The Zug region had a larger supply of available office space at the end of 2025 (+6,500 m²) than in the previous year. The availability rate rose from 3.0% to 3.5%. Slight increases were measurable in Baar and Steinhausen. The supply of office space on offer in Cham expanded by 7,900 m² because vacancies in the Städtler Allmend commercial area increased and new space on the Papieri site will become ready for occupancy in the first half of 2026. In the city of Zug, the availability rate decreased compared to the previous year from 1.7% to 0.8%.

The Zug office market remains unabatedly dynamic. On one hand, there is a constant influx of small companies from outside the region, and on the other hand, there have been repeated large-scale relocations and expansions within the region by firms already based there.

Several floors became available in the Opus complex in Zug, but replacement tenants were quickly found for them thanks, for example, to the arrival of Redalpine Ventures and the expansion of Deciphera Pharmaceuticals, which was taken over by the Japan-based ONO Pharma group in 2024. Trust companies under the leadership of Fineac secured Credit Suisse’s old offices at Bahnhofstrasse 17. Kenvue, a consumer goods spinoff from Johnson & Johnson, relocated its offices with around 400 employees to the Suurstoffi site. Also worth mentioning is the arrival of testing group SGS from Geneva to Baar in the former Partners Group headquarters. In addition, pharmaceutical company GlaxoSmithKline (GSK) consolidated its Swiss locations also in Baar.

The development pipeline looks profuse: in the years 2026 to 2028, new office space will be completed on the Suurstoffi site in Rotkreuz, the Unterfeld site in Baar, the Papieri site in Cham, and in the first stages of the Zug Tech Cluster. A large part of the over 80,000 m² of space is still unlet. However, various companies are rumoured to have expressed interest in the new office premises.

Currently, there is a lot suggesting that the market will remain dynamic and that many of the new spaces will be well received and gradually absorbed. An increase in office vacancies nevertheless does not seem impossible, but is likely to be concentrated in the older stock away from the well-accessible locations.