Colliers Italy: investments up 24% in the domestic market

The Italian commercial real estate market is accelerating beyond expectations. In the first nine months of 2025, according to Colliers Italia, investments reached almost EUR 8 billion, up 24% compared to the same period in 2024, with a third quarter of EUR 2.4 billion (+3% compared to the five-year average).

Milan remains the most liquid marketplace with 28% of volumes (2.2 billion), followed by Rome with 12%. International capital continues to weigh in, representing 60% of the total invested.

Supporting the market is a more stable macroeconomic environment: GDP at +0.4% in the second quarter, spreads below 100 basis points and inflation at 1.6%, below the European average. After seven consecutive cuts, ECB rates stabilised at 2.15%, supporting the recovery of credit.

Among the sectors, retail scores a record result with 2 billion investments since the beginning of the year (+29%), thanks to the return of shopping centres and outlets, which are worth 80% of the total volume and attract capital even outside the core markets.

This is followed by hospitality, with 1.7 billion (+60%) and Rome in the lead. The share of owner occupier (28%) and core operations is also growing, while value add operations are decreasing.