Switzerland office market – 2026

In the five largest office markets in Switzerland – Zurich, Geneva, Bern, Basel and Lausanne – the supply of available office space increased by +37,100 m² respectively +4% compared to the previous year, totaling 1,032,600 m² at the end of 2025. Since the end of 2019, the average availability rate in the five largest Swiss office markets rose almost constantly from 4.1% to 5.2% at the end of 2025. At the same time, the office vacancy rate in 23 European cities also increased, albeit more significantly, from an average of 5.2% to 9.2%.

Since the end-of 2019, the amount of available office space has risen by 267,700 m². However, attributing the increase in office vacancies solely to working from home is an oversimplification, as around 1.5 million m² of new office space have also been completed since then. So, the registered increase in office vacancies was mainly due to the large amount of new space built between 2019 and 2023 (average of 263,000 m² per year). Since then and up until 2028, the amount of offices being built will have fallen to an average of 124,000 m².

Although office vacancy rates in Switzerland are below average by international standards, reducing vacant space would be desirable, if only for reasons of efficiency. Vacancy rates may fall if new construction activity is lower than the growing demand for space. This can already be observed in some market areas. A stronger economic recovery and employment growth could increase demand for workspace. However, the number of employees will have grown by a meagre 0.2% by 2025. This year is also likely to be moderate, with stronger growth not expected until 2027. The conversion of offices that are no longer needed is also reducing vacancies. Recently, we have observed an increase in such projects.