Office
Offices returned to being the primary target for investors thanks to renewed confidence in employment and greater certainty on the format: a hybrid model where WFH and in-office work will be intermixed. The confidence in the employment market was reflected in Milan in an take up of 110,000 sqm, well above the quarterly average, and in Rome in an absorption of over 50,000 sqm.
Retail
While the pandemic started to reduce its impact on retailers’ performances, the war in Ukraine and consequent effects on inflation brought new uncertainties to the market, affecting consumers’ spending slowing down the path to recovery. Rental values for the first quarter of 2022 were stable in the majority of the Italian cities, apart from some slight contractions in the locations affected by the limited flows of international tourists. Investors are and will be more and more selective on a case-by-case situation waiting to see whether retailers are able to resume their recovery process.
Logistics
The Industrial & Logistics sector continues its growth, registering an increase in take up of 19% compared to Q1 2021 and resulting as one of the most attractive asset classes with an growth in investment volume of 82% compared to Q1 2021. Increasing focus on asset quality and sustainability standards, in line with ESG criteria.
