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Photo: TASR / AP Luxembourg July 7 (TASR) – Luxembourg is as small as many have a problem locating it on a map. Thus, the growing interest of financial firms in London to open a new headquarters in Luxembourg after the law on brexite raises the question: are there enough offices? "19659004" We put at the very beginning, after the vote on Brexite (June 2016) Luxembourg able to meet the demand, "said Julien Pillot, real estate broker of Inowai. He admitted that the answer was not satisfactory
The good news is that companies looking for spaces up to 500 square meters will have no problem. On the contrary, the bad news is "the apparent absence of larger office spaces in the center of the capital and its environs"
This means that businesses that need more and more Space should occupy new suburbs or neighborhoods around the capital, where there are often only a few restaurants, a gas station and a supermarket.
The new offices are occupied before the end of the building. About four kilometers south of the center, in the town of Cloche d'Or in Luxembourg, a new neighborhood is being built for some 30,000 people. There are offices, apartments, shops, a large shopping center, schools and a new train station.
The problem is that the project is expected to be completed in 2025, six years after the departure of Britain from the European Union.
The decision of the UK to leave the EU has already convinced more than 30 financial companies, especially in the field of insurance and asset management, to seek a new headquarters in Luxembourg. According to the local statistics office, Brexit has so far brought 250 new jobs. The Bureau estimates that it could possibly add 3,000 new posts in Luxembourg
London staff accustomed to a wide range of pubs, bars and restaurants can move from a busy city to the edge of the city. a smaller and more peaceful Luxembourg. Most cafes, bars and restaurants are located in the city center and new office buildings are on the edge. To solve the problem of catering, there should be a canteen and a restaurant on the ground floor of the new buildings. Some companies even offer electric bikes for hungry employees who are willing to go to lunch at the center.
The city is also building a new tramway line, a small part of which was commissioned in December.
Brexit has not yet had a major influence on rents, but the battle for first-class seats in the city's central business district has already led to an increase in their prices. And the cost of purchase has again drawn attention to larger areas outside the center. But Londoners accustomed to renting astronomy in the British metropolis, prices in Luxembourg are not high
"When talking about London customers, we also speak of a market where the Rents are generally higher than in Luxembourg, " said Gilles Bindels, managing director of Luxembourg Capital Capital. "I think we will be more shocked if Londoners are even willing to pay more."
The Grand Duchy of Luxembourg is the world leader in financial funds, after the United States. And it is also becoming a magnet for London-based financial and insurance companies that want to continue to provide their services across the EU even after the British blockade in March 2019.
giants d & # 39; American International Group Insurance, Global FM, RSA Insurance, Lloyd's of London, Hiscox, as well as Blackstone private equity firm and asset managers like M & G Investments, among the first, have announced that They move their European headquarters to Luxembourg
The real estate market is trying to adapt and new projects are under construction
says Bindels
The biggest competitors of the Grand Duchy are Frankfurt, Paris and Dublin, but its Luxembourg metropolis definitely has its charm and those who are interested in it should now, take the necessary measures, concludes Bindels.
Source: Teraz.sk, TASR News Agency
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