The office property market - Italy (2025)

1.2 World Mercaro

The global commercial real estate market is set for significant growth, rising from $*.** trillion in **** to $*.** trillion in ****, an overall increase of *** percent. The expansion proceeds steadily, with gradual increases becoming particularly pronounced after ****, when the market value crosses the $* trillion mark. In ****-****, the highest levels are recorded, showing an acceleration in growth and confirming the increasingly strategic role of commercial real estate in the global economic landscape.

World commercial real estate market value Mondo,****-****,Trilioni Fact.MR

1.3 The European market

The European commercial real estate market shows steady growth, rising from $*.** trillion in **** to $*.** trillion in ****, an overall increase of ** percent. The expansion is occurring gradually and steadily, with small changes year after year, confirming moderate but continuous growth. Compared with global dynamics, the European market stands out for greater stability and regulation, reflecting a mature and established economic environment.

European commercial real estate market value Europa,****-****,Trilioni Mordor Intelligence

1.4 The Italian market

The Italian commercial real estate market shows steady growth, rising from €*.* billion in **** to €*.** billion in ****, an overall increase of ** percent. Starting in ****, estimates are based on the European compound annual growth rate (***), ensuring a projection in line with continental market trends. Although the sector is experiencing gradual expansion,Italy maintains a lower pace of growth than the global commercial real estate market, reflecting the characteristics of a more regulated market subject to economic and financial dynamics specific to the national context.

Italian commercial real estate market value Italy,****-****,Billions of euros Aspesi real estate union, Mordor Intelligence

Investment in commercial real estate in Italy has fallen sharply, from *.* billion euros in **** to an estimated *** million euros in ****, marking an overall contraction of ** percent. The decline has been gradual, with asignificant acceleration starting in ****, driven by economic and financial factors affecting investor confidence. After hitting a low of *** million euros in ****, forecasts indicate a slight recovery in ****, signaling a possible stabilization phase, albeit at significantly lower levels than the **** peak.

Investment in commercial real estate in Italy Italy,****-****,Millions of euros Ingenio, *estimate on historical data

2.1 Overview of national commercial real estate market demand by units of non-residential types

In commercial real estate market analysis, three key indicators for assessing demand are Stocks, NTN (***). Each provides an essential perspective for understanding demand dynamics and industry movements.

Stock: Stock represents the total number of real estate units in a given area, broken down by use (***). it is an indicator of the total real estate capacity of an area and provides information on the availability of real estate, highlighting how "populated" the market is in terms of supply. However, the size of the stock can also influence demand: a high supply of real estate may indicate saturation, while a low stock relative to need may suggest demand pressure. NTN (***): The NTN is an indicator that measures the actual number of normalized sales or lettings, that is, adjusted for any multiple or partial transfers. it is particularly important because it does not simply represent the quantity of transactions made, but reflects real estate transactions "cleaned" of duplication and statistical artifice. An increase in the NTN signals a more dynamic market and indicates an increase in demand. IMI (***): The IMI measures market intensity relative to available stock, representing the ratio of NTN to stock. This percentage indicator provides an accurate view of the vibrancy ...

2.2 The buying and selling of warehouses

A total of *,*** manufacturing units were bought and sold this quarter, nearly * percent more than in the same period of ****. The exchanges, mostly concentrated in the nor capital municipalities, grow in the South, which registers a change of *.*%, and in the northern areas of the country, where they have more than two-thirds of the total purchases and sales: in the Northwest the NTN rises by *.*%, in the Northeast it goes just over *%. Finally, there is a slight decline in the Center, -*, *%, and a sharp contraction in the Islands, -**.*%, although referring to a small number of NTNs.

Analyzing the market in the twelve provinces in which the largest share of this sector is located, in the third quarter of ****, trade rises by *.*% overall. Among the different provincial markets there is a certain unevenness: in some, such as Bergamo, Milan and Rome, there is a considerable increase in NTN, in others, particularly Turin significant reductions.

2.3 The buying and selling of stores

In the quarter under review, the number of store purchases and sales increased by *.* percent on a trend basis, with growth spread throughout the country. Increases were particularly significant in the Islands (***), while the Center and South showed a * percent increase. The Northwest confirmed itself as the area with the highest number of transactions, with *,*** stores traded, accounting for nearly one-third of the entire national market.

In noncapital municipalities, growth was more pronounced, with a *.* percent increase, higher than that recorded in capital municipalities (***), while in the Northeast a contraction of nearly * percent is observed.

