A record Q4 driven by large pre-lets sent annual take-up soaring 30% higher than the previous year. The EU and Luxembourg State closed substantial pre-lets in Kirchberg and Station good for a combined 117,300 m2. Vacancy increased slightly to a still very low 3.5%. Prime rents are stable, though select markets have seen increases this year, including Kirchberg (42 €/m2/mo) and Cloche d’Or (35 €/m2/mo). Development completions were down in 2020, but should pick up considerably in 2021. Investment was stronger in Q4, with the annual figure totaling €1.6 billion and prime yields compressing to 3.4% for the best assets.