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Luxembourg – Spring 2012

Professional Real estate

EX C

Summary

LU

SI

Independent Building p.1 CBD Editorial

p.2

Our current offers

p.3-9

Key figures

p.10-11

brought to you by

VI

TY

Our special feature:

Focus on DEILMANN’S p.12-13 Building

Contact Us REALCORP Luxembourg 22, Avenue Monterey, L-2163 Luxembourg Tel: +352 26 27 29 www.realcorp.lu

p.1


Luxembourg – Spring 2012

Editorial How is 2012 treating you so far? As noted in our Winter Newsletter, the last quarter of 2011 produced relatively good results for Luxembourg commercial real estate, considering the uncertain European and global financial context, and we entered the year with confidence and renewed energy due to the expansion of our team and our services. We are glad to say now that our hope has so far been justified. Alain Dehem, our new Head of Project Management Services, has been busy analysing various development projects on behalf of investors. Our expanded agency team has also been active, letting to diverse companies, including Apex Funds and VW International, and overall producing higher figures than in the same quarter last year. As usual at this time of the year, we report on MIPIM, one of the major events of the real estate calendar. We recently published on our blog two interviews that we commissioned with key players who attended, Dirk Ruppert of Pramerica and Alex De Witte of Pylos. Their views correspond in several respects: the financial crisis continues to make financing difficult, however not all countries are equally affected; Luxembourg had a strong presence at the show and, despite its small size, is attracting positive interest from investors; and they both are confident that real estate expertise is still in demand. To read the full articles, please visit http://realcorp.lu/blog/ and feel free to tell us whether you agree or disagree in Comments below each post.

designed by wellknown German architect Harald Deilman, which offers 2116sqm of office space, along with terraces, balconies, archives and parking spaces. This and the Current Offers highlighted on pp 3-9 are only a sample from our full database. If your needs differ from these, we may have a solution beyond these pages, so please let us know. You may reply to this email, or bookmark the Contact page of our site for later use, after considering our more extensive Property offerings online. If you need specific expertise other than letting or sales, such as Asset Management, Valuation and Advisory or Project Management, you may wish to browse our full list of Services and contact directly the team member responsible, whose contact details are listed under each Service. In RealCorp’s view, there is expertise and expertise: there are those who excel at doing things the time-tested, traditional way that has usually worked in the past, and there are some who have the mental agility to apply their years of training and experience in creative ways to produce good results even in a challenging context. We are privileged to have some such minds at RealCorp and we seek opportunities to apply their skills in creating investment and property solutions which others may have failed to see.

In our experience, the Luxembourg market is active, although there has been the usual dip in figures for Q1. See our Key Figures Analysis for Q1 2012 (p10) for graphs, summaries and examples of Take-up, Vacancy and Rent compared with relevant periods in 2011.

If you are struggling in the current climate to sell or to let real estate, or to find a suitable property to let or to buy within your budget, or you have a project management challenge, or a requirement for creative financing, please get in touch and put us to the test!

This newsletter’s featured property (pp11-13) is an attractive independent building in the CBD,

Michael Chidiac Managing Director

Non- contractual document

22, Avenue Monterey, L-2163 Luxembourg, Tel: +352 26 27 29

www.rea lcorp .lu p.2


Luxembourg – Spring 2012

Current Offers To let Type: Office Area: 1072 sqm Div.: 176 sqm Availability: Immediate In a green setting, close to motorways and train station, these buildings offer several floors for office use, some with terrace.

Central Business District

ref.: 204504

For sale

To let

Type: Office Area: 888 sqm Div.: 400 sqm Availability: End 2012

Type: Office Area: 368 sqm Div.: N/A Availability: Q3 2012

This Green building, LEED certified, is located at the border of Luxembourg and Bertrange. The high-standard offices can be easily partitioned.

