Real Estate, logistics slow down. But the crux remains residential

duties? It is true that they do not directly impact the real estate sector, although possible increases could also affect cement and building materials and lead to increases on new construction. But what is worrying is the induced effect.

"Some investments in the sector," explains Federico Sutti, chairman of the Europe board and managing partner of Dentons in Italy, as well as an established real estate expert who led the international law firm's opening in Milan ten years ago, "are actually suspended, slowed down. Above all, I have cases involving logistics. And what investors have told me is that the very situation of a slowdown in international trade, of a greater regionalisation of trade, leads to a certain caution. I don't think,' Sutti explains, 'that they will be frozen investments. But capital flows require a framework of clarity'.

It is precisely logistics, according to Sutti, that risks being among the asset classes most affected by the new political climate. 'In recent times,' said the lawyer, 'the time to get to the signing of tenant contracts has lengthened. Investors fear an increase in vacancy risk and the market is becoming more tenant-driven'.

If one hears less about offices (only new, prime offices located in strategic areas have a market), it is hotels that are galloping - in terms of volume and number of transactions - especially because if Rome and Milan (as well as Venice, Florence and the Lake area) are the lion's share, hospitality is among the few asset classes (with student residences) whose capital flows also reach the Centre and South and outside the big cities.

"After many years," Sutti goes on to explain, "we are detecting early movements and transactions in the retail world, from the High Street to shopping centres, although overall yields remain very high, close to double digits, and this means that there is still an inherent risk perceived by investors and a certain illiquidity of the product.