Research
Luxembourg Office Market Dynamics, Q1 2025
Summary and analysis of Luxembourg's current office real estate market conditions.
April 16, 2025
Contributors:
- Pierre-Paul Verelst
- Emna Rekik
- Vincent Van Brée
- Alexandre De Wagheneire
The beginning of the year 2025 is encouraging with a solid growth of take-up thanks to prelets. However, economic uncertainties due to US tariffs are likely to impact demand for offices.
Vacancy eased a bit further in the absence of major speculative deliveries, although it is clear it will increase in the medium term.
Prime rents ended unchanged in most districts. 2025 is expected to be characterised by rising rents across all districts due to persistently high construction costs and more dynamic occupier activity.