New building, well-located, very high quality fittings, BREEAM certification, flexible floor planning, parking

ref.: 207581

ref.: 203490

O Un pp iq or ue un ity

To let Type: Office Area: 2059 sqm Div.: 396 sqm Availability: Immediate High-standard building, located on Bd. Royal. The premises are fully air-conditioned and benefit from good lighting and flexible floor. ref.: 200981

To let

To let Type: Office Area: 3145 sqm Div.: 58 sqm Availability: Immediate

Type: Retail Area: 450 sqm Div.:N/A Availability: Immediate

Totally refurbished building with luminous office spaces. The areas are well oganised and offer many possibilities of partitioning.

Totally-refurbished Period Property, offering a great view on the Place Guillaume. The spaces are majestic, full of natural light, with a great ceiling height. Rare opportunity!

ref.: 204057

ref.: 203216

Non-contractual document

22, Avenue Monterey, L-2163 Luxembourg, Tel: +352 26 27 29

www.rea lcorp .lu p.3


Luxembourg – Spring 2012

Current Offers N

To let

EW

Type: Office Area: 275 sqm Div.: N/A Availability: Immediate Prestigious period office building, close to all amenities, spread over two well-lit levels with high ceilings. Its major asset: a garden of 90m ². ref.: 295372

Bourbon / Station

To let

To let

Type: Office Area: 748 sqm Div.: 145 sqm Availability: Contact us

Type: Office Area: 300 sqm Div.: 150 sqm Availability: Contact us

Ideally located in the Bourbon area, this office building has good standards, and has been entirely refurbished.

Very good location, close to the train station, 2 separate entrances, open space air-conditioned, to be partitioned, kitchenette. Parking available.

ref.: 201127

ref.: 295372

N

To let

EW

Type: Office Area: 1 158 sqm Div.: 259 sqm Availability: Immediate Recent building close to amenities. The 2nd and 3rd floor (each 579m²) are both easy to split and partition. Parking and archive available. ref.: 207633

To let

N

EW

Type: Retail Area: 370 sqm Div.: 52 sqm Availability: Contact us

4 small retail and restaurant spaces that can be easily combined in to 1. Parking available.

To let Type: Office Area: 1275 sqm Div.: N/A Availability: Immediate Within a calm street but easily accessible from the station, this period property was totally refurbished in 2005. The available space has high ceilings and parquet. Many parking spaces in the courtyard.

ref.: 221686

ref.: 290865

Non-contractual document

22, Avenue Monterey, L-2163 Luxembourg, Tel: +352 26 27 29

www.rea lcorp .lu p.4


Luxembourg – Spring 2012

Current Offers La a vast fl To let ila oo Type: Office bl rs Area: 1549 sqm e

N

EW

Gasperich / Howald / Leudelange

Div.: 203 sqm Availability: Immediate

New buildings, generous parking allowance, high quality standards, reduced running costs, BREEAM certified. ref.: 205508

To let

To let

Type: Office Area: 610 sqm Div.: N/A Availability: Immediate

Type: Office Area: 554 sqm Div.: N/A Availability: Immediate

This 4-storey building offers bright office spaces with an impressive inner courtyard. A very quiet location close to all amenities.

Recent environmental building, in a calm neighbourhood which makes it a great place to work in. Parking in the courtyard. Close to motorways.

ref.: 288666

ref.: 208267

At

tr Re act nt ive

To let Type: Office Area: 3280 sqm Div.: 1400 sqm Availability: Immediate “This brand new environmental building is located in the commercial and administrative area of Leudelange. The spaces are fully air-conditioned and easy to partition.” ref.: 297284

To let

To let

N

EW

Type: Office Area: 324 sqm Div.: N/A Availability: Immediate

This high standard office building is very well located, and easily partitioned spaces, with possibility to split as of 10sqm.

