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Summary and extracts
1 Market overview
1.1 Definition and scope of study
The office property market is a segment of the real estate market that deals with the construction and sale of properties used as offices.
Indicators for monitoring activity in the sector are:
· The amount of annual investment
· The average rent per m²
· The demand placed
Globally in 2021, the value of this market was estimated at $1 trillion (growing at a CAGR of 3.1%) although the impact of Covid-19 last year brought growth to a slight halt. In particular, one of the main reasons for this setback is the decline in real estate transactions and the increase in the number of people working from home.
Also in Italy, the recent pandemic has changed the fate of the office property market. Investments in retail have decreased by 26%, although office transactions have still maintained a good dynamism, reaching 43% of total volumes of real estate operations.
Offices can therefore be defined as a catalyst for investments.
Milan is the first city in Italy for investments in this sector; in the second quarter of 2021 a 71% growth was recorded compared to the same period of the previous year.
In Rome, on the other hand, an increase of 44% was recorded compared to the first half of 2020.
In terms of supply, Rome is more lacking than Milan.
As can be inferred from the data reported, the office property market is rebounding at a good pace. An important trend to consider is the spread of smartworking, which in the future will totally change the way offices are designed, favouring smaller spaces and a greater number of meeting rooms and, on the contrary, a smaller number of offices.
Other trends to consider are the increasing demand for flexible spaces that have more than one purpose and can be used by people with different job roles, environmental sustainability that comes into play both during construction and when choosing office accessories, and finally construction quality that must follow increasingly specific standards.
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the office property market | Italy
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