Zurich Office Market Profile - Q1 2019

The supply of available office space in the Zurich region contracted by around 6.1% in Q1 2019 from 351,600 m² to 330,200 m², or 4.2% of the region’s total stock of office space. Companies already residing in Zurich that are growing organically and/or that want to consolidate office premises in buildings offering better space continue to be the biggest driver of demand. However, co-working space providers are also increasingly becoming a quantitatively significant factor for market-wide space absorption.

The supply of available large-scale office spaces in the central business district and the Zurich West area has retightened. In the CBD, the supply of available office space in districts 1 and 2 in the centre of Zurich decreased in Q1 2019 from 49‘600 m² to around 37‘600 m², or 2.4% of that area’s total stock of office space. That equates to an almost 60% contraction in availability compared to the year 2014, when the volume of available office space in the CBD peaked at a little above 90,000 m². The Zurich West submarket (district 5) is developing more and more into a second CBD. There are hardly any larger-scale office spaces available there at present, and all of the newbuild projects under construction there are already pre-leased to a very large extent, underscoring the attractiveness of this market area.

The largest office-space vacancies in the Zurich region are still 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, so the Zurich North submarket looks destined to remain a tenants’ market in the medium term as well. Among the newbuild projects in the area, “The Circle” building complex situated directly adjacent to the Zurich airport is gradually taking shape.

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