News / From the associates

In 2025, Turin and its metropolitan area, with over 2.2 million inhabitants (including approximately 870,000 in the city), remain a major national urban center undergoing transformation, characterized by the gradual integration of sectors such as advanced services, research, aerospace, and innovation alongside its traditional manufacturing base. The presence of approximately 118,000 university students enhances the region’s appeal and supports demand for real estate, particularly in the residential and student housing segments. The economic environment appears solid, with a per capita GDP of approximately €35,000 (+5% compared to the national average), an unemployment rate of 7.2%, and approximately 270,000 active businesses. The residential market records average prices between €2,000 and €2,200 per square meter (up to €4,500–5,500 per square meter for prime properties) and approximately 16,000 annual sales, while tourism contributes 7.2 million visitors and a hotel occupancy rate of 70%.

The office market comprises a total stock of approximately 1.7 million square meters, with a vacancy rate of around 11% and a corporate component of approximately 650,000 square meters. Unlike other European cities, Turin has a polycentric structure without a true CBD, with hubs distributed among the city center, Spina Centrale, and Lingotto, the latter being among the most developed and multifunctional areas. The supply is characterized by a prevalence of mid-grade (Grade B) properties and limited availability of Grade A space and large contiguous areas, a factor that may reduce attractiveness for large tenants. By 2025, however, demand for high-quality office space is expected to strengthen, driven by the return to in-person work (office space occupancy rates exceeding 65%) and the rise of hybrid models, which favor flexible and collaborative spaces. This consolidates a “flight-to-quality” trend, with demand concentrated on spaces between 1,000 and 3,000 square meters.

In terms of values, prime rents stand at around €230/sqm/year, with peaks of €250/sqm in the most central locations, while the vacancy rate for prime properties is limited to 3%, with yields of approximately 6.10%. Overall, Turin’s office market recorded 326 transactions in 2025 (+27% compared to 2024), the highest figure in the last decade, despite limited supply. The average time to sale is just under 8 months (about 5 months in central areas), while leases are typically finalized in 4–5 months. Overall, the market appears to be consolidating, with demand remaining dynamic but more selective, and a growing polarization between high-quality assets—which attract the interest of investors and tenants—and lower-performing properties.