Commercial attracts private individuals: investments up 68%.

The Italian commercial real estate market is increasingly attractive to private capital. At least according to Jll's latest report, which shows that in 2024 investments made by family offices, family holding companies and Uhnwi (Ultra High Net Worth Individuals) reached 1.1 billion euro, an increase of 68% year-on-year. This trend is also accelerating in 2025: in the first quarter, the private segment accounted for 24% of the total invested, or around EUR 660 million.

The growing interest is driven by several factors: Italy is now among the top ten countries in the world for the presence of high net worth individuals - in fourth place in Europe - with an increase of 17% by 2023. Added to this is a favourable tax environment, particularly for foreigners, thanks to the flat tax regime, as well as a macroeconomic landscape that pushes high net worth individuals towards diversification strategies. According to Jll, real estate reached an average share of 19% in private investors' portfolios in 2024.

At the asset class level, the office segment remains central to investment, while on the divestment front the hotel sector dominates, reflecting the strong family footprint of the Italian tourism sector. Logistics also performed well, rising to second place in 2024 thanks to a major transaction by an Iberian family office.

The three categories of office, retail and hospitality shared the market equally in Q1 2025, each accounting for around 30% of total transactions. Transactions above €25m also increased, accounting for 35% of the total volume in 2024, a sign of the growing maturity and sophistication of the private market.

"The private segment in Commercial Real Estate is experiencing a particularly favourable macroeconomic conjuncture and forecasts for 2025 and 2026 are for a further increase in its market share," said Fabio Pompignoli, head of private wealth capital markets at Jll Italia. "Italy offers a unique mix of attractive factors, from advantageous tax conditions to the availability of prestigious properties in exclusive locations, to the possibility of diversifying into resilient sectors such as offices, retail, hospitality and logistics.