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Luxembourg office market: Record high owner occupier deals in 2016

  • ​Take-up over the full year once again exceeded 200,000 sq.m. at 218,000 sq.m., thanks to an exceptionally high number of owner occupier deals.   
  • Vacancy rate was roughly unchanged at 5.3%, vs. 5.4% in Q3 2016, but increase vs. 4.2% in 2015. 
  • Prime rents stabilised at €45 / sq. m. / month (+ vat), unchanged on a quarterly and yearly basis, and may increase in 2017. 
  • Investment volume in 2016 exceeded €1 billion, making the year the best since 2007 thanks to large transactions, primarily offices. 
  • Prime yields compressed by an additional 25bps to 4.50%, in our view there is potential for further compression in H1 2017.

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