Luxembourg Office MarketView Q4 2023

Corporates get creative to secure top space in quality projects in Q4

February 5, 2024 6 Minute Read


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  • New office lettings and sales shot up in Q4 thanks to two mega deals from KPMG and the EU
    Parliament in an otherwise difficult year.
  • Vacancy remains very limited to a tight 3.1%, which is hindering further movement in the office market.
  • New completions totalled 56,000 m2 in the final quarter, of which 75% was committed.
  • Luxembourg prime rent holds at 54 €/m2/mo (excl VAT), though upward pressure remains in soughtafter
    markets with low availabilities.
  • The acquisition of Kronos in Kirchberg boosted investment figures to €595 million for the year, with
    market stabilization a precursor to more foreign institutional activity in 2024.