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Luxembourg Office MarketView Q3 2023

Office vacancy falls to new lows despite limited take-up activity

November 9, 2023 6 Minute Read

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  • Office take-up slowed again through the quarter to just 12,077 m²
  • Vacancy remains very limited to a tight 3.2%, which is restricting occupier movements and keeping office take-up low
  • New completions totalled 21,074 m², of which 75% is committed
  • Luxembourg prime rent holds at 54 €/m²/mo (excl VAT), though the Airport market ticked upwards
  • Investment was again very limited this quarter, as investment yields rise further