At the dawn of the massive return to in-person work of cross-border workers, employees of several Luxembourgish financial sector companies express concerns about a lack of space in offices, some of which have been reduced during the health crisis.
The years go by and look alike in the real estate market. 2021 was a new record year in terms of transactions for office real estate. As for retail, the market, which has benefited from the e-commerce boom due to the pandemic, is showing a "bipolar" trend, according to experts. In a residential market characterized by insufficient supply, the apartment segment was the big winner. The rise in the price of new housing is driving demand for existing apartments. And the issue of affordable housing in the country remains...
(Boursier.com) -- Orco Property Group progresse de 3,6% à 2,56 euros en matinée sur la place parisienne, après la publication de ses comptes intermédiaires. Le groupe immobilier a fait état d'un actif net réévalué EPRA triple net de 3,56 euros par action au 30 juin, contre 4,01 euros six mois plus tôt. Sur le semestre, le chiffre d'affaires a progressé de 15% à 71,35 millions d'euros, tandis que le résultat opérationnel est repassé dans le vert à hauteur de 11,23 millions d'euros, après une perte (retraitée) de -9,08 millions d'euros un an avant. Le coût des intérêts a été divisé de moitié et le bénéfice net part du groupe atteint 7 millions d'euros, contre une perte de -9,04 millions d'euros précédemment. Orco précise que son EBITDA ajusté a atteint 16,6 millions d'euros contre 19,4 millions d'euros précédemment, du fait d'un contexte plus difficile pour le segment "Property Investments".
Q1 & Q2 have been marked by a sharp decline in the vacancy rate for Luxembourg real estate.
Appointed in June to head the Office Agency department of Property Partners, Julien Pillot has commented on major points of activity in the second quarter of 2013 for real estate offices in Luxembourg.
The vacancy rate continues to decline, falling to 5.5% in June against 5.54% at the end of March. This phenomenon is primarily motivated by a take-up that remains strong while few new areas become available. The total for rent in the second quarter totaled 38,884 m2, across 47 transactions, including three major ones. The Translation Centre (CDT) of the European Union has leased 5,130 m2 at the Cloche d'Or, in the E wing of the Drosbach building, a transaction carried out by Property Partners. Credit Suisse has chosen 5,072 m2 of office space in the IIK building in Kirchberg. Finally, a service of the state has leased a building of 4,417 m2 on the route d'Arlon, a transaction also achieved through Property Partners.
The average size of operations for the quarter amounted to 827 m2, knowing that 73% of the transactions referenced are still below the average. Property Partners has made 39% of operations in terms of m2, and 26% considering the number of transactions.
Property Partners announced, several months ago, the possibility of upward pressure on rents in the neighbourhoods of Luxembourg city centre, the train station and Kirchberg. This held true for the city centre, where the prime rent has now exceeded €40 htva per m2 per month. Regarding investment, the returns are stable: 5.25% in the city and 6.85% in the periphery. This difference is mainly explained by the relationship between supply and demand. The latter is higher for properties located in the municipality of Luxembourg (whether to buy or lease); the highest yields in the periphery reflect the greater risk that investors are moving towards the periphery. The volume of investment transactions for the first half amounted to nearly €300 million.
Outlook: Few new deliveries will take place by the end of the year. Nevertheless, the City Link building, 3,457 m2 on the Boulevard de la Foire, and the F6 building (Airport - Findel Golf Office Park) with some 14,000 m2. As regards the Grand Duchy's economy, recent figures show that the country continues to show a greater economic stability. The financial market, a central pillar of the Luxembourg activity is resisting: assets under management are constantly increasing and debit funds are not faltering. Finally, three new banks are about to set up in Luxembourg.
Photo by Property Partners: Julien Pillot, Head of Office Agency, Property Partners
Alceda has applied for a licence as an Alternative Investment Fund Manager (AIFM) with Alceda Asset Management GmbH in Germany and Alceda Fund Management SA in Luxembourg.
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