Zurich: Fewer empty offices, more empty retail space

Of the 243,000 sqm of space that was vacant and advertised for lease or sale in Zurich as of June 1, 2017, 174,000 sqm was in the office/practice category. A year earlier, the figure was 237,000 sqm of vacant floor space, of which 193,000 sqm was office or practice space. So while there was less vacant office space this year than last, there was slightly more vacant space across all use categories. In the case of retail space, the increase was remarkable, with a plus of 7,000 sqm, informs Statistik Stadt Zürich.

There have been significant changes in the geographical distribution of vacant office space, the report continues. While most of the city's neighborhoods have recorded falling office vacancy rates in line with the city as a whole, a significant increase was observed in Seebach. The office vacancy rate there has risen by 11,000 to 45,000 square meters. Every fourth square meter of office space advertised in the city is located in Seebach. By contrast, significantly less vacant space was counted in Altstetten, Escher Wyss, Alt-Wiedikon and Oerlikon in particular than in the previous year.

The empty space census was introduced by Statistik Stadt Zürich in 1995; it does not exist at the federal level. All owners and administrators of buildings with usable floor space of 500 square meters or more are surveyed. The building register kept by Statistik Stadt Zürich serves as the source. Vacant" refers to usable space that was advertised for permanent rent (of at least three months) or for sale on June 1 of the year under review and that was immediately usable, even if the intended use of the space had not yet been determined or had only been partially determined. Usable space in demolition or conversion properties and in buildings still under construction, on the other hand, is not counted as vacant space.