The figure raised a few eyebrows: on Thursday, 24 April 2025, PWC CEO François Mousel, hard hat on, of “the Campus,” future HQ of PWC Luxembourg, slated for occupation in summer 2027… with 2,300 places. That’s 100 fewer than current HQ Crystal Park, just a few metres away. But in the meantime, the company’s headcount has risen by more than 75%, from 2,250 in July 2014 to 3,860 in July of last year. In between, covid and traffic jams and other mobility problems on the rails, for example, have completely changed the picture.
“The development plans are still underway, but the Campus will have around 2,300 workstations,” confirms PWC. In addition, there will be 200 workstations in the Emerald building and a further 480 in satellite offices. “With almost 3,000 seats available each day, we can accommodate all our teams, taking into account the flexibility offered by teleworking.” The remaining 800 or so employees are, according to the company, on customer assignments, on leave or teleworking.
The capacity of the satellite offices will moreover be doubled in the next two years, according to the 2024 sustainability report. A clear signal: yesterday’s centralised model is giving way to a new approach, where the workplace adapts to employee needs.
A doubling of decentralised working capacity
In 2022, when succeeding John Parkhouse, Mousel said: “We are resolutely embarking on a growth trajectory. , the next step is €1bn. In five years, in nine years… it doesn’t matter. For me, that’s the goal. As long as Luxembourg as a country doesn’t completely collapse.”
As CEO and Chief Sustainability Officer of PWC Luxembourg, Mousel also has a strong commitment to sustainability. This is reflected in the choice of headquarters, designed to be a carbon-neutral building, and in concrete operational decisions.
The mobility policy has been strengthened: incentives for car-pooling, support for public transport and restrictions on leased cars. Since 2023, only cars emitting less than 50g CO₂/km have been allowed, and from 2030 the entire fleet will have to be 100% electric. The result: a 31% drop in vehicle-related emissions since 2019, but with these choices and the return to the office, electric vehicle charging has increased and already accounts for 9% of PWC’s total electricity consumption.
Electricity: greener and more efficient use
As far as energy is concerned, the firm is aiming for 100% renewable power by 2030. In 2024, 95% of the electricity consumed in the eight satellite offices came from renewable sources. This slight drop is due to the opening of a new site at Windhof, whose energy management remains beyond PWC’s reach for the time being. Negotiations are underway with the owner to remedy this.
Crystal Park, powered 100% by Norwegian hydroelectric power since 2011, will be abandoned in 2027 for the carbon-neutral Campus, which will use only renewable electricity and will deliver an estimated 30% reduction in electricity consumption and 70% reduction in heat consumption compared with the current headquarters.
A property market kept afloat by the state
While players such as PWC are rethinking their property strategy around teleworking and sustainability, the office market in Luxembourg remains surprisingly stable. The vacancy rate hovers around 4%, and prime rents are holding steady at €54/m2/month in the business district, according to CBRE and JLL.
But this apparent resilience masks a growing dependence on public demand. In 2024, the state was the main player in several major transactions: leasing the Laccolith building (11,291m2), acquiring Twist for Statec and pre-letting 6,024m2 in Hamm for the National Hospitality Office. The public sector alone, combined with the financial sector, accounted for almost 60% of take-up volume in the first quarter.
This article in French.