Luxembourg’s office occupier market continues to shrug off pandemic concerns with a strong Q3 in terms of take-up. The Luxembourg State was particularly active, closing deals across the country and absorbing some of the largest remaining availabilities. As a result, vacancy declined slightly to a very low 3.2%. Upward pressure on prime rent is seen in select markets, with Kirchberg now at 42 €/m²/mo. Development completions are expected to pick up in Q4 after 3,000 m² were completed this quarter. Investment was modest in Q3, with the YTD figure now over €1.1 billion, though this is largely from a lack of available assets.