Shops and offices drive investment in commercial real estate in Italy

In the first part of 2025, it was commercial real estate that showed the strongest increase with +6.1 per cent. Shops are still seen as a good investment. Offices also recorded an increase in trade of +4.2 per cent. While a slight drop in sales is reported for production warehouses (-1.6 per cent) which, however, have seen exponential growth in recent years due to the increase in e-commerce and the storage of goods (food and medicine) following the pandemic. Overall, the trend of investments in business premises in Italy is positive.

According to analyses conducted by the Tecnocasa Group Studies Office, rents for warehouses have been on the rise since 2017, so much so that in the last ten years warehouses are the only asset that has seen an increase in rents: +23.1% for used types and +13.5% for new ones. Logistics fuels a large part of the search for real estate, especially near motorways, ports, airports, interports and rail networks, while the industrial and artisan sectors are looking for space to expand or reduce production. Tariffs have also led companies that rely on exports to reorganise. An important push in the search for this asset comes from those wishing to set up data centres. Italy ranks fourth in Europe in terms of the number of data centres, concentrated mainly in the North, with Milan in absolute terms, followed by Rome and Turin.

In the first part of 2025, the retail market, on the other hand, was affected by consumption trends, which were not particularly brilliant in the period under consideration, according to Confimprese data. The uncertainty also linked to the geopolitical situation has affected purchasing behaviour, making consumers more careful.

"A significant boost came from tourism, particularly foreign tourism," explains Fabiana Megliola, head of the Tecnocasa Group Studies Office, "which made it possible to offset the drop in domestic sales. In cities such as Milan, Rome and Florence, foreign tourism played a central role in supporting retail trade. The same dynamics were recorded in the most popular seaside, mountain and lake resorts".

On the office front - which has suffered the most in recent years - Tecnocasa notes an increase in purchase transactions, which, according to the company, will rise from 16.8% in 2024 to 21.4% in the first part of 2025, also noting an increase in professionals who choose to share spaces to cut rental costs.
"The demand for office leases is recovering after the slowdown recorded post-pandemic," explains Megliola. "The top positions sought are representative offices and newly built offices that meet ESG criteria. Properties in good or excellent condition are appreciated, preferably located near the metro, even if in semi-central or peripheral areas'.