Luxembourg Office Market Report 2023
Another difficult year before the recovery ?
January 29, 2024
- Pierre-Paul Verelst
- Emna Rekik
- Vincent Van Brée
- Valina Sempot - vsmc bv/srl
- A difficult year in Luxembourg characterized by a drop in occupier demand, rising vacancy and rental growth in several districts.
- Market fundamentals deteriorated somewhat while remaining comparatively strong looking at the structurally low vacancy and rental evolution.
- More robust demand for offices is anticipated in 2024, among others with the completion of delayed deals.
- However, vacancy should continue to increase due to speculative deliveries leading to a moderate rental growth.