📝CRE360 Take:
CBRE’s latest Zurich office snapshot points to a market that has stopped sliding. Vacancy has leveled, demand looks steady, and landlords are holding the line on occupancy. On the surface, that reads like stabilization.

But the underlying capital math tells a different story. With financing costs still elevated, yields remain too compressed to attract meaningful new investment. Landlords may be defending occupancy, yet effective rents are under pressure, and growth prospects are thin. What looks stable in the leasing data feels fragile once you layer in capital constraints.

From our perspective, Zurich is not a market to chase for near-term returns. It’s a market to track for signals of distress or repricing. The opportunity here will come when capital loosens or assets trade at discounts not before.

Publisher Credit:
Full report: CBRE — MarketView Office Zurich Q2 2025