The office sector attracted just under 50% of total volumes, confirming itself as one of the three most resilient asset classes and recording an increase of 10% compared to the same period last year.
Logistics, with almost one billion euros, has doubled in volume compared to last year and is preparing to close 2020 at record levels. The strong competition between investors and the level of supply still insufficient to satisfy demand have contributed to a further compression of prime yields, below the 5% threshold.
"The market reacted better than expected at the start of this pandemic, and the numbers confirm this. There is still abundant liquidity and a general environment of low interest rates that make real estate an attractive sector for those seeking returns, "said Carlo Vanini, Head of Capital Markets in Italy for Cushman & Wakefield.
"However, the uncertainty persists and this leads investors, on the one hand, to more defensive investment strategies that have rewarded core / core + operations in the office and logistics sectors and, on the other, to the search for greater diversification that is driving the volumes of investments in alternative asset classes favouring the birth of the residential sector as an "institutional" real estate asset class: between developments and buildings, including student housing, the estimated investments in living in the first nine months represent more than 5% of the total ".
Hospitality and retail, together, accounted for approximately € 1.8 billion of the total volume, a sharp contraction compared to last year, victims of the uncertainty generated by the health crisis and the difficulties encountered by consumers and tourists as a result of the lockdown that lasted three months. "We see that investors have different attitudes regarding hospitality and retail", concludes Carlo Vanini, "the interest in hospitality remains strong, albeit from a more opportunistic perspective, as the sentiment for the future is positive; on retail, the vision is more prudent but the interest continues to exist, while remaining linked to the future trend of the fundamentals of the sector, which is essential in order to take a more precise vision ".