In major cities, store purchases and sales increased by about *% year-on-year. Compared to the third quarter of ****, we highlight the growth of the market in Rome, the main one by volume traded, with an increase of *.*%. Particularly positive performances are observed in Turin (***). In Milan and Palermo, the number of stores bought and sold remained almost unchanged compared to the same period last year, while in Florence there was a *.*% contraction.

Despite the heterogeneous trend in transactions, the market in large cities shows an overall increase in the number of surfaces traded (***). Palermo and Genoa also register significant growth, with the latter marking an increase of ...

2.4 The office market

In ****, the office stock in Italy is distributed mainly in the Northwest, accounting for **.* percent of the total. The Center follows with **.* percent, while the South stands at **.* percent. The Northeast covers **.* percent, while the Islands record the lowest share with *.* percent. The distribution shows a concentration of offices in northern and central areas, with a significantly reduced presence in island regions.

**** stock distribution by geographic area - offices Italy ,****, Percentage Internal Revenue Service

In ****, the stock of offices in Italy amounts to ***,***. The Northwest is the area with the highest share (***). The Islands count for *.* percent of the total stock, with Sicily at *.* percent. The distribution shows a significant concentration of offices in the North and Center, with a lower presence in the South and Islands.

(***)

Area Region Stock Share % Northwest Liguria **.*** *,*% Lombardy ***.*** **,*% Piedmont **.*** *,*% Aosta Valley *.*** *,*% Total Northwest *.***.** **,*% Northeast Emilia - Romagna **.*** **,*% Friuli - Venezia Giulia **.*** *,*% Veneto **.*** **,*% Total Northeast ***.*** **,*% Center Latium **.*** *,*% Marche **.*** *,*% Tuscany **.*** *,*% Umbria **.*** *,*% Total Center ***.*** **,*% South Abruzzo **.*** *,*% Basilicata *.*** *,*% Calabria **.*** *,*% Campania **.*** *,*% Molise *.*** *,*% Apulia **.*** *,*% Total South ***.*** **,*% Islands Sardinia **.*** *,*% Sicily **.*** *,*% Total Islands **.*** *,*% Italy Total Italy ***.*** ***,*% In ****, the office stock in Italy is distributed **.* percent in noncapital municipalities (***). In the Northwest, noncapitals make up **.* percent of the stock, while in the ...

2.5 Recent years' trends in Stock, NTN and IMI

We felt it was essential to expand the analysis ofstock, NTN and IMI trends, extending it beyond the last two years to provide a more detailed and comprehensive view of the development of the commercial real estate market. Through the development of graphs, it is possible to summarize the main trends of recent years, highlighting the phases of growth, stability or contraction that have characterized the sector. This broader perspective makes it possible to identify cyclical fluctuations, analyze theimpact of significant external events, such as economic crises or regulatory changes, and respond more accurately to research objectives. From **** to ****, the stock of stores in Italy grew from *,***,*** to *,***,***, registering an overall increase of * percent. Growth has been steady year after year, with a particularly significant increase between **** and ****, when the number of units reached *,***,***. This trend shows a gradual expansion of the area allocated to commercial activities, reflecting a market dynamic geared toward expanding supply, despite economic challenges and structural changes in the retail sector.

Stock value trend for Stores Italia,****-****,(***) Inland Revenue, Inland Revenue, InlandRevenue ,Inland Revenue,Inland Revenue.

From **** to ****, the number of normalized transactions (***) for stores in Italy increased from **,*** to **,***, registering a growth of ** percent. The ...

2.6 New Trends

Toward Flexible Spaces and Phygital Solutions

The commercial real estate market in Italy is going through a phase of profound transformation, influenced by economic, technological and social dynamics. Demand is shifting toward flexible and technologically advanced spaces, especially for office space, in response to the hybrid and remote work patterns that have been consolidated since the pandemic. "Phygital" spaces in the retail sector are gaining momentum, combining the physical shopping experience with innovative digital services, such as the use of QR codes to integrate online catalogs and quick delivery solutions. The growth of e-commerce continues to support the demand for modern logistics centers, especially in areas near strategic hubs such as the ports of Genoa and Trieste, where there has been an increase of more than ** percent in requests for new warehouses in ****.

