Zurich Office Market Profile – Q2 2019

Quarterly report on the Zurich office market by JLL Switzerland

August 23, 2019

The supply of available office space in the Zurich region contracted by around 10% in Q2 2019 from 330,200 m² to 297,100 m², or 3.8% of the region’s total stock of office space. For the first time since 2010, the supply of office space has fallen below the threshold of 300,000 m² again. The biggest demand drivers remain companies that are growing organically and/or that want to consolidate office premises in buildings offering better and more central space. In addition, co-working space providers continue to be an important factor in market-wide space absorption.

In the city centre and Zurich West, there is an increasingly scarce supply of large-scale office spaces. In the CBD, the supply of available office space in districts 1 and 2 in the centre of Zurich decreased in Q2 2019 from 37,600 m² to around 34,600 m², or 2.2% of that area’s total stock of office space. There is currently still great demand for the space available, which means that the space will only remain on the market for a short time. Large areas are still scarcely available and the new construction projects are all already very well pre-let, which still speaks for the high attractiveness of the market area. This increasing demand and the currently tight supply may lead to a trend towards rising prime rents in the next 12 months.

The largest office vacancies are still to be found in the Zurich North region, i.e. in the area from Oerlikon railway station to the airport. However, this region has also recorded a decline in office space supply of approx. 12 % from 207,800 m² to 182,800 m². Among other things, all the space in the Andreasturm in Zurich Oerlikon was leased. Nevertheless, competition in this market area remains fiercer due to the ongoing expansion of supply, which is why the submarket is likely to remain tenant-friendly in the medium term. In the meantime, the shell of the famous building complex The Circle, directly adjacent to the airport, has been largely completed. The first leases have already been concluded, which currently corresponds to an occupancy rate of around 55%.

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