The real estate company PSP Swiss Property has announced its 2025 business results. Property income reached 349.2 million, down 0.2 per cent on the previous year’s result. On a like-for-like basis, however, growth of 1.3 per cent was achieved, mainly due to index adjustments. Profit excluding property gains amounted to 225.4 million, or 4.91 Swiss francs per share. Net profit rose by 8.9 per cent to CHF 408.5 million, mainly as a result of higher portfolio revaluations of CHF 231.1 million. Earnings per share increased to CHF 8.91 and the dividend per share to CHF 3.95.
The portfolio value rose to CHF 10.1 billion at the end of 2025, with 150 investment properties and ten development properties. The revaluation was mainly driven by successful lettings in high-street retail in Zurich and rising market tenant expectations in prime locations. The vacancy rate was 3.5 per cent. The average remaining term of leases (WAULT) was 4.9 years, and 5.3 years for the largest tenants.
Overall, the Swiss market for commercial properties remained stable, according to the report. In 2025, high-quality office space in central locations was in particular demand. In Geneva and Zurich, demand for city centre locations remained high, while the markets in Bern and Lausanne remained stable. In Basel, the oversupply of office space continued. The investment market picked up over the course of the year thanks to moderately falling interest rates and improved financing conditions.
PSP expects the market to continue to develop positively in 2026, with stable rental demand in its core business. According to the company, low interest rates are likely to support the transaction market, while high-quality properties remain in short supply. The company therefore intends to invest selectively, exploit opportunities with long-term value growth potential and continue its shareholder-friendly dividend policy.
