets was due to increases in the Zurich (+31,500 m2) and Geneva (+9,500 m2) regions. Bern recorded only a slight change (+1,100 m2), while office supply in Lausanne (−5,100 m2) and Basel (−4,600 m2) actually decreased compared to the previous year.

Converging developments in city center locations

In Zurich's District 1 and Geneva's CBD, there is 53% and 69% more office space available than in the year before, meaning that the previously tight supply situation has eased somewhat. The availability rate rose from 2.2% to 3.3% in Zurich's city center and from 1.9% to 3.3% in the heart of the Rhone city. Companies looking for centrally located space will find the largest choice in Basel's city center (6.6%). In contrast, vacant offices are still in short supply in Lausanne's CBD (1.4%). The supply market in Bern's city center has dried up completely, presenting only one offer with more than 250 m2 of space on the market at the time of the data collection.

Construction activity has flattened significantly. In 2024 and 2025, 118,000 m2 and 139,000 m2 of new office space will be created, which is only half as much as from 2019 to 2023 (Ø 265,000 m2 per year).

New buyer groups in the transaction market

While changes in the letting market usually can only be measured with a time lag, the capital market often reacts immediately to changes in market conditions, which is also promptly reflected in the transaction business.

The hiked central banks’ policy rates have led to higher market interest rates on bonds, causing investors’ yield expectations to rise across all asset classes. Likewise, real estate investments cannot escape this trend either. As a result, prime yields for office properties rose by 60 to 80 basis points over the last two years, standing at 2.5% in Zurich and 2.9% in Geneva as of end-2023.

Simultaneously, the fields of activity and the behavior of investors have changed considerably in recent quarters. Insurance companies and real estate investment funds had dominated the acquisition market for years. But under the new circumstances, these two investor groups turned passive for the most part or even made an appearance as sellers. Family offices, UHNWIs, and housing cooperatives were now getting in on transactions with increasing frequency.

The market in Switzerland is fundamentally liquid, particularly compared to markets abroad. On the whole, however, fewer deals are being concluded because sellers’ and buyers’ expectations are often still far apart. Although there are signs here and there that sellers are now accepting also lower prices, the pricing and revaluation phase is not finished yet.

Jan Eckert, CEO Switzerland & Capital Markets Lead Germany/Austria/Switzerland at JLL: „Although the real estate market in Switzerland is as well going through a transformation phase, there is still sufficient capital available, which is stabilizing the market. The number of bidders in transactions is lower than in previous years. However, as long as the property quality is right, there are still solvent potential buyers.”

More information on major construction projects, leases and corporate site selection decisions in the respective economic areas is included in the study, which was dispatched together with this media release. It is also obtainable via the following link (as of 10th January 2024):

For further information and media queries:

Contact: Daniel Stocker

Phone: +41 44 215 75 23


About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

Since 2011 Jones Lang LaSalle Ltd. is the Swiss subsidiary of JLL. Its experienced real estate team provides specialized services for real estate companies, property owners, investors and tenants. Our spectrum of services in Switzerland focuses on four business segments: Transaction management and corporate finance services, real estate valuation and strategy consulting, commercial letting and tenant representation, and workplace strategies. An experienced team of over 65 employees works at two locations in Zurich and Geneva. In Switzerland, JLL has successfully executed transactions of over CHF 15.0 billion for clients, has valued Swiss properties with a valuation volume of more than CHF 75.0 billion per year and annually leases and negotiates rental space of around 100,000 m².