Investment in the commercial sector is on the rise, with more focus on data centres, self-storage and sport

As Kroll’s analysis explains, the data centre market is experiencing unprecedented growth, both in terms of geographical expansion and volume, driven by the growing demand for computing capacity, fuelled by e-commerce and new emerging technologies such as deep learning, machine learning and generative algorithms. In recent years, the data centre sector in Italia has seen significant growth. According to the AGICI study, by 2030 the European data market will be worth around one thousand billion euros, with 190 billion invested in new data centres. Italia has promising growth prospects, thanks to competitive factors such as industrial sites suitable for conversion, a modern electricity grid, abundant renewable energy and strategic undersea connections. The sector could triple its installed capacity, rising from 600 MW to 2 GW, generating 18 billion in investment by 2030. Electricity demand will grow from 7 to 20 TWh, accounting for 6 per cent of national consumption. This growth will also benefit the entire industrial supply chain and foster synergies with energy utilities, promoting integrated and sustainable business models.

Another asset class to monitor closely is self-storage. The sector benefits from inherently non-cyclical demand, low investment requirements and a reduced risk of obsolescence. In Europe, where the UK alone accounts for a third of the sector, the market is still in its early stages of development, with significant opportunities for growth, including in Italia, where the market has the potential for strong expansion, driven by changing lifestyles, urbanisation and new consumer needs. Growth is also being driven by the e-commerce boom, the reduction in living space and rising house prices: in this context, self-storage offers a practical and cost-effective solution for managing excess belongings. Properties used for this purpose require fewer major repairs than other asset classes, and demand is driven primarily by life events, meaning it is less affected by the performance of the wider economy.

Further specialised asset classes are emerging and becoming established in the country, particularly in the sports and leisure sector. This trend is underpinned by a calendar of major international events, including the 2026 Milan-Cortina Winter Olympics and Paralympics, for which numerous sports facilities are being built in various locations, to be followed by the 38th America’s Cup in Naples in 2027 and the 20th Mediterranean Games in Taranto, which will further enhance the country’s appeal. Italia will also host the Davis Cup from 2025 to 2027 and the ATP Finals from 2026 to 2030, which will take place in Turin and Milan. Meanwhile, Milan and Inter have acquired ownership of the Giuseppe Meazza Stadium and the surrounding areas, with an investment of over 210 million euros, to launch the project for a new shared stadium. Work will begin after the Olympics, marking a further step towards enhancing the region’s sporting and infrastructure facilities.

Investments in renewable energy – Kroll’s analysis continues – help to accelerate the megatrends of the energy and environmental transition, combining strong returns with sustainability objectives. The sector is playing an increasingly central role within the asset classes of property funds, responding to growing demand from institutional investors for opportunities aligned with ESG objectives. Sustainability and energy efficiency, in fact, help to increase the value of property assets. In the first half of 2025, the Italian renewables market recorded an 18 per cent decline compared with the same period in 2024; the difficulties stem from an unstable regulatory framework, which hinders investment and could undergo further changes following discussions with the European Commission. Should this downward trend continue, only 6 GW of new capacity is expected to be installed by the end of the year – well below the 10 GW needed to meet the 2030 targets – marking the first setback after four years of growth.