Sustainability and Urban Regeneration

In parallel, the issue of sustainability is at the center of new urban regeneration strategies, with projects involving mixed-use residential, commercial, and public spaces. The presence of energy certifications such as LEED and BREEAM has become a key requirement to attract buyers and investors who are aware of the importance of reducing emissions. In this context, interest rates are a crucial variable: the increase ...

3.1 The Italian Enterprises

Values for the years **** and **** present in all graphs were estimated using Excel's FORECAST function, based on historical data trends.

The graph shows the trend in the number of enterprises active in the real estate business sector (***) in Italy from **** to ****. The number of enterprises increased from ***,*** in **** to an estimated ***,*** in ****, showing gradual growth. After a slight decline between **** and ****, the sector has been growing again since ****, reaching ***,*** enterprises in **** and an estimated increase in ****. The trend reflects an overall expansion of the real estate sector over the period.

Number of active enterprises in the Real Estate Activities sector ATECO ** italia,****-****,Migliaia Istat

The graph shows the trend in the turnover of companies active in the real estate business sector (***) in Italy from **** to ****, expressed in billions. After an initial growth from **.** billion in **** to **.** billion in ****, turnover dropped to **.** billion in ****, probably due to the impact of the pandemic. There was a recovery in ****, with **.** billion, followed by a peak of **.** billion in ****. Estimates show a slight decline to **.** billion in ****, with an expected recovery to **.** billion in ****, showing a fluctuating but recovering trend.

Turnover of companies active in the real estate business Italy,****-****,Millions of euros Istat There ...

3.2 The main players in the Market

The following is an overview of the main players in the market under analysis:

Rekeep S.p.A.: Rekeep is one of Italy's leading facility management companies, offering a wide range of services for the management and maintenance of public and private buildings. Specializing in integrated services, it includes cleaning, technical maintenance, energy management and security activities. Vailog Colleferro S.r.l.: Vailog is a company specializing in the development and management of logistics and industrial properties. It stands out for implementing innovative and sustainable solutions for warehouses and large logistics facilities. Leonardo Global Solutions S.p.A.: Leonardo Global Solutions is the Leonardo Group company dedicated to the management of real estate resources and related services. It operates mainly in the engineering field, providing support for infrastructure and corporate logistics. Milanosesto S.p.A.: Milanosesto is a leading urban development company. it is responsible for one of the largest redevelopment projects in Europe, transforming a former industrial area in Sesto San Giovanni into a modern residential and commercial district. Ferservizi S.p.A.: Part of the Ferrovie dello Stato Italiane group, Ferservizi is in charge of asset and property management for the group. It offers services in the administration, maintenance ...

3.3 The main investment funds active in the sector

InvestiRE SGR

Foundation and Activities: InvestiRE SGR was established in **** through the merger of three major companies, Investire Immobiliare SGR, Polaris Real Estate SGR and Beni Stabili Gestioni SGR. The company is one of Italy's leading real estate fund management platforms and manages a diversified portfolio that includes properties for office, retail, healthcare facilities, social housing, and social housing. Distinctive Feature: it manages about €* billion and has a strong commitment to sustainability and social housing. It has developed innovative urban regeneration projects in several Italian cities.

COIMA SGR

Foundation and Activities:COIMA SGR is an asset management company specializing in real estate fund management, development and management of commercial properties. it is best known for the development of the Porta Nuova district in Milan, one of the most iconic urban regeneration projects in Europe. Distinctive Feature: COIMA stands out for its focus on sustainability and energy efficiency, with LEED-certified projects and the goal of reducing the CO₂ emissions of its properties.

Kryalos SGR

Foundation and Activities: founded in ****, Kryalos has become one of the leading asset management companies in Italy, specializing in asset management on behalf of institutional investors. The managed portfolio includes commercial, logistics and hotel properties. Distinctive Feature: Kryalos ...

4.1 Offer framing and Cadastral Category

Offices (***)

Cadastral Category: A/**

Description: Real estate units used as offices or private offices, used exclusively for the practice of a profession or business.

Examples: Professional offices of lawyers, accountants, architects, etc.

Note: A/** offices are taxed as nonresidential properties and have a cadastral rent calculated according to their intended use.

stores and workshops (***)

C/* - Shops and workshops:

Description: Premises used for the sale of retail goods or the conduct of business activities open to the public.

Examples: Supermarkets, bars, clothing stores.

Cadastral Category: C/*

C/* - Laboratories for arts and crafts:

Description: Premises used for craft activities or workshops for arts and crafts.

