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Office take-up was down in 2022 by 44% year-over-year to 207,000 m². The large deals that typically drive the market failed to materialise during the year from disruptions and retooling of occupier strategies. That said, the breadth and diversity of deals was on trend with recent years, with the lack of available space a persistent obstacle. Demand for quality office space is certainly present in the Duchy's growing market, though 2023 may well be another challenging year given these and macro constraints. Those who can kick the can down the road may opt to do so.

Luxembourg office take-up by quarter

Office graph