 Office vacancy 1999 to 2003 |
The Office Letting Market in Geneva • Supply and demand are now in balance • New developments continue to attract tenants faster than second-hand space • Increased letting activity as a result • Vacancy at 1.8% (KREC estimate for end June 2003) • Most significant letting activity is now centred on the Airport District, although additional city centre space is encouraging companies to consider moves to enable consolidation |
| source: OCSTAT & KREC 2003 | |
 Office vacancy 1990 to 2003 |
|
| source: OCSTAT & KREC 2003 | |
 Changes in Office rents since 1984 |
Rental values • Rents gently falling in city centre • Airport District rents stable at CHF725/m2 • Prime rents are gently falling and are now at CHF 1000-1100 /m2 • Average office rents are now approaching CHF 350 /m2 • Geneva market continues to be more resilient than that of Zürich |
| source: OCSTAT & KREC 2003 | |
| Important transactions • Polo Ralph Lauren take 3,350 m2 at Blandonnet International Business Centre • Capital International agree pre-let of 6,000 m2 at 10 avenue Morgines, Grand-Lancy • Canton of Geneva take 3,000 m2 at UBS Warburg’s building in Noirettes, Acacias • Swiss-Re lease 2,100 m2 at 65 rue du Rhône • GlaxoSmithKline announce closure of Geneva operations |
Key drivers in the markets are: • Private banks and financial services companies • Technology companies • UN related organisations • Multi-national’s seeking European headquarters in Geneva |
© Copyright KREC Limited 2003
It should be noted that the KEY INDICATORS SERIES of briefing notes have been prepared to give clients an indication of market values and activities. They are based on a variety of sources of information, which are believed to be correct and reliable. However, no liability will be accepted by KREC for errors or inaccuracies.