Type: Office Area: 2549 sqm Div.: 233 sqm Availability: May 2012 Bright and functional office space, divisible from 233sqm, in a modern building of industrial design.

ref.: 288982

ref.: 205166

Non-contractual document

22, Avenue Monterey, L-2163 Luxembourg, Tel: +352 26 27 29

www.rea lcorp .lu p.5


Luxembourg – Spring 2012

Current Offers N

To let

EW

Type: Office Area: 461 sqm Div.: 83 sqm Availability: Immediate Bright offices, well finished and partitioned, in a building well situated on the Kirchberg plateau. ref.: 217233

Airport / Kirchberg

To let

To let

Type: Office Area: 489 sqm Div.: N/A Availability: Immediate

EW

Type: Office Area: 2000 sqm Div.: 420 sqm Availability: Contact us

Modern building located in the heart of the business district of Kirchberg, near public transports and shops. Office spaces are of good quality and offer standard services.

Near to Auchan mall, this refurbished building has easyto-fit and air-conditioned spaces. Excellent parking ratio. ref.: 294681

ref.: 208265

To let

N

N

EW

Type: Office Area: 851 sqm Div.: 62 sqm Availability: Immediate Brand new high standard building close to Airport and its amenities. The lettable areas are full of natural light and can be easily partitioned.

ref.: 217333

To let Type: Office Area: 6700 sqm Div.: 229 sqm Availability: Immediate Office floors spread over 3 buildings, with good quality services. Ample parking spaces available in the basement.

To let Type: Office Area: 2502 sqm Div.: 355 sqm Availability: Immediate Recent and modern building close to Luxembourg Airport (Findel) and its amenities. The high standard surfaces are delivered totally furbished. A canteenand fitness center are at the disposal of in-house employees.

ref.: 203043 / 274533 / 203690

ref.: 280965

Non-contractual document

22, Avenue Monterey, L-2163 Luxembourg, Tel: +352 26 27 29

www.rea lcorp .lu p.6


Luxembourg – Spring 2012

Current Offers To let

N

EW

Strassen / Capellen / Windhof

Type: Office Area: 834 sqm Div.: 337 sqm Availability: Immediate This 2010 building, located in Capellen presents bright office spaces which are easily divisible. The premises will be let entirely partitioned (glass) and cabled (Cat. 7)

ref.: 279629

To let

To let

Type: Office Area: 2637 sqm Div.: 400 sqm Availability: Immediate

Type: Office Area: 7754 sqm Div.: 255 sqm Availability: Immediate

This HQE certified building is an ideal place to work in. Located on Route d’Arlon, just minutes from downtown Luxembourg, Serenity is spread of four buildings of 2600sqm, each connected by one or more bridges. HQE environmental certification ensures relatively low cost of common expenses.

The West Side Village is spread over 6 buildings and set in a quiet, green surroundings. It offers a safe and pleasant working environment.

ref.: 204944

ref.: 288215 / 288216 / 288219

To let Type: Office Area: 898 sqm Div.: 207 sqm Availability: Immediate A 3-storey building in Bourmicht area. We offer office space on the ground floor conveniently arranged with large open space, two partitioned offices, kitchenette, outdoor parking.

ref.: 220008

To let

To let Type: Office Area: 828 sqm Div.: 265 sqm Availability: Immediate 2 office floors ideally fitted out and partitioned. The spaces are full of natural light and air conditioned. Archive and parking available.

Type: Office Area: 5863 sqm Div.: 172 sqm Availability: Q3 2012 The SolarWind building is focused on ecology and is the first triple-certified project in the world! It spreads over 10,000sqm and offers wide and luminous offices.

ref.: 292283

ref.: 207027

Non-contractual document

22, Avenue Monterey, L-2163 Luxembourg, Tel: +352 26 27 29

www.rea lcorp .lu p.7


Luxembourg – Spring 2012

Bertrange

Current Offers

Atrium Business Park Atrium Business Park is the first business centre in Luxembourg combining office space, shops and areas for social gatherTo let ings. Type: Office Area: 20 502 sqm It offers three catering facilities, a fitness Div.: 284asqm centre, day care centre for children and Availability: Immediate building management.

