Il logistics real estate market in Italy it started 2023 confirming itself as one of the best asset classes. With an increase of 7% to 3 billion euros, it confirms itself in first place for growth in Europe, moving against the current with respect to the European one, which fell by 15% to 58 billion. The real estate turnover recorded for the industrial-logistics sector in Italy in 2022 was about 6 billion, up 9% on an annual basis and with a forecast for 2023 of substantial stability.
Logistics real estate market, endless growth
The sub-fund is worth 25% of the total investment volume and, according to the "Logistics Real Estate Market Report 2023” edited by Scenari Immobiliari in collaboration with SFRE, is climbing the choices of investors. L'increase in investment it was mainly supported by the progressive consolidation of interest from foreign institutional investors and by the growing demand for quality spaces in markets that are complementary to the main ones.
Real estate investment market in Italy in 2022
The territorial distribution of investments shows how the importance of the has strengthened Northern Italy as the main area of interest with an absorption equal to 82% of the total (North West 61%, North East 21%). Follows the center with 17%, with the remaining 1% being the markets of South and islands.
La steady growth of the logistics market in our country has brought the current real estate assets, after the closure of developments for just under 2022 million square meters in 2, to over 46 million square meters, an increase of 4,5% on an annual basis for an estimated value of about 2 billion euros. Estimates for 2023 call for pipeline developments of just under 2,3 million square meters.
The adjustment capacity of the supply chain is confirmed by the weighted increase, compared to the sharp drop in previous years, in net returns at national level, which stand at 5,8%, with even lower peaks for prime locations and trophy assets, between 4,8% and 5,7% and further discounts for last mile properties.
Logistics real estate: constant rents
In Italy i rents in 2022 they have remained almost constant, with territories characterized by faster growth dynamics in correspondence with the logistics areas of northern Italy and lower levels of dynamics in the centre. At the same time, prices had an average increase of just over 3% deriving mainly from returns on the increase and from the national increase in average rents.
Il risk containment deriving from the current economic scenario which is very delicate despite the growth of the Italian GDP in 2023 being estimated at 1,2%, also entails for Italy the need to rethink existing agreements.
The phenomenon of reshoring and inflation
The phenomenon of restoring, with the return or relocation of companies that are actually different from those chosen in the last twenty years, is affecting every part of the market and every product category and consequently fully involves the logistics sector, directly or indirectly. Even the new monetary scenario, different from zero inflation in which the local logistics market has developed and has reached its lowest point in terms of returns, is acting as an accelerator of further transformations.
Although the national logistics real estate market is solid, the future depends on the choices in innovation, design, technology and governance that will be made in recent years.
