Swiss Prime Site Immobilien reports success in the first half of the year
Swiss Prime Site Immobilien AG achieved major letting successes in the first half of 2022. In total, the company was able to rent or re-let more than 90,000 square meters.
In the first half of 2022, Swiss Prime Site Immobilien doubled its lettings compared to the same period of the previous year. According to a press release from the Zurich-based company, 90,000 square meters have been newly let or re-let across the entire portfolio and across all regions. In the first half of 2021 it was 47,000 square meters.
Swiss Prime Site Immobilien AG, which belongs to the Swiss Prime Site Group based in Zug, attributes this success to the good market conditions and the associated demand for commercial space. Despite the global economic slowdown, the signals for development in Switzerland remain mostly positive, according to the statement. In the service sector, for example, 105,000 new jobs were created in the past twelve months, an increase of 2.6 percent. The 114,000 vacancies also testified to a robust Swiss labor market.
The real estate company noticed a particularly positive development in Basel, Zurich and Geneva. According to Swiss Prime Site, the two development projects currently under construction, JED in Schlieren and Stücki Park in Basel, are also enjoying brisk demand. Pre-letting rates of around 90 percent are expected there by the end of the year.
“With the strong performance of re-lettings and new leases within our portfolio and the still intact economic prospects, we are also optimistic about the low vacancy rate and positive rental income development at the end of the year,” says Martin Kaleja, CEO of Swiss Prime Site Immobilien.
Swiss Prime Site announces that it will publish the detailed half-year results for 2022 on Thursday, August 25.