The Luxembourg office market continues to perform despite the challenges presented by the pandemic. Q1 occupier activity was impressive, with pre-lets driving activity in a market with very little available space. A diverse mix of occupiers closed five deals greater than 10,000 m² each. Vacancy remains a very low 3.5%, and prime rents are stable. The new KAD2 European building boosted development for the quarter, while the remaining pipeline counts 88,000 m² of availabilities. Q1 investment was modest at €228.5 million. Transactions will pick up later in the
year supported by inflation fears.