ON POINT: Luxembourg City Profile Q3 2009. Jones Lang Lasalle

Luxembourg

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ON POINT: Luxembourg City Profile Q3 2009

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After the first three quarters in 2009, office take up in Luxembourg reached 63,000m² in some 95 deals, down 57% year-on-year.
Low take-up and a high amount of speculative completions have made vacancy rate increase to 4.0% but remains the lowest in Europe.
A high level of speculative completions will continue to put an upward pressure on vacancy throughout 2010.
The prime rent remained stable at €38/m²/month over the quarter. There is downward pressure on rents.
€ 352 million has been invested in the Luxembourg commercial real estate market during the first 9 months of 2009, driven by acquisitions for own occupation. Despite the substantial drop of investment volumes compared to the booming years of 2006 and 2007 the market is ahead of expectations and 20% up on the same period last year.