JLL’s latest European Office Property Clock shows solid occupier demand in Q2 2019
Despite the clouds on the horizon, fundamentals stayed positive in Luxembourg during the first half of 2019. The stable political situation and the government proximity to economic actors helped Luxembourg maintain a favorable business environment.
The property markets in Luxembourg have reiterated an excellent annual performance in 2018
Take-up levels in the office market remain very sound and another good year is in the marking. The take-up volume in the first 9 months of 2018 amounted to 160,000 sp.m.
Take-up in 2017 came in at 210,500 sq.m., exceeding 200,000 sq.m. for the third consecutive year. On a yearly basis, it is down 3.4%. No material impact from Brexit so far, but financial institutions and business services are active on the demand side.
Take-up down 38% y-o-y to 47,224 sq.m., but the number of deal increased by 10% to 80.
Take-up in Q3 declined by 44% to 26,027 sq.m. In the nine months period it is however up 2% to 172,000 sq.m
Office take-up in H1 2017 increased by 20% y-o-y to 147,000 sq.m. Luxembourg administrations are very active on the demand-side.
Sharp start of take-up in Q1 2017 : 77,000 sq.m. transacted, the best Q1 of the decade. Three deals above 10,000 sq.m. have been recorded this year so far.