Examples: Carpentry shops, tailoring workshops, goldsmiths.

Note: These premises may not be used for direct sale to the public.

Commercial warehouses and garages (***)

C/* - Warehouses and storerooms:

Description: Premises used for the storage of goods, archives or storage, not open to the public.

Examples: Store warehouses, business warehouses.

C/* - Garages:

Description: Premises used for parking and garages, both public and private.

Examples: Car garages, condominium garages.

Public offices (***)

Cadastral Category: B/*

Description: Real estate units intended for offices of public bodies.

Examples: Municipal offices, courts, headquarters of public bodies.

Note: Unlike the A/** category, ...

4.2 Average prices

The graph shows the monthly trend of average producer price indexes for nonresidential construction in Italy between November **** and November ****, with base ****=***. In the initial period, in November ****, the index stands at ***.*, and then fluctuates between slightly lower values, with a low of ***.* recorded in June ****. Thereafter, the index gradually rises to ***.* in November ****. Overall, prices show a slight change without significant deviation from the starting level. Average Prices for Nonresidential Building Construction Italy,****-****,Construction producer price indices (***) - monthly data Istat

Venice records the highest value with *,*** euros/sqm, followed by Milan with *,*** euros/sqm. Naples stands at *,*** euros/sqm, followed by Rome with *,*** euros/sqm and Florence with *,*** euros/sqm. The differences show a significant gap between northern and central-southern cities, with Venice and Milan well above the values recorded in the other cities.

Price of stores in the main Italian cities Italy,****,Price per sqm in euros Issuu

Venice has the highest price with *,*** euros/sqm, followed by Milan with *,*** euros/sqm. Rome records *,*** euros/sqm, Naples *,*** euros/sqm and Florence *,*** euros/sqm. The quotations show a clear difference between northern and central-southern cities, with Venice and Milan maintaining the highest levels. Office prices in major Italian ...

5.1 Regulation

The commercial real estate sector in Italy is regulated by a complex set of regulations governing every stage of buying and selling, leasing, management and prevention of illegal activities. The buying and selling and leasing of real estate are regulated primarily by the Civil Code, which defines the rights and obligations of the parties involved, and by Law No. ***/****, which is specific to leases of urban real estate for commercial use. This legislation establishes the duration of contracts, renewal procedures, and criteria for updating rents, with the aim of protecting both owners and tenants. On building and urban planning, the Consolidated Law on Construction(***) regulates building activities, defining procedures for issuing building permits and technical standards for new construction or renovation. At the same time, municipal master plans establish the intended uses of urban areas, influencing the possibility of developing properties for commercial activities in specific areas of cities.

In terms of taxation, buying and selling and leasing of commercial real estate may be subject to VAT, with rates varying according to the type of property and transaction, while registration tax applies to property transfer deeds and leases with rates varying according to the characteristics of the contract. In terms of ...

5.2 Conclusion

The global commercial real estate market grew significantly from $*.** trillion in **** to an estimated $*.** trillion in ****, with expansion driven by emerging economies and urban regeneration projects in mature metropolises. In Europe, the sector grew moderately from *.** trillion in **** to an estimated *.** trillion in ****, supported by investments in sustainable buildings and urban infrastructure. In Italy, the total market value was €*.* billion in ****, with a forecast of €*.** billion by ****. However, investment has dropped dramatically, from *.* billion euros in **** to *** million in ****, due to rising interest rates and geopolitical uncertainty, although it is expected to recover slightly to *** million in ****.

The Italian market is dominated by offices, shopping centers and logistics properties, with Milan and Rome leading the way in terms of attractiveness. Real estate funds, such as COIMA SGR and Kryalos, play a central role in asset management. Demand is driven by changes in work arrangements and the expansion of e-commerce, which has increased demand for warehouses in strategic logistics areas. Supply shows a trend toward urban regeneration and environmentally sustainable solutions with LEED and BREEAM certifications.

Consolidation is observed, with large players holding significant shares, but the market does not appear fully concentrated. New trends include emerging "phygital" hybrid spaces in the ...

6.1 Segmentation

• Immobiliare Stampa S.r.l.
• Vittoria.Mc S.r.l.
• Impresa Pizzarotti & C. S.p.a
• C.M.B Società cooperativa muratori e bracci
• CRIF SERVICES S.P.A.
• Risorse per Roma S.p.a
• Regus Business Centres Italia S.r.l (IWG)
• WeWork Italy S.r.l