Between Urban Ambitions and the Reality of Geneva’s Market, Converting Offices into Housing Emerges as an Attractive Option Amid the Housing Crisis. But Behind the Headlines, One Question Remains: Can This Solution Truly Make a Difference? For Property Owners, the Answer Lies Somewhere Between Potential and Constraints.
In Geneva, the shortage of apartments is very real, while office vacancies have soared in recent years, reaching over 276,000 m² in 2024. Facing this paradox, the temptation to convert these unused spaces into housing is strong, as illustrated by the emblematic Cointrin project, where nearly 200 apartments could be created in a former office building.
A Wüest Partner study estimates that, across Switzerland, 8,000 to 10,000 housing units could be created in the short term by repurposing vacant offices. However, this potential remains limited by on-the-ground realities: many buildings are still under lease, and only certain properties—well-located, bright, and suitable—lend themselves to such transformations.
In this context, we have chosen to take action. We are currently supporting two projects to convert commercial spaces into housing in Geneva and aim to expand this approach.
Our method: analyze each property, verify technical and financial feasibility, and together turn a constraint into an opportunity.
Profitability remains the central issue. Transformation costs can reach 2,500 to 4,500 Swiss francs per square meter for major structural interventions. For a project to be viable, the annual rent must exceed at least 100 francs per square meter—a threshold achievable only in a few municipalities and for specific buildings. Added to this are technical constraints (network adaptation, access, energy standards) and regulatory hurdles, which still slow down many projects.
If you would like to be supported by a proactive property management company that can advise you on the best way to maximize your asset’s value, contact us:
Email : service@pilet-renaud.ch
Phone : 022 322 92 22
To learn more, read the article from Tribune de Genève on this topic:Transformer des bureaux en appartements, la solution? | Tribune de Genève
