Property: corporate investment on the rise – up 35 per cent in the first half of 2026

The key transactions completed in the first half of the year confirmed the interest in retail parks and shopping centres in carefully chosen locations, with a view to ensuring stable performance over time despite possible changes in consumer behaviour.

The high streets of major cities continue to attract national and international brands, foremost amongst them Via Montenapoleone in Milan and Via del Tritone and Via dei Due Macelli in Rome. In these areas, yields remain stable at between 3.5% and 4.25% in Milan, and between 3.75% and 6% on other Italian high streets. The main factors driving investment interest in this segment are the growth in tourist numbers and the increasing interest in destinations with a commercial focus.

Despite investment totalling nearly 1.5 billion euros, the sector – which accounts for 21 per cent of total corporate investment – has seen a 10 per cent year-on-year decline. This figure is not entirely negative: rather, it confirms the particularly strong performance recorded by the sector in the first half of 2025.

The hotel sector remains one of the most attractive in the Italian property market, buoyed by strong tourist demand, both international and domestic. High-end properties, regeneration schemes and projects to reposition existing assets are the aspects that most attract investors’ interest. Among the key drivers shaping and influencing the strategies of operators and investors are sustainability, wellness, the authenticity of the experience and the personalisation of services.

In the first quarter of 2026, the key indicators show that the hotel sector’s performance has stabilised, both in terms of occupancy and room rates. Room occupancy remained stable (-0.1%), whilst the average price per night rose by around 9% compared with 2025 (from €131.23 to €143.09).

The expansion of innovative formats is also continuing, enabling the sector to attract new types of customers and broaden opportunities for enhancing the value of properties, such as branded residences, serviced apartments and aparthotels. Alongside established destinations such as Milan, Rome, Florence and Venice, there is growing interest in secondary markets with potential for tourism development, including Naples and Sicily.

Logistics sector focused on the country’s main infrastructure and logistics corridors

The logistics asset class ranks third amongst the most attractive sectors for corporate property investment. In the first half of 2026, it attracted €1.2 billion, equivalent to 17 per cent of total investment, representing a 50 per cent increase compared with the first half of 2025.

Investor interest is focused – as has already been observed in previous years – on locations situated along the country’s main infrastructure and logistics corridors. There is also growing interest in secondary markets, which have the potential to offer higher returns and greater development opportunities.

The sector’s prosperity is underpinned by robust demand from occupiers and the gradual maturing of the Italia market. Furthermore, the limited availability of high-quality properties and the growing importance of ESG (environmental, social and governance) criteria and energy efficiency continue to make new-generation assets attractive.

The office segment is also growing, now accounting for 12 per cent of the market. Investment has been concentrated in the cities of Milan and Rome, which together account for 80 per cent of the market. High environmental and technological standards, along with occupant wellbeing, are the key drivers of demand. Looking at the 2025 advisory figures, the segment saw an acceleration in transactions, with a year-on-year increase of 4% compared with 2024 (from 13,663 to 14,119). Sales were concentrated in the north: 3,604 in the north-east and 4,637 in the north-west.

The office continues to play a central role in organisational models, but the ways in which it is used are evolving compared with the past. These factors have led investors to focus their interest on the few core properties available in prime locations. In Rome, prime locations offer stable yields of between 4.75 per cent and 6.25 per cent; in Milan, by contrast, yields remain stable at between 4.25 per cent and 5.25 per cent. In outlying areas (secondary locations), gross yields for the first half of 2026 remained stable, ranging between 6.25 per cent and 8.5 per cent.

The residential sector accounts for 10 per cent of the market, equivalent to approximately 650 million euros (up 8 per cent year-on-year). Sustainability, energy efficiency and quality of living continue to drive the sector’s development. Among the key opportunities for investors is the regeneration of existing property stock; when designing next-generation properties, the priority is to meet flexible housing needs, incorporating spaces dedicated to remote working, wellness areas and solutions geared towards community and social interaction.

The student accommodation sector continues to benefit from the structural imbalance between supply and demand, particularly in cities that are home to major university centres. Student accommodation meets the needs of students and young professionals seeking solutions that combine living, studying and working.

Alternative assets continue to gain in weight and significance within investors’ portfolios. Data centres remain one of the most dynamic asset classes in the property market, both in Italia and across Europe. Growth in this sector is driven by the expansion of artificial intelligence and cloud computing, as well as the growing need for computing power and data storage capacity.

At the same time, there is the issue of energy. Infrastructure linked to the energy transition, land designated (or suitable for designation) for the production of energy from renewable sources, and self-storage are sectors that benefit from structural demand and competition that is still limited compared with traditional asset classes.

The retail sector is leading the way in transactions, attracting 33 per cent of investment, or €2.3 billion. The major deals completed have confirmed the interest in retail parks and shopping centres. High streets in major cities continue to attract brands, foremost among them Via Montenapoleone in Milan and Via del Tritone and Via dei Due Macelli in Rome. In these areas, yields remain stable, ranging between 3.5% and 4.25% in Milan, and between 3.75% and 6% on other Italian high streets.

The hotel sector is buoyed by strong demand from tourists, both international and domestic. The sector saw investment of nearly 1.5 billion euros, accounting for 21 per cent of the market. Among the key drivers shaping operators’ strategies are: sustainability, wellness, authenticity of experience and personalised services. In the first quarter of 2026, room occupancy remained stable (-0.1 per cent), whilst the average price per night rose by around 9 per cent compared with 2025 (from €131.23 to €143.09). The expansion of innovative formats continues, enabling operators to attract new types of guests, such as branded residences, serviced apartments and aparthotels, whilst interest in secondary destinations with potential for tourism development – including Naples and Sicily – is also growing.

Logistics ranks third amongst the most attractive sectors for corporate investment. In the first half of 2026, it attracted €1.2 billion, equivalent to 17 per cent of total investment (+50 per cent compared with the first few months of 2025). Investor interest is focused on locations situated along the country’s main infrastructure and logistics corridors.

The office segment accounts for 12 per cent of the market. Investment has been concentrated in Milan and Rome, which together account for 80 per cent of the market. Looking at the 2025 forecast, the sector has seen an acceleration in transactions, with a year-on-year increase of 4% compared with 2024 (from 13,663 to 14,119). In Rome, prime locations offer stable yields of between 4.75 per cent and 6.25 per cent; in Milan, on the other hand, yields remain stable at between 4.25 per cent and 5.25 per cent.

The residential sector is worth around 650 million euros (up 8 per cent). Sustainability, energy efficiency and quality of living are driving the sector’s development. The student accommodation segment continues to benefit from the imbalance between supply and demand, particularly in cities with university campuses.

Among the alternative asset classes experiencing growth, data centres remain one of the most dynamic. This growth is driven by the expansion of artificial intelligence, cloud computing and the growing need for computing power and data storage capacity. At the same time, there is the energy issue: infrastructure linked to the energy transition, land earmarked for renewable energy production and self-storage are segments that benefit from structural demand and competition that remains limited compared with traditional asset classes.