Zurich Office Market in Transition: Vontobel and Cembra Leave the City

Published 2026-11-03

The office market in Zurich is constantly changing. This is now particularly evident: the bank Vontobel has announced that it will move its headquarters to Baar in the canton of Zug. The financial services provider Cembra also intends to relocate its head office to Baden in the canton of Aargau, specifically to the Konnex building. These decisions draw attention to the development of office space in Switzerland's largest city.

An analysis by the real estate consultancy Colliers shows that the Zurich office space market has gone through several phases over the past decades. Similar patterns have recurred time and again: companies adapt their space to new needs, and demand shifts between different locations. The departures of Vontobel and Cembra fit into this picture. For companies today, costs, accessibility and modern workplaces play an important role.

For Zurich, the development means that large companies are reconsidering their locations. At the same time, other businesses are looking for new premises in the city or in the surrounding municipalities. Communities in the outskirts, such as Baar or Baden, often benefit from such relocations, as they can bring additional jobs and tax revenue.

Overall, the current news shows that the Zurich office market is in motion. Whether the trend will continue remains to be seen. What is clear, however, is that companies in Switzerland carefully examine their location decisions and weigh various factors in the process.

Sources: Colliers

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