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Luxembourg Office MarketView Q2 2023

Luxembourg State leads the occupier market in an otherwise quiet Q2

August 22, 2023 6 Minute Read

Lux Office MV_Open Graph Pic Section

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  • Office take-up slowed significantly through the quarter to 25,471 m².
  • Vacancy remains very limited to a tight 3.5%, which is restricting occupier movements and keeping office take-up low.
  • New completions totalled 42,200 m2, all of which was committed prior to completion.
  • Luxembourg prime rent holds at 54 €/m2/mo (excl VAT) prime rent set in 2022.
  • Investment was very limited in the second quarter, as rising interest rates are putting upward pressure on investment yields.