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Italy MarketBeat

Raffaella Pinto • 18/10/2023


Performance improved during the third quarter compared to both Q1 and Q2 figures, with volumes reaching 1.4€B; year-to-date figures reach 3.7 €B. Market sentiment remains mixed, varying depending on asset class. The Industrial & Logistics and Healthcare sectors were the top performers in the quarter. While since the start of the year, Industrial & Logistics and Hospitality have been at the forefront of the market. Foreign investors have increased their market share again this quarter, bringing their year-to-date share to 63%.


The occupier market confirmed its positive trend both in Milan and Rome, with competition keeping prime rents high (700€/sqm/yr in Milan and up to 575€/sqm/yr in Rome). The office environment is certainly evolving as enants increasingly prioritise ESG standards as well as attracting and retaining talent. On the Investment side, offices are suffering as in the rest of Europe due to the macro-economic situation, recording a slowdown of 68% compared to the previous quarter (with circa 100€Mn invested overall); the interest for this asset class remains but demand is very selective with regards to location and building quality.


The occupational market continues to remain strong, with Q3 absorption significantly higher than the same period last year, bringing year-to-date figures at a new record with 2.1 Mln sqm (+4% on 2022). Investors and occupier’s necessity to align to ESG criteria is driving the market to increasingly focus on sustainability. On the investment side, despite an increase in prime yields (+ 25 bps), investors’ preference has been towards logistic assets, which represented 32% of the total investment volume of Q3 (with circa 450€Mn) and 28% of the total year-to-date volume (with circa 1€B).


Very few opportunistic investors active in the retail market with investment volumes reaching circa 250 €Mn. Shopping centres footfall and turnover in line with the positive trend of the first semester of the year. Luxury market rents exceeding predictions. Positive general attitude of retailers.


The first half of the year was marked by a sharp downturn in hotel transactions, with a 54% decrease relative to H1 2022 . This slowdown can be partially attributed to the limited availability of properties for sale, impeding volume expansion, while interest in the sector remains high. Nevertheless, prime assets in the luxury sector have maintained their yield profile also owing to the robustness of the fundamentals, which have grown particularly in this segment.

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We are aware that we can’t predict when the current headwinds will eventually subside. What we can do is read the past and look for opportunities for the next cycle. So: how was the market in 2022?


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