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OFFICE | Milan and Rome H1 2020

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Observing the data of the first half year, take-up activity shows the first signs of a slowdown compared to the same period of last year. The city of Milan has held up better thanks to two important deals: Saipem has leased 41,000 sqm in Santa Giulia and UBI has taken approximately 24,000 sqm in Via Melchiorre Gioia. These two transactions concerned buildings under-construction, i.e. new and modern products. In total, there were four deals of a surface larger than 6,000 sqm representing a total of 78,000 sqm, equal to about half of the total areas taken-up. On the contrary, large deals were lacking in Rame, precisely those that had allowed the Capital market to reach significant volumes of transactions in recent years. 
In the first half of the year, the two office markets were affected by the lockdown and, subsequently, by the unexpected economie recession. The new forms of work adopted, i.e. smart working, have made it possible to continue the activity. The success of this large-scale experiment has given rise to reflections on which post-Covid offices will be needed. With the pandemie still ongoing, it is still tao early to understand what tomorrow's office world will be like. 

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OFFICE | Milan and Rome H1 2020

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