Office & Logistics Market 2025: Luxembourg, Germany, France, Belgium, Netherlands

In brief

• Eurozone interest rates, after peaking in 2024, are now easing. This makes borrowing cheaper and improves refinancing prospects for real estate assets. 
• Luxembourg’s office market is cautiously recovering in 2025, with moderate vacancy and strong demand for top-quality, sustainable spaces. Prime rents remain stable at €54/m²/month in the CBD. 
• Across Germany, France, Belgium, and the Netherlands, office markets are recovering unevenly, with strong demand focused on modern, A-grade, ESG-compliant spaces. 
• Logistics markets across Germany, France, Belgium, and the Netherlands remain resilient, with strong demand for energy-efficient facilities and stable prime rents, despite increased vacancy in certain markets and selective investment activity. 

Loking for more? The full EY-Parthenon report provides detailed insights and data for Luxembourg, Germany, France, Belgium, and the Netherlands office and logistics markets. 

As the Eurozone enters a new phase of monetary normalization, Luxembourg’s office and logistics markets are adapting to shifting demand, resilient fundamentals, and evolving investor priorities.  

For a deeper dive into district-level trends, market benchmarks, and expert analysis not only for Luxembourg but also for Germany, France, Belgium, and the Netherlands, download the full EY-Parthenon report and equip yourself with the insights that matter most for your real estate decisions. 

The key highlights from the report 

The report analyzes the key forces shaping the European office and logistics real estate market in 2025: 

• Macro trends and market recovery: The Eurozone is stabilizing after recent shocks, with easing interest rates and inflation supporting cautious recovery, especially in Luxembourg’s office sector. 
• Office market: The report provides detailed insights on prime rental rates, yields, and major transactions across key locations. 
• Logistics market: The report explores supply and demand dynamics, vacancy trends, and details prime yields, rental rates, and recent transactions. 
• Other markets: Comprehensive coverage of Germany, France, Belgium, and the Netherlands is included in the full report.