MarketView Snapshot Office Geneva Q3 2024

The office availability rate in Geneva remained stable in Q3 2024, fluctuating around 4% for the past
five years. Most of the large office space available is located on the outskirts of the city and in new
mixed-use buildings.The trend is downwards in the most sought-after central districts, where a
shortage of Grade A and large (>1,000 sq m) space can be observed. Vacancy is significantly higher in
the west of Geneva and in Les Nations, due to the recent completion of several buildings. In the
periphery, availability rates remain high but stable, averaging around 10%. Some of the buildings that
have become obsolete are being renovated or converted into residential use.
With around 340,000 sq m of new space to be delivered over four years, construction activity remains
buoyant, but is expected to slow down from 2026 onwards. New buildings that are purely tertiary are
concentrated on the outskirts of Geneva. In the outskirts, new projects benefit from tenants' need to
consolidate in new, efficient premises. Overall, the volume of future o􀆰ice supply remains high
compared to potential market take-up.
Leasing activity is driven by the growing needs of the expanding public/parapublic, education, health
and ICT sectors. The largest transactions can mainly be seen in the CBD and/or in new premises, often
as part of a merger/consolidation of companies already present in the area. In the rest of the market,
tenants are looking for small units (200-1,000 sq m), serviced premises on short leases.
The wave of renovation projects underway in the centre of Geneva is bringing a higher standard of
supply. The marketing of these refurbished buildings is driving up rents in this prime segment, thanks
to finance and trading companies, which remain the most dynamic in the CBD. However, price
sensitivity is becoming crucial: incentives and financial contributions are more common and on a larger
scale, especially outside Geneva.