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Office real estate in Italy - statistics & facts

Office real estate is a subsector of non-residential, also known as commercial, real estate. This subsector includes any office building, from skyscrapers located in so-called central business districts (CBD) in the largest cities to suburban office spaces. The number of office units in Italy amounted to approximately 634 thousand in 2019, with the majority of them located in the northwest of the country. The region counting the highest number of office spaces is Lombardy, which is also the region with the highest number of inhabitants and the largest GDP in the country.

Office real estate is particularly popular with investors, both domestic and foreign, as it generally provides secure and large returns, especially in big cities. Office real estate investments in Italy accounted for more than half of all investments in the non-residential real estate sector in the country during the first quarter of 2019. Milan and Rome appear to be the most dynamic markets for office real estate among Italian cities, boasting the largest number of transactions and attracting the vast majority of investments in the office real estate sector. Indeed, Italy's two largest cities account for nearly 90 percent of total investments in the sector.

Due to generally higher quality of living and lower costs, however, small cities can be attractive too, both for employers and employees. The city of Bologna, for instance, saw the largest increase in office real estate transactions among Italian cities in 2019. The price of office spaces is generally higher in larger cities, but that is not the case in Italy. Milan and Rome, in fact, appeared second and third respectively in a ranking of the most expensive Italian cities for office space. This list was led by Venice, where office units could fetch on average 3.8 thousand euros per square meter in 2019.

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Office real estate in Italy

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Office real estate in largest cities

Office real estate investments

Office real estate in Milan and Rome

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