Office market in Basel remains tight
While vacancy rates for commercial properties are rising throughout Switzerland, the Basel market is developing in the opposite direction. According to the Department of Economic, Social and Environmental Affairs of the Canton of Basel-Stadt, the vacancy rate for commercial space has fallen for the fourth year in a row.
Between 2011 and 2015, the cantonal vacancy survey recorded a decline in vacant industrial and commercial space from about 169,000 square feet to about 104,000 square feet. The sharpest decline last year was in vacant office space, which fell by a further 19 percent.
The office market report of CSL Immobilien AG confirms the special case of Basel, writes the Department of Economic Affairs. Compared with the cities of Zurich, Geneva and Bern, the city of Basel now has the lowest supply of available office space. The tense situation on the commercial real estate market is making it increasingly difficult for companies to find suitable properties, while at the same time there are a variety of investment opportunities for investors on the commercial real estate market in the canton. An easing of the business real estate market is not in sight in the short term, the report continues. (ah)
