ON POINT: Luxembourg City Profile Q2 2009. Jones Lang Lasalle

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ON POINT: Luxembourg City Profile Q2 2009

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After a very slow first quarter, take up picked up again in the second quarter and reached 28.000m². The total take-up in the first half of 2009 now stands at 45,000m² in some 61 deals. Although it is far below the five year average to the first six months of 70.000m² it nevertheless shows that the period with zero activity is behind us.
A high speculative completion level and weak demand pushed vacancy up to 3.6%, still the lowest in Europe. Vacancy is expected to increase further during H2 2009, before stabilizing by end 2010.
Prime rents have been kept stable at €38/m²/month over Q2 2009. No downward pressure on prime rent is expected in the short term.
The total investment volume in H1 2009 amounted €195 M in Luxembourg, which is in line with 2008.
Luxembourg prime office yield (6/9 yr leases) has remained stable over the quarter at 6.00%.