Luxembourg Office Market Report
H1 2023

Slowing occupier activity

August 10, 2023
  • Pierre-Paul Verelst
  • Emna Rekik
  • Vincent Van Brée
  • In absence of major prelet, occupier activity is way below normal levels at a shy 74,375 sq.m. over the first semester, ie 36% below a year ago.

  • Vacancy increased a bit to 3.7% vs. 3.5% previously. No change of prime rents at €53 / sq.m. / month, applicable in the surroundings of the Boulevard Royal.

  • Investment activity at its lowest  for a decade, no representative transaction recorded this year to date. Prime office yields estimated at 4.25% ie 100-125 bps above a year ago.

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