Office market Geneva

Review and Outlook

The year 2022 saw vibrant demand for office space particularly in Geneva’s central business district. The availability rate in the “left bank/old town” area of the CBD decreased to 1.9% as of end 2022 from 3.2% a year earlier, mainly due to major leasings on the Rue du Rhône, the letting of an entire building on Place Longemalle Square, and the leasing of more than 4,300 m² in the Hôtel de Banque building on the Rue de la Corraterie.

This chapter is part of the Office Market Study 2023 by JLL Switzerland

Less vacant space also outside the CBD

The availability rate in the “CBD right bank/main station” submarket likewise decreased, to 2.0% as of end 2022 from 3.2% a year earlier. Robust market momentum was noticeable particularly in the area between the Quai du Mont-Blanc and the Cornavin train station. The average prime rent price in Geneva remains high at CHF 850 per m² per annum and looks set to hold steady in the quarters ahead. 

The supply of available office space in the “international organisations” submarket contracted sharply, partly due to the leasing of a number of office spaces in Sécheron. The availability rate there fell year-on-year from 5.5% to 4.5%. The volume of vacant space in the Plainpalais-Charmilles area likewise contracted in 2022 by 2,800 m² as a result of the leasing of several office spaces on the Rue de Lyon.

Rising vacancy rate in the airport region

The supply of available office space on the periphery of the city of Geneva also decreased year-on-year. The availability rate in the La Praille/Acacias/Lancy area edged down from 4.0% to 3.7%. A financial company leased over 7,000 m² of office space in the ALTO building in Pont-Rouge. In contrast to these positive developments, the office space availability rate in the Geneva airport area increased from 15.3% to 18.3% (which equates to an expansion of 26,100 m²), partly due to the completion of new-build rental spaces in Blandonnet and in the Quartier de l’Étang district.

The property development pipeline in Geneva includes the Quai des Vernets project planned to open for occupancy in 2026. Comprising 22,500 m² of office and co-living spaces, the project is conceived as a 2,000-watt site. Its 3,000 bicycle parking spaces and its direct access to local public transportation are designed to promote sustainable mobility. Also, the project will be supplied with 100% renewable energy.

Office market study Switzerland 2023

You can find the entire office market study Switzerland 2023 here. The report provides comprehensive insight on the office space markets in Zurich, Geneva, Bern, Lausanne, Basel and Zug. In addition to providing key data and reporting on the most significant changes in Switzerland’s largest market areas, the office market study also highlights some regional idiosyncrasies and presents a brief digression on Europe.