Following another year of the pandemic, one thing is certain: working from home is here to stay. Partially location-independent work is now essential for most companies and employees. But it is also highly likely that offices will remain important for company culture and as a place where people can meet and exchange ideas. A realistic ratio of working from home of 20 % to 40 % should have little effect on the demand for space in view of the current employment outlook. Although desk sharing may result in some savings, this concept has not been implemented everywhere. In contrast, hybrid forms of work have resulted in new space needs, including additional meeting and collaboration rooms and common zones. The office must have qualities that are similar to working from home and be easily accessible in order to make working there as attractive as possible for employees. In addition to the workspace and environment, location and transport links are becoming increasingly important, which has boosted demand for high-quality premises in central locations. Small quality reductions are already noticeable in areas outside central locations. Thus, in 2021 there were longer advertising periods and greater marketing effort at less accessible locations. This also shows the high liquidity of these markets: over the past six months, about 2.43 million m² of office space was available in Swiss agglomerations – 7.1 % more than in the same period of the year before – and the largest share was in markets outside the central business districts. The economic situation and the development of the labour market bode well for 2022. Some companies seeking to expand may venture to relocate as a result of the economic recovery. Tenants continue to have the upper hand in contract negotiations due to the high level of market liquidity. They are demanding rent reductions, a complete fit-out and shorter and more flexible contractual periods with early termination options. Incentives continue to be granted, but rent concessions are likely to remain rare, as they affect the value of the property.