Repositioning Existing Properties: How Office Spaces Become Rentable Again
Alessandro Nicotra
Portfolio & Strategy
In short
— In Zurich, central office space is scarce, while in individual locations a third of the space stands empty. Quality and location are decisive.
— Today, tenants are looking for more than just space: places for encounter and collaboration, a good atmosphere, and shared amenities within the building.
— Developing existing properties saves embodied emissions and time. Visualisations make the potential visible before investments are made.
A gap is widening in the office market. Modern spaces in central locations are in high demand, while older properties in less desirable locations remain vacant for longer. Demolition is rarely the best answer. Often, there is more to a building than meets the eye: a new use, a ground floor that brings life, and spaces that attract tenants.
A space rents itself out when you can imagine working in it.
Why is office space vacant even though offices are in demand?
Because the market is splitting. According to JLL, the vacancy rate across the five largest Swiss office markets has increased from 4.1 to 5.2 percent since 2019. However, in the city centers of Zurich, Bern, Lucerne, and Zug, it stands between just 0.8 and 2.6 percent, while in Opfikon/Glattbrugg it exceeds 30 percent (JLL, 2026). According to CBRE, 3.2 percent of space is available in the city of Zurich, compared to 11.9 percent in the suburbs.
UBS summarizes it this way: Modern, centrally located office spaces remain in demand, while aging properties are likely to suffer more.
What are office tenants looking for today?
Less space, but better quality. According to a survey by JLL, 80 percent of surveyed companies in Switzerland work hybrid, and demand for spaces dedicated to collaboration and community is growing. Today, an office has to offer something that is missing at home. That also applies to the building it is located in: a vibrant ground floor, a place for lunch, a space shared by multiple tenants.
Hall in a new neighborhood
How do you reposition an existing property?
With an idea that comes from the building itself. First, we read the building: its structure, its location, its history, and the people in the neighbourhood. From this, we develop a concept for its use and design the spaces that bring a building to life: ground floors, communal areas, meeting places for tenants and the local community.
Clarifying usage. Not every office building has to remain an office building. A study by Wüest Partner concluded that around a fifth of office buildings are theoretically suitable for residential use (Moneycab). The solution often lies in a mix: offices on the upper floors, a public ground floor, shared amenities within the building.
Activating the ground floor. According to Urban Development Zurich, ground-floor uses significantly shape the character and image of a neighbourhood. A café, a showroom, or a community space gives the building a face.
Making it visible before it is built. For marketing purposes, we showcase the spaces through visualisations and spatial videos long before they exist. This leads to decisions that stand up before boards of directors and investors, and tenants can see what awaits them.
How does a data-driven site evaluation help?
It shows what a location is suitable for, and for whom. Using the Location Evaluator in Workplace Intelligence, we compare the accessibility, surroundings, and infrastructure of a location: How accessible is it by public transport and bicycle, who works and lives nearby, what dining options are available? For owners, this reveals which tenants and uses fit the location. Read more in the article Finding an office location.
Is preserving existing buildings worth it compared to new construction?
Often yes, also ecologically. In Zurich, refurbishments generate significantly fewer embodied greenhouse gas emissions per square meter on average than new builds (EnergieSchweiz). The KBOB recommends examining conversion and repurposing before considering replacement new construction. Moreover, a house that continues to live tells a story that a new building has yet to write.
What does this offer the owner?
Shorter vacancy periods and spaces aligned with the right target group. The extent to which quality and location determine value is reflected in rents: According to CBRE, prime office rent in the city of Zurich is CHF 950 per m² per year, compared to CHF 555 in the suburbs. Repositioning aims to bring a property closer to the demanded quality.
This becomes efficient when it is established early on who a building is intended for. The budget then flows into the areas that convince tenants, and visualizations accelerate marketing before the conversion is completed.
Visualisation of a shared roof terrace
Frequently Asked Questions
What does repositioning a property mean?
A property is made attractive to a different or broader target group through a new usage concept, structural interventions, and a new identity.
Is converting office space into residential worth it?
Only under certain conditions, such as suitable building depth, location, and rental price difference. Mixed use is often the better answer.
What does repositioning entail?
An analysis of the building and location, a usage concept, the design of common areas, visualisations for marketing, and, on request, support right through to tenant fit-out.
How early should you start marketing?
As early as possible. Visualisations and spatial walkthrough films show prospective tenants the potential long before the conversion takes place.
Do you also work with tenants?
Yes. We plan tenant fit-outs and can mediate between the needs of owners and tenants.
Sources
Swiss Office Market 2026, JLL, 2026
Trends Vary Regionally, JLL, 2026
Zurich Office MarketView Q4 2025, CBRE, 2026
Real Estate Focus 2026: Office Space, UBS, 2026
Return-to-Office Trends in Switzerland, JLL, 2025
Potential for Office Conversions Is Limited, Moneycab on a study by Wüest Partner, 2025
Ground Floor Use Schaffhauserstrasse, Urban Development Zurich, 2023
Circular Construction: A Guide, SwissEnergy, 2025
Embodied Greenhouse Gas Emissions in Building Construction, KBOB, 2025
A space doesn't remain empty because it's old, but because no one shows what it could be.
Contact
Listening is our first draft.
Every project begins with a conversation. Tell us what you have in mind: a new working environment, a restaurant, a space for the future. We bring an open mind, curiosity, and experience in strategy, interior design, and lighting. We'd love to meet at our studio on Gutstrasse in Zurich. Or wherever your project is coming to life.