Switzerland Office Market 2025 (Zurich breakout)

JLL's Switzerland office market study for 2025 reports that vacancy rates in the five largest Swiss markets (Zurich, Geneva, Bern, Basel, and Lausanne) rose 9% year-over-year to 995,500 m², with the average supply ratio increasing from 4.1% in late 2019 to 5.0% at end of 2024, while new construction activity bottomed out at 57,000 m² in 2024 and is expected to rise annually between 2025 and 2027. The report finds that demand remains intact for modern, flexible, ESG-compliant office space in well-connected locations, while older buildings without proximity to transit stations face leasing challenges, and predicts yield compression and higher transaction volumes in 2025 as investors increase capital deployment in a lower interest rate environment.