Growing capital on commercial and more space for data centres, self storage and sports

As Kroll's analysis explains, the data centre market is experiencing unprecedented acceleration, both in terms of geographic 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 Italy has experienced significant expansion. According to AGICI's study, the European data market will be worth around EUR 1 trillion by 2030, with EUR 190 billion invested in new data centres. Italy has promising growth prospects, thanks to competitive factors such as convertible industrial areas, a modern electricity grid, abundant renewable energy and strategic submarine connections. The sector could triple its installed capacity from 600 MW to 2 GW, generating 18 billion investments by 2030. Electricity demand will grow from 7 to 20 TWh, or 6% of national consumption. Growth will also favour the entire industrial chain and a synergy with energy utilities, promoting integrated and sustainable business models.

Another asset class to be closely monitored is self-storage. The sector benefits from inherently non-cyclical demand, low investment requirements and low obsolescence risk. In Europe, where the UK alone accounts for a third of the sector, the market is still in an early stage of development, with significant growth opportunities, including Italy, where the market has potential for strong expansion, driven by changing lifestyles, urbanisation and new consumer needs. Growth is also favoured by booming e-commerce, shrinking living space and rising housing costs: in this context, self storage offers a practical and cost-effective solution for managing excess items. Self-storage properties require less extraordinary interventions than other asset classes and demand is mainly driven by events in people's lives, being less influenced by general economic trends.

Additional specialised asset classes are emerging and consolidating in the country, particularly in the sports and leisure sector. This dynamic is supported by a calendar of major international events, including the 2026 Milan-Cortina Olympic and Paralympic Winter Games, for which numerous sports facilities are being built in various locations, to be followed by the 38th edition of the America's Cup in Naples in 2027 and the 20th edition of the Mediterranean Games in Taranto, which will further enhance the country's attractiveness. Italy will also host the Davis Cup in the three-year period 2025-2027 and the ATP Finals from 2026 to 2030, which will take place between Turin and Milan. In parallel, AC Milan and Inter Milan have acquired the ownership of the Giuseppe Meazza stadium and surrounding areas, with an investment of more than 210 million euro, to start the project for a new shared facility. The works will start after the Olympics, marking a further step towards the infrastructural and sports enhancement of the area.

Investments in renewable energies,' continues Kroll's analysis, 'enable the acceleration of mega trends in energy and environmental transition, combining good returns with sustainability goals. The sector is assuming an increasingly central role in real estate fund asset classes, responding to growing demand from institutional investors for opportunities aligned with ESG objectives. Indeed, sustainability and energy efficiency contribute to increasing the value of real estate assets. In the first half of 2025, the Italian renewables market recorded a drop of 18% compared to the same period in 2024; the difficulties are linked to an unstable regulatory framework, which hampers investments and could undergo further changes following the interlocutions with the European Commission. If the negative trend continues, only 6 GW of new power 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.