During the fourth quarter of 2015, Cushman & Wakefield was mandated for the letting of Primeurs 5 at Strassen. Dating from 2008, this office building which was home to KPMG in the past, has been entirely renovated (the entrance hall reception is in the course of being finished) by its owner. It is currently mostly occupied by a well-known tenant and by new tenants: Fage International and the Monetize Angel company, for example, have just arrived.
While Primeurs 5 is 90% let, there nevertheless remains some 1,300 sq m looking for new occupants. Strassen has a substantial vacancy rate of 21.7% (which is high compared to the country level of around 5%). But well-known occupants have not hesitated to locate here, such as DZ Bank, HRT and Telindus. “This is not surprising, because Strassen offers many advantages”, emphasises Nadia Djenadi, Senior Office Negotiator at Cushman & Wakefield Luxembourg. “First of all comes mobility, which makes the location very attractive for the Belgians and the French because it is so close to their borders. This is very practical in terms of avoiding the traffic during the rush hour while still being close to the CBD and the motorway routes. Another positive point for Primeurs 5 is that the areas are flexible for individual offices, which makes it attractive for the renting of small surface areas. And we should also mention the excellent parking ratio, with one space per 23 sq m of office space rented. And finally, the building has many interesting service buildings all around. These include in particular Creos - the gas and electricity network operator of the Grand Duchy – CSSF and CHL”.
The offices to be found at Strassen are especially attractive: “Compared to the CBD where the supply is more restricted, there is a good choice of quality offices in Strassen, which therefore represents a first class alternative”, details Nadia Djenadi. Where services are concerned, the site also provides a good offering of restaurants, hotels, sports and leisure, shopping centres (Pall Center, Belle Etoile), Delhaize, Deli Traiteur and soon Lidl along with crèches. And all of this barely ten minutes from the centre of Luxembourg. “A location which quite clearly offers many advantages to residents and to their personnel”, insists Nadia Djenadi. “This is a mix of services and of quality of life and work, just outside the city centre”.
We should also point out that take-up in Strassen was 4,366 sq m during the third quarter of 2015, which brings the number of transactions since January to ten, the two largest being the extension of Swiss Life which took 1,071 sq m at 145 Rue du Kiem, and Candriam which took 1,581 sq m in the Serenity.