After a 2023 marked by a contraction, the first six months of 2024 see a significant recovery in the real estate market, with volumes reaching 3.5 billion euros. The scenario highlights the Office Asset Class:
• Total invested: 791 million euros (+67% YoY). Milan and, in particular, Rome are the preferred locations (about 90% of the total), with the capital leading thanks to two transactions exceeding 100 million euros each;
• The average deal ticket increased from 23 millionin 2023 to 36 million;
• We can observe a consolidation of demand dynamism: Milan registers the highest number of transactions (11 out of the total 22);
• Foreign capital is growing, with international currency representing approximately 58% of the activity;
• Take-up: volumes absorbed amounted to 240,000 sqm, of which more than two thirds in the Milan market (600 – 1,000 sqm the most popular segment). The Roman market, due to a physiological decline, records an absorption of almost 70,000 sqm of office space;
• Prime Rent is increasing to €750/sqm/year and €580/sqm/year for Milan and Rome respectively;
• Vacancy Rates remain stable: 10.4% for the Milan market and 6.9% for Rome (with values below the
3% in the CBD);
• Prime Net Yields also remain unchanged at 4.25% and 4.75% for Milan and Rome, with an outlook for possible compression in the next semester.