To let Excio: from 558 m2  to 2,266 sqm   Extimus: from  284 m2 to 6,044 sqm Vitrum: from 620 m2 to 13,326 sqm

In the Bourmicht area, 3 buildings designed to high standards with good modulation, great parking ratio and Its original and well-designed concept atuseful services for its tenants (creche, restaurants…) tracts tenants with such well-known names

as Citi, Bâloise Assurances, Dexia, Sodexo and AG2R La Mondiale.

ref.: 279649 - 279623 - 278967

ref.: 207027 ref.: 279649 - 279623 - 278967

Non-contractual document

22, Avenue Monterey, L-2163 Luxembourg, Tel: +352 26 27 29

www.rea lcorp .lu p.8


Luxembourg – Spring 2012

Current Offers To let Type: Office Area: 1697 sqm Div.: 237 sqm Availability: Immediate Recent building close to the A3 motorways to France. The premises are spread over 7 floors very bright and well soundproofed. Generous parking allowance.

ref.: 221809

Warehouse / Other

To let

To let

Type: Office Area: 245 sqm Div.: N/A Availability: Immediate

Type: Office Area: 1014 sqm Div.: 411 sqm Availability: Immediate

Ideally located between the CBD and the Airport, this building of recent construction presents well-arranged office space which is easily divisible. Archives and parking available.

Comfortable and secure building ideally located in a green environment close to Kirchberg and Airport;easily accessible by public transport.

ref.: 205218

ref.: 278100

To let

To let

Type: Office & Industrial Area: 6500 sqm Div.: 1000 sqm Availability: Immediate

Type: Office & Warehouse Area: 2206 sqm Div.: 112 sqm Availability: Contact us

In Sandweiler and Mensdorf, easily accessible from the airport and motorways, warehouse fully adjustable and available at a very attractive rent.

Within the industrial zone of Livange, close the A3 motorway, several office and warehouse spaces available, in a good state of use. Numerous external parking spaces.

ref.: 205830/206988

ref.: 287704

Non-contractual document

22, Avenue Monterey, L-2163 Luxembourg, Tel: +352 26 27 29

www.rea lcorp .lu p.9


Luxembourg – Spring 2012

Key Figures Take-up Q1 2012 / Transactions per activity / Transactions per area • Q1 2012 Take-up (24866sqm) was similar to that of Q1 2011 (25876sqm, although the number of transactions differed (54 in 2012 compared with 34 in 2011).This Take-up is significantly lower than that of Q4 2011, due to the normal pattern of tenants taking decisions in Q1 or Q3 that are acted on in the following quarter. • There was a slight drop in the percentage of “direct” transactions (Landlord to Tenant transactions). In Q1 2012, 12 transactions formed 22% of Take-up, whereas, in Q1 2011, 12 operations contributed 35% of Take-up. In total in 2011, 76 direct transactions constituted 30% of the total Take-up) Evolution Q1 Take - up since 2009 30000 25000 20000 15000 10000 5000 0

2009

2010

2011

2012

• The most dynamic companies on the real estate market are still the Financial sector ones (32%), followed by Services to Companies (30%) and to Consumers (11%). Public Buildings and Works (BTP) (9.3%) and Communications (7%) are also active. Transaction per activity COM TRS INS IND

Transaction per sector

FASHION

LIVANGE

MUNSBACH

CAPELLEN

KIRCHBERG

OTHERS

LIMPERTSBERG STRASSEN AIRPORT

IT & TELECOM BFI

BEAUTY & HEALTH

OTHER CBD LEUDELANGE

BTP STATION

SRV for IND SRV for CIE ESCH WINDHOF

HOWALD

• For Q1 2012—and this is unusual enough to be highlighted—the most dynamic areas are in the close periphery of Luxembourg, but exclude the CBD. Locations like Kirchberg registered no transactions this quarter.

Non-contractual document

22, Avenue Monterey, L-2163 Luxembourg, Tel: +352 26 27 29

www.rea lcorp .lu p.10


Luxembourg – Spring 2012

Key Figures Vacancy rate

Vacancy rate

The vacancy rate in Q1 of this year increased slightly to 6.9%, for two reasons:

14% 12% 10% 8%

• There was only one building delivery (Elise 6500sqm in Leudelange) • Second hand office stock volume rose, notably due to some companies moving for more space, usually to new buildings.

