Luxembourg Office Market Report 2023

Another difficult year before the recovery ?

January 30, 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.

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