Office market: Supply of space in Zurich and Basel declining
In Zurich and Basel, the two largest cities in German-speaking Switzerland, office space on offer declined in the first quarter of 2016 compared with previous quarters, according to surveys by CBRE.
According to CBRE, the supply of space in the city of Zurich was 263,300 sqm, with a supply ratio of 3.5 percent.
The prolonged pressure on rents for office space has now led to price corrections, according to CBRE's researchers. The average asking price in the city of Zurich fell from 330 CHF/sqm p.a. to 322 CHF/sqm p.a.. The top rent has fallen from 825 CHF/sqm p.a. to 800 CHF/sqm p.a.
The supply of office space in the city of Basel also continues to fall, remaining true to the trend of recent years. A total of 48,100 sqm of office space is available in the city of Basel in the first quarter of this year. In the CBD, the office space supply stands at 13,400 sqm. The supply rate for the CBD is two percent. In the city of Basel, large, co-located spaces of more than 500 sqm are in low supply. The majority of office space on the market is between 150 sqm and 300 sqm. (ah)
