Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Italy MarketBeat

Raffaella Pinto • 02/05/2024

Investment

In the first quarter of the year, the investment market reached €1.8 billion (ca.+83% on Q1 2023), confirming the more positive mood registered in the latter part of 2023 as headline inflation forecasts resulted in greater price stabilisation and consumer confidence. Office and Logistics has been the best performing assets class, alongside the mixed-use, which included the acquisition of Scalo Farini as part of the revitalisation plan for Milan's railway yards, as well as a thriving hospitality sector.

Office

Investment volumes have quadrupled in respect to the first quarter of 2023, the worst year ever, reaching approximately €550 million, but circa 50% of the volume is represented by a single transaction in Rome, where negotiations started more than one year ago. Notwithstanding the regain in volumes, investors are still prudent. The Occupier market continues to perform positively in Milan (97,000smq) and maintains average values in Rome (34,000sqm), both markets are characterized by small/medium transactions with a focus on sustainable offices and prime locations. 

Logistics

The Occupier market volume, with 520,000sqm, is in line with the average of the last five years. The market has been mainly characterised by BTO and BTS transactions, as market conditions have brought developers to slow down their speculative projects, with End User as the main player compared to 3PL. Investors remain confident about market fundamentals. The registered volume is circa €365 million, mainly represented by two big portfolio of sale & lease back in the industrial sector (62% of the total sector volume), while single assets have primarily consisted of logistics assets. ESG criteria and value-add opportunities remain at the forefront of investors' decision-making. 

Retail

Investment volumes remained modest at some 60€Mn, although in growth in comparison to Q1 2023. Active investors currently are sale-and-leaseback specialists, targeting retail warehouses portfolios, and value-add investors looking at secondary shopping centers attracted by double-digit returns. While liquidity challenges persist, the return of global capital is a promising sign, indicating a gradual stabilisation and potential growth in the sector.

Hospitality

Second half of the year investment volumes bounced back and hit around 1 €Bn, nearly twice as much as the same time in the previous year and higher than the first half. The annual volume of about €1.5 bn was almost aligned to past year figure. The sector remains attractive due to its strong performance and prospects for 2024 are still positive. Yields increased in the second half to match the overall higher yield situation and the tight lending conditions. This pattern is expected to continue for lower-quality assets in the short term, while high-quality assets in the luxury sector are likely to stay steady. Outlook confirmed positive.

Current Marketbeats

card office for marketbeat q2
Italy Milan Office Data Q1 2024

Office Marketbeat is a summary of the Italy office property sector providing comment on recent trends as well as market data and analysis.

Italy Marketbeat Office Q1 2024

women's clothing on a rail in store
Italy Retail Data Q1 2024

Retail Marketbeat is a summary of the Italy retail property sector providing comment on recent trends as well as market data and analysis.

Italy Marketbeat Retail Q1 2024

card logistics for marketbeat q2
Italy Logistics Data Q1 2024

Industrial Marketbeat is a summary of the Italy industrial property sector providing comment on recent trends as well as market data and analysis.

Italy Marketbeat Logistics Q1 2024

Marketbeat-Italy-Investment-Generic-Card
Italy Investment Data Q1 2024

Investment Marketbeat is a summary of the Italy real estate investment market providing comment on recent trends as well as market data and analysis.

Italy Marketbeat Investment Q1 2024

Hospitality generic card
Italy Hospitality Data H2 2023

Hospitality Marketbeat is a summary of the Italy hospitality sector providing comments on recent trends as well as market data and analysis.

Italy Marketbeat Hospitality H2 2023

RELATED INSIGHTS

energy consumption
Research

Energy Consumption and Efficiency

The ESG team carried out a study on energy consumption in shopping centers. The analysis, which examined 35 Italian shopping centers managed by Cushman & Wakefield from 2019 to 2022, highlighted a reduction in energy consumption, partly due to the occurrence of the pandemic.
Francesca Altamura • 28/05/2024
Milano City
MarketBeat

Italy MarketBeat

Cushman & Wakefield MarketBeat reports analyse quarterly Italy commercial property activity across office, retail and industrial real estate sectors including supply, demand and pricing trends at the market and submarket levels.
Raffaella Pinto • 02/05/2024
Office Fit Out Cost Guide - Web card
Insights • Workplace

Italy Office Fit Out Cost Guide

Revitalize your office space in Italy with our Office Fit Out Cost Guide 2024. Start redefining your workspace in cultural and economic hubs like Milan and Rome today!
20/03/2024
immagine outlook
Research

Italian Real Estate - Trends and Outlook 2023/2024

The Trends & Outlook 2023/2024 Report on the Italian Real Estate market is tailored for real estate players, our insights offer a clear picture of 2023 and some hints for 2024.
Raffaella Pinto • 14/02/2024

LOOKING FOR DATA?

Looking for more historic or specific property market data? Get in touch.
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Cookies.
MORE OPTIONS
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS