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Italy MarketBeat

Raffaella Pinto • 23/07/2023


The many challenges facing the market anticipated the slowdown in investment, down 63% on H1 22. Industrial & Logistics and Hospitality continued to lead the way, with foreign capital increasing and accounting for 50% of the half-yearly share, while prime yields rose by 50bp in High Street Retail, but remained stable in all other sectors.


Healthy occupier market in both Milan and Rome recording a take up of 173,000 sqm ( with a further 20.000 sqm of sublease activity) and 152,000 sqm respectively.  Availability remains scarce for both CBD’s contributing to high prime rental values. For investments, offices have emerged as a key worry for the global real estate market with investments just below 400 €Mn, declining 80% on figures for H1 22.


Strong activity recorded during the second quarter for the Logistics sector, with take up increasing by 39% on Q1 figures, bringing figures for H1 23 just 5% below those recorded in H1 22. Despite the slowdown in investment volumes, the Logistics sector proved to be more resilient than other asset classes accounting for 25% of the overall CRE investments.


Few active investors in the retail market with investment volumes in the order of 200 €Mn. Shopping centre footfall and turnover continues the positive trend, returning to pre-pandemic levels. Retailers show cautious optimism and look at cities with the highest number of visitors for their expansion plans.


After a strong first half, a slowdown in transaction activity was recorded during H2 as a result of rising debt costs and economic and geopolitical concerns. Nevertheless, several high-profile deals were completed in prime markets such as Rome, leading to an increase in the average price per room. Hotels remain an effective inflation hedge which, coupled with the return of international capital, should support appetite in the sector.


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Despite initial expectations of recession at the beginning of the year, the Italian economy defied predictions and further expanded during the first half, GDP growth in June (Q2 23) posted a 1% increase Y/Y, and leading institutions have already upgraded year-end expectations (above 1%).
Raffaella Pinto • 01/08/2023
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Italy MarketBeat

Cushman & Wakefield MarketBeat reports analyse quarterly Italy commercial property activity across office, retail and industrial real estate sectors including supply, demand and pricing trends at the market and submarket levels.
Raffaella Pinto • 23/07/2023


We are leaving behind 2022, an eventful year: war, inflation, energy crises, interest rates. 4 words to define the year and which will continue to shape 2023. The second half of 2022 marked the turning point for the real estate industry: from the “lower for longer” to “higher for longer” interest rate environment. Italy chose a new Government led by a right-wing coalition and for the first time in years investors didn’t react with nervousness, thus avoiding further turbulence on the Country.

Of course, we still must find out what will be next, and we are aware that we can’t predict when the current headwinds will eventually subside. What we can do is read the past and look for opportunities for the next cycle. So: how was the market in 2022?
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Raffaella Pinto • 28/07/2021
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