News / From the associates

The analyses conducted by IPI on the Turin and Genoa markets reveal two distinct scenarios, both characterized by the growing importance of the quality and suitability of the real estate inventory in relation to market demand.

The Turin office market has a polycentric structure, with a total stock estimated at approximately 1.7 million square meters, of which about 650,000 square meters belong to the corporate segment (38%), distributed mainly among Centro and Porta Susa, Spina Centrale, Crocetta-Politecnico, and Lingotto—the city’s main multifunctional business district. The real estate stock intended for commercial use appears uneven and is characterized by a limited presence of single-tenant corporate properties and Class A office space, while many offices are located in mixed-use buildings or require renovation. This results in a fragmented supply and limited availability of large, immediately usable spaces. The overall vacancy rate stands at around 11%, while rents and sales prices remain essentially stable, at 300 euros/sq m/year and 3,900 euros/sq m, respectively, in the Centro/Porta Susa area, in a market that remains less dynamic than the country’s major business hubs.

In 2025, 326 sales of offices and professional practices were recorded in Turin, more than 27% higher than in 2024 and the highest figure of the past decade; in the first half of 2026, however, transactions returned to levels in line with 2024, confirming the volatility of a relatively small market. Demand remains selective and favors renovated, flexible, efficient, and well-located properties, while less desirable properties require longer sales cycles and greater flexibility in negotiations: the average time to sell is less than 8 months—about 5 months in central areas—while for rentals, it stands at around 4–5 months. Property quality is therefore one of the main factors driving demand, a trend that also emerges—albeit with different characteristics—from the analysis of Genoa’s residential market.

In fact, Genoa’s residential market shows strong transaction activity, with sales up 5.6% year-over-year in the first half of 2026, compared to +2.98% in the eight major cities and +2.1% nationwide, but it remains strongly characterized by the prevalence of existing housing stock and marked regional differences. Demand, driven primarily by owner-occupancy—nearly 80% of purchases by individuals qualify for the first-home tax break—is influenced by demographic trends and changes in household structures, shifting toward specific locations, sizes, and quality characteristics; the use of mortgages stands at 46.3%, while new construction accounts for just 1.8% of purchases, compared to about 7% in major cities. Prices are highly polarized, with higher levels in the Middle East (3,450 euros/sq m) and the East, and more affordable prices in the West, the Central-West, and the inland valleys: the ratio between the highest and lowest median values is approximately four to one, and even within individual areas, micro-location, quality, and property characteristics are decisive factors. In this context, the redevelopment and retrofitting of the housing stock take on a central role, with accessibility, efficiency, and functionality becoming increasingly important for a property’s market positioning, while the economic viability of such projects must be assessed in relation to the values achievable in the various submarkets.