Post-Brexit, British firms head to Luxembourg but office space is an issue

Luxembourg is so tiny that map-makers have been known to give up and pretend it’s not there. So as the minuscule financial hub continues to draw London firms opening up a post-Brexit presence in the European Union, there’s a nagging question: is there enough office space? “We asked ourselves in the beginning, right after Brexit, if Luxembourg will have the capacity to respond to the demand,” said Julien Pillot, a real estate broker at Inowai SA. “It was a worry.” The good news, according to Pillot is that “if you’re looking for 500 square meters, you’ll find it easily.” The bad news, Pillot said, is “there’s clearly a lack of larger office spaces in and around the center” of Luxembourg City, even if smaller sites are still readily available. That means firms looking for a bigger footprint may need to look toward the outskirts of the city as well as smaller commuter towns, which often have little more than a petrol station, restaurant or supermarket to offer.