6% 4% 2% 0%

1

2

3

4

2009

5

6

7

2010

8

9

10

11

12

2011

13

2012

Rent per sector The average rent decreased by 2€ (now 25.81€/sqm). This is because the biggest transactions registered were made in buildings located in the close periphery of Luxembourg City where the rents are lower: • SEB took 500sqm more in Hesperange (they had initially taken 3464sqm in the same building in the last quarter) • Bonn Schmitt and Partners took 2614sqm in Hesperange as well • Cetrel took 1500sqm in Leudelange

G

D

ER

B K

IR

C

H

B

C

PE R

T

T LI M

ER

O

PO

R

H IC A

G

A

SP ER

SS EN

A EL D U

LE

A

E G N

C A SB N U

M

ST R

H

E R A G

EN PE A

ER B

C

TR

A

N

LL

G E

LD W A O H

H

A

M

M

N TE R O N C

44 40 36 32 28 24 20 16 12

The CBD remains an attractive area, even though the rents are the highest (30€/sqm for modern buildings and40€ for brand new ones). • Baker and Mc Kenzie took 1828sqm in Boulevard Roosevelt. • Rapego took 2200sqm in the Stargate building.

Non-contractual document

22, Avenue Monterey, L-2163 Luxembourg, Tel: +352 26 27 29

www.rea lcorp .lu p.11


Luxembourg – Spring 2012

Feature AV AI

LA

BL

E

RealCorp is pleased to offer to let this attractive CBD office building.

32-34 Boulevard Grande Duchesse Charlotte This independent building has original architecture typical of German architect Harald Deilmann work. Deilmann is known for his work on public buildings, including opera houses and museums. The property makes a refreshing modern statement in the surrounding cityscape. Each floor has a different configuration, with convenient options for various office arrangements, as in the layout for the first floor in the example below. Terraces on the second floor, and balconies all around the building on every floor, offer opportunities for fresh air and views for all occupants. The lower levels present several areas for Archives and undercover parking. The building has two external visitors’ car parking spaces.

The Location The building is conveniently located in the heart of the Luxembourg CBD, close to the Embassies area and in the vicinity of such major companies as Edmond de Rothschild Private Bank, Thomson Reuters, Orangefield Trust and Kramer Clifford Chance. Parking is available at the building for staff and visitors. It is 2.5km from the motorways and 16km from the Airport. The building can also be reached by public transport. It is approximately150m from the Wampach bus stop (bus line 15) and 1km from the train station. Non-contractual document

22, Avenue Monterey, L-2163 Luxembourg, Tel: +352 26 27 29

www.rea lcorp .lu p.12


Luxembourg – Spring 2012

Feature Floor

Type

Sqm

3

Offices

223

2

Offices

324

1

Offices

455.22

Ground

Offices

525

-1

Offices

589.6

-1

Archives

118.2

-2

Parking

16 spaces

-2

Archives

144.9

-3

Parking

14 spaces

-3

Archives

143.5

Exterior

Parking

2 spaces

Total

2523

Technical Specifications • Elevators • Air conditioning • Double glazing • Opening windows • Existing wiring • Reception in the lobby of the building • Floor boxes • False ceiling • Visitor parking outside the building • Uninterrupted Power Supply provided by No Break diesel

Have a project, need advice or simply wish to visit ? Contact us

Tehdi-Edouard Babigeon

Jennifer Venne

Aurélie Vanaudenhoven

Head of letting & sales

Agency & research

Account manager

tebabigeon@realcorp.lu tel: +352 26 27 29 22 (Direct)

jvenne@realcorp.lu Tel: +352 26 27 29 34 (Direct)

avanaudenhoven@realcorp.lu Tel: +352 26 27 29 24 (Direct)

Non-contractual document

22, Avenue Monterey, L-2163 Luxembourg, Tel: +352 26 27 29

www.rea lcorp .lu p.13

RealNews Spring 2012  

Review of Luxembourg Commercial Real Estate in Q1 2012, with a wide selection of current offers for sale or to rent.

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