JLL Luxembourg Office Market: Half Yearly Research Report - H1 2021

A record semester due to exceptional transactions: 271,494 sq.m. recorded (+136% y-o-y). Pre-letting and pre-sales transactions give a boost to the market.
Occupier activity is progressively recovering, even if the number of transactions remains below the 5-y average.
Immediate vacancy is down again to 3.7% vs. 4% at the end of 2020.
Rents have increased in the districts of the Center during the first semester. In the CBD for example, they shifted from €51 to €52 / sq.m. / month (excl. VAT).
Investment activity returned a volume of €664 Mln, down 24% y-o-y. Investors’ focus on core transactions dragged prime yields lower to 3.5% vs. 3.75% in Q1.
Investor’s confidence in Luxembourg’s market still strong, witnessed by a solid growth of value-add transactions.

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