News / From the associates

In 2024, Turin’s economy experienced a year marked by contrasts. Some sectors showed signs of vitality, while others faced difficulties linked to the global context. International uncertainty and a slowdown in foreign demand held back the manufacturing sector, which recorded modest growth. In contrast, tourism remained fairly stable, with over 7.2 million total visitors.

The labor market remained stable overall, but with significant differences across sectors. The automotive sector suffered a decline in employment, while sectors such as agri-food and innovative services continued to generate new opportunities for growth. Exports reached €13.8 billion in the first six months of the year, confirming the region’s international focus.

In real estate, investor interest focused on assets such as hospitality, residential, and logistics. The office segment recorded a vacancy rate of 12%, but interest in renovated, high-quality properties grew.

The office market showed positive signs, with a sharp increase in demand for modern, sustainable, and efficient spaces. Rents rose, particularly for Class A properties, which saw the vacancy rate drop to 3.60%, while overall occupancy rose above 75%. Transactions increased, with 256 sales completed in 2024, although the shortage of high-end space slowed absorption, bringing the average time to sale to about 8 months.

The market is currently characterized by strong polarization: the gap between minimum and maximum rents has widened further, especially in central areas with better subway connections. There is also a growing trend among tenants to prefer the redesign and renovation of existing spaces rather than moving to new locations, with a focus on optimization and sustainability.