As the crisis in international Geneva deepens, Robert Curzon Price, head of real estate firm Barnes, warns of the potential impacts on the local property market. In his view, Geneva authorities should move to acquire parcels that may become available as international organisations move out.

From his office, Robert Curzon Price casts a contented glance over the Étang district in Vernier. “You see, it’s starting to come to life,” he says, with a warm smile. But the chief executive officer and partner of Barnes Commercial Realty did not agree to meet with Le Temps to talk up his firm as one of Switzerland’s leading brokerage players or to celebrate a new neighbourhood on the rise. He is worried about the hollowing-out of international Geneva and what it means for the property market – an issue he cares about “as a citizen”.

“We are at a turning point. International Geneva will not return to its previous state,” he explains. “Part of the space currently occupied by international organisations and NGOs will be freed up. The state must not miss this unique opportunity to regain control of these properties, even if it’s temporary. It’s a significant land reserve, and a particularly valuable one at a time when housing is scarce.”

A silent exodus

While the cantonal master plan for 2050 is at a standstill, construction procedures tend to drag on, and developers vye for the last buildable plots in the canton, international Geneva has barely featured in the public debate. “It’s the elephant in the room,” says Curzon Price.

Yet, last year, consultancy firm Wüest Partner estimated that the international organisation sector accounted for 650,000 square metres of office space – half the size of the future PAV (Praille-Acacias-Vernets) urban development zone. The space is spread between the Nations district and the municipalities of Grand-Saconnex and Pregny-Chambésy. “Those are among the most beautiful areas in Geneva,” notes Curzon Price, who says he has already visited several vacant buildings.

This potential is the direct result of the funding crisis impacting international Geneva. Since the first job cuts were announced following the Trump administration’s retreat from multilateralism in early 2025, that trend has continued, though more discreetly. Many international civil servants are now returning to their home countries without appearing in official unemployment statistics, leaving the true scale of departures difficult to assess. Switzerland’s foreign affairs ministry, which issues legitimation permits for international Geneva workers, reported a drop of around 1,000 staff between 2024 and 2025 – from 25,600 to 24,600 – across UN agencies with a headquarters agreement.

Paola Ceresetti, spokesperson for Switzerland’s diplomatic mission in Geneva, describes a constantly evolving situation. “We will see the full effects over the course of the year, once employment contracts formally expire following legal notice periods. In cases of layoffs or voluntary departures, it can take between six and nine months.”

The real situation for NGOs and the broader Geneva network is equally uncertain. Béatrice Ferrari, head of the canton’s international affairs department, declined to provide any further comment. During the World Economic Forum in Davos, Geneva cantonal councillor Nathalie Fontanet acknowledged that “international Geneva will have to reinvent itself”.

For Curzon Price, the state must not “stand by and watch the train go by”. “The creation of public-private consortiums bringing together Geneva-based institutional actors could make it possible to acquire and enhance these strategic assets,” he suggests. Without it, the private market will fill the void, with well-funded actors, including insurers and Swiss pension funds, chief among them.

Cautious political response and technical constraints

That idea has been quietly floated among some senior officials, with little effect so far. Politicians also remain cautious, wary of sending the “wrong signal” about Geneva’s and Switzerland’s support for international Geneva.

“It must be preserved at all costs. That is the number one priority,” insists Sébastien Desfayes, a local lawmaker. The centrist politician says he is “less pessimistic” than a few months ago, noting that the war in Iran has reshuffled the deck and weakened certain “systemic” competitors such as Dubai and Abu Dhabi.

“I support converting administrative offices into housing where possible,” Desfayes continues. But as president of Geneva’s Grand Council’s housing committee, he is aware of the many legal and technical hurdles. First, there’s the issue of buying back the building surface rights granted by authorities to international organisations for periods stretching over several decades – a prerequisite for any change of use.

The second challenge involves renovations. Despite a loosening of regulations in 2015, only around ten conversions are completed in Geneva each year. “There is a whole range of standards to meet, whether for sanitation or ventilation systems. The work is not impossible, but it is costly,” says Laurent Seydoux, another lawmaker. The buildings occupied by international organisations feature specific layouts: conference rooms and other spaces that are difficult to convert, as well as challenging security requirements.

Nevertheless, Seydoux believes “a comprehensive assessment” of the situation is much needed. “This is not about selling off international Geneva, but about determining what can be taken over in the long term, at what price and for what purpose. I am not in favour of state ownership of buildings, but we need to anticipate and have a clear vision,” he says.

This article was originally published in French in Le Temps. It has been adapted and translated into English by Geneva Solutions. Articles from third-party websites are not licensed under Creative Commons and cannot be republished without the media’s consent.