Office market Zurich

The supply of available office space in the Zurich region expanded by 41,200 m² in 2024, raising the availability rate from 4.8% to 5.3%. It has thus almost constantly grown since end-2019, from 312,200 m² to 433,700 m² as of end-2024, which equates to an increase of over 120,000 m² over the last five years. However, the additional 497,000 m² of new office space that was built during the same period puts the increase in vacancies into perspective.

The supply of available office space increased year-on-year in the submarkets Kloten (+15,900 m²) and Opfikon/Glattbrugg (+7,100 m²) and in the city of Zurich’s District 5 (+13,600 m²) and District 11 (+12,600 m²). The increase was attributable in part to the completion of new buildings (in Oerlikon and Kloten) and the remarketing of renovated properties (on the west side of Zurich). The supply of available office space contracted in District 1 (–2,500 m²), District 3 (–6,600 m²), and District 9 (–6,800 m²).

Telecom company Salt has secured not only a point of sale on Zurich’s Bahnhofstrasse, but also several floors of office space above it. At the start of 2025, asset manager Bellevue Group moved from Küsnacht back to Sechseläutenplatz square, where it will occupy three floors of office space in the completely modernised Globus building. A number of major leasings in the Maintower in Oerlikon, in the Hochhaus zur Schanzenbrücke high-rise in the city centre, and in the Westpark office building in District 5 are also worth mentioning. Personnel recruitment consultant Rocken moved to a new location in District 4.

Rent prices in the Zurich region have broadly stayed flat for quite some time now. But some high-grade office spaces with sustainability certifications are now set to come onto the market in prime locations in the quarters ahead. If demand for office spaces of that kind stays robust and supply remains tight, prime office rents in Zurich are bound to pick up after having held steady since 2022.

With an average of 29,000 m² of new office space slated to be built per year, the construction pipeline in the Zurich region through 2027 is much smaller than it was during the period from 2019 through 2023 (112,000 m² per year on average). The decrease in new building activity is bound to counteract a further increase in vacancies. However, around 60,000 m² of additional office space from the existing stock will come onto the market in 2025 and 2026. So, it is safe to assume that the availability rate in the Zurich region will stay above 5% for the time being.