The market for office real estate cooled down further in the third quarter of 2023. In addition to the weakening economy, weaker demand also has a negative impact.
Across Switzerland as a whole, the number of available office space rose to 3.8% of total office space or 1.8 million square meters in the third quarter of 2023. This is the third quarterly increase in a row, as the real estate service provider CBRE announced on Friday.
The falling demand for offices is also reflected in prices. The price expectation index for office rents collected last Wednesday by Fahrländer Partner Raumentwicklung (FPRE) fell to -34.7 points, after almost -20 points six months ago.
The assessment of transaction prices for office and commercial buildings also became more pessimistic: the corresponding index in the most recent survey was -54.2 points, compared to -38.6 points six months ago.
According to the survey, significantly more office space was available, especially in locations outside the five major centers of Zurich, Geneva, Basel, Bern and Lausanne. The number of available offices also increased in the suburbs of the centres. ...