Italy MarketBeat



The first quarter of 2021 continues to suffer from the effects of the Covid-19 pandemic in terms of absorption figures, although a physiological reduction was predicted. In Milan, total transacted volume recorded a 30% decrease compared to the first quarter last year, however, the office market remains dynamic with a growing interest for medium-small size spaces. Take-up in Rome increased by 40% YoY, but this was due mainly to the completion of a pre-let signed in 2018 for circa 16,000 sqm in the Centre submarket; excluding this transaction, figures recorded a 10% decrease from Q1 2020 with demand mostly concentrated on smaller floorplates. Investments are expected to increase during the second part of the year with both core and value-add transactions. As companies continue to study what the “new normal” will be, a reduction in overall occupied space is predictable as WFH increases.


Support measures drawn up by the Government limited the decline in household’s disposable income, but consumption is still suffering since household spending is partly held back by fears of the pandemic or by the restrictions themselves. Retail, both high street and shopping centres, experienced lower performances, due to restrictions and to the lack of tourism and workers. Occupiers’ attitude remains cautious, especially for F&B and entertainment, the most affected sectors by the pandemic. Investors are still cautious towards the retail sector, since it is still highly impacted by containment measures, and are waiting to see if in the next months retailers will perform at the same levels as in June-October 2020 when restrictions were lifted.


During the first quarter of 2021 the Italian logistics market continued to be dynamic, with an high absorption level and a robust pipeline. The strong occupier demand, a more diversified market, the amount of equity allocated to the sector together with the scarcity of product, led investors to expand their strategies to include a more speculative approach as well as value add acquisitions. The outlook continues to be positive, with a sparkling demand for logistics spaces. Italy remains a country of strong interest as prices are lower than in other mature countries. The situation of the global economy is highly uncertain, due to the Covid-19 emergency, and the outcomes are hard to predict. As the situation will become clearer in the following months, information and related predictions will become more reliable

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Current Marketbeats

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Italy Milan Office Data

Office Marketbeat is a summary of the Italy office property sector providing comment on recent trends as well as market data and analysis.

Italy Marketbeat Office Q1 2021

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Italy Retail Data

Retail Marketbeat is a summary of the Italy retail property sector providing comment on recent trends as well as market data and analysis.

Italy Marketbeat Retail Q1 2021

card logistics for marketbeat q2
Italy Industrial Data

Industrial Marketbeat is a summary of the Italy industrial property sector providing comment on recent trends as well as market data and analysis.

Italy Marketbeat Industrial Q1 2021


couple with face masks on Milan street
Insights • Economy

Italy Real Estate Market View

A regular update on the commercial real estate market in Italy.
Carlo Vanini • 18/06/2021
investment card
Insights • Investment

Six Tips from Italian Real Estate

cover it re 2020
Insights • Commentary

Italian Real Estate Overview Year End 2020

The resurgence of coronavirus cases in October led to a slowdown in the economic activity at the end of 2020 leading to a decrease in GDP in the fourth quarter, partially offsetting the sharp increase experienced in the third quarter. 
Raffaella Pinto • 24/02/2021


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