Property Times

Luxembourg : 2013 better than 2012 - Q4 2013

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The Luxembourg economy has witnessed positive signs of recovery during the second part of 2013. GDP growth is far higher than the European one, the unemployment rate is slowly decreasing (though remaining around 7%). Economic outlook is positive; the European economy should recover from 2014 as the macroeconomic indicators show positive evolution. This should benefit to Luxembourg with positive impact on the employment.

Q4 has recorded an increase of the take-up level to reach 47,000 sq m. This brings the total of the year to 147.000 sq m, a slight increase compared to the level achieved in 2012.

No changes are to mention regarding the prime rents, still at EUR 40/sq m/month recorded in the CBD. Prime rents should nevertheless increase in 2014 as the vacancy rate is at a very low level; few speculative new supply is expected and the competition for the best location is still observed on the Luxembourg market.

The vacancy rate has decreased all over 2013 to stand around 5% at the end of the year. 2014 should witness further contraction of this rate as few speculative projects are currently in the pipeline. Nevertheless, attention must be paid on the likely negative impacts of the relocation process of companies such as KPMG, Ernst&Young or Arendt&Medernach. They will empty ageing office spaces during the year and could contribute to an increase of the vacancy rate at the end of 2014.

Source : DTZ (Groupe UGL)

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Mots-clés : DTZ