Increase theattractiveness of leases and sales of the office sector in the 2022 with Milan which records a total value of deliveries (take up) of + 35 % compared to 2021, while Rome stands at + 6 %. The positive trend of the two markets confirms that the two cities continue to be the most attractive on the national scene. This is revealed by the latest study by Gabet group on the office sector.
Milan recovered and exceeded the numbers reached before the pandemic, closing the year with a take up of 508.400 m², exceeding 5 by 2019%. Rome, on the other hand, is still far from recovering the values of 2019, however marking a +22% compared to 2020.
The excellent results of these 12 months follow in the wake of what has also happened in the corporate investment market, with an office sector on the podium of the asset classes of greatest interest to investors, totaling an all-time record of 4,5 billion euro.
The market office in Milan
The majority of contracts signed in Milan are registered in financial district and in the suburbs (24%) followed by the North Pole of the city and the semi-center with 15%. In terms of leased surface area, the largest share (32%) is in the suburbs, following two transactions registered in the south of Milan, conducted by companies operating in the fashion field, for a total of 60.000 m17. The hinterland follows, with 10.000% of the total thanks to three operations between 30.000 and XNUMX mXNUMX. The percentage of vacant properties (empty spaces), during the last quarter of 2022, is approximately 1,37 million sq.m. The disaggregated analysis of the territory shows a prevalence of vacancy, in terms of surface area, in the suburbs of Milan with 40%, followed by the hinterland with 27% of the total vacancy. The price of the fee average lease is 660€/sqm/year, an increase compared to that recorded in the previous quarter (650 €/sqm/y). THE prime yield values (net) compared to the previous quarter are up, with a Prime Yield in the central area of Milan of around 3,75%.
The market office in Rome
Le total deliveries in Rome in 2022 they reached a volume of 146.100 mXNUMX (considering the main operators and a fragmented share among minor operators), given in + 6% growth compared to 2021. Unlike Milan, in the capital a greater market share is however attributed to non-institutional operators. The Roman market records the largest share of closed contracts of EUR zone (30%), followed by the historic center (23%). The fee of average lease, in the last quarter of 2022, is 480€/sqm/year, an increase compared to that recorded in the previous quarter. There distribution of office buildings in the city of Rome it can be identified in some areas: centre, semi-centre, Eur area and the peripheral area, which also includes the sub-markets Nuova Fiera di Roma, East Inner Gra, South-East Inner Gra and the Fiumicino axis). THE prime yield values (net) compared to the previous quarter are up, with a Prime Yield in the central area of Rome of around 4,25%.
“Despite a challenging market context, due to the uncertainty created by the growth of inflation and interest rates, Milan and Rome have managed to offer opportunities to tenants (lessees). We have witnessed the first changes induced by the growth of the digital economy in favor of smart working, which is transforming offices into necessarily more sustainable and innovative meeting places in terms of quality and environment. The take-up achieved in Milan highlighted how the effects of the impact of remote working are definitively behind us, demonstrating that the office remains an essential space, in a different form, capable of supporting new ways of working” he explained Raffaele Melotti, office manager of Gabetti Agency.
