During the first nine months of 2021, the office market in Milan and Rome recorded a good level of take up, giving some positive signs.
Key points:
- The comparison with the third quarter of 2020 is of little significance as the lowest point of the crisis was reached in that quarter.
- In the last quarter, the spaces absorbed in Milan almost reached the record levels of 2018 2019.
- The city of Rome is also performing better than last year but still slightly subdued compared to pre-crisis levels.
- There is a decrease in the supply of office spaces compared to the previous quarter.
- We expect over 1 million sqm of new supply over the next four years.
- Grade A premises represents only 30% of the total supply, despite the occupiers' preferences.
- The average rents have a stronger rising, which has continued since the beginning of the year.
