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Luxembourg MarketBeat

Sébastien Bequet • 08/02/2023

Cushman & Wakefield MarketBeat reports analyse quarterly Luxembourg commercial property activity across office and retail real estate sectors including supply, demand and pricing trends at the market and submarket levels.


After two years of ups and downs, marked by the COVID-19 pandemic in 2020 and booming economic activity following the post-crisis rebound in 2021, one might have expected somewhat 2022 to be a regular year. 2022 was an unusual year from every point of view yet.



In Q4, 36,000 sq m of take-up has been recorded, which brings the total in 2022 to 207,000 sq m. Office demand in Luxembourg has been significantly lower to its annual average levels with a decrease of 28% compared to five-years average of take-up recorded.


More than EUR 110 million was invested in the Luxembourg office market in the fourth quarter of 2022, bringing the total volume spent for the year to roughly EUR 750 million, a first since 2013, when less than EUR 1 billion was invested yearly.


Rising rates have pushed up property yields, causing values to decline. Despite the rise in prime office yields, the spread with bond yields remains historically low, indicating further potential declines in property values.

Download our Office market report below




More than 40,000 sq m of take-up were recorded on the Luxembourg retail market in Q4, the best quarter since 2019 and the opening of the Auchan Cloche d’Or, despite challenging context.


No investment transaction was recorded on the Luxembourg retail market during the second part of the year.


To counter inflation in the Eurozone, the European Central Bank has delivered two consecutive rate hikes, totalling 125 bps. A new 50bps increase has been decided begin February and further one is scheduled for March. The pressure on European property values is evident.

Download our Retail market report below

Current Marketbeats

Karlin, Prague, Czech Republic
Luxembourg Office Data

Office Marketbeat is a summary of the Luxembourg office property sector providing comment on recent trends as well as market data and analysis.

Office Marketbeat Q4 2022

Shopping Infinity Luxembourg
Luxembourg Retail Data

Retail Marketbeat is a summary of the Luxembourg retail property sector providing comment on recent trends as well as market data and analysis.

Retail Marketbeat Q4 2022


Looking for more historic or specific property market data? Get in touch.

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