The Luxembourg office market cooled in early 2019, with 18,000 m² of take-up following a recordbreaking 2018. A pipeline of 172,000 m² of committed space should help to make up this early deficit, assuming the projects stick to their schedules. The BFI and Services sectors were by far the most active, though no large deals were concluded. Low take-up and no new development completions in Q1 resulted in a slight drop in vacancy to a very low 3.7%. The Deloitte HQ acquisition drove CRE investment this quarter up to €273 million.