The Luxembourg Office Market | Q4 2022
A transition year for the Luxembourg office market
Press Release available in French
Press Release available in French
- A significant decline of occupier take-up in 2022 due to quasi absence of transactions above 10,000 sq.m. and the subdued economic context. 2023 seen returning a better level of occupier demand.
- Vacancy did not change compared to 2021 at 3.5% and remains the lowest in Europe.
- Rents increased in several districts such as CBD, Kirchberg, Cloche d’Or and City Belt compared to 2021.
- An unusually poor investment activity. ESG-compliant assets and value-add lead the market.
- Yield shift recorded across all asset classes, in line with sharply rising financing costs amid ECB and Fed multiple rate hikes.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.