In 2024, investment in the Italian real estate market reached approximately €10.2 billion—a 70% increase year-over-year—including developments and share deals, with 65% of the capital coming from international investors. The fourth quarter was the most active of the year, with a volume of approximately €3.5 billion.
The office and retail sectors recorded the best performance in terms of transaction volume, followed by logistics and hotels. The residential sector showed a recovery in the fourth quarter, following a less dynamic first half of the year.
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The retail sector was the leading asset class by investment volume in 2024: with €2.6 billion invested—a figure 3.5 times higher than in 2023—retail accounted for 25% of total investment volume.
Investors showed a preference for out-of-town locations, with strong interest in shopping centers. At the same time, prime locations in major cities saw a strong recovery in the occupier market, with demand concentrated in high-end shopping districts, which significantly reduced vacancy rates and drove up rents, reshaping the sector’s urban landscape.
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The office sector was among the main recipients of real estate investment in Italy in 2024, with a volume of €2.6 billion—nearly double that of 2023—thanks to solid fundamentals and strong performance in the leasing market.
The Milan office market demonstrated resilience in 2024. In the leasing segment, approximately 370,000 square meters of space were absorbed, plus 17,000 square meters in subleases, with nearly half of the transactions concentrated in the City Center and the CBD.
Milan remains Italy’s leading market for office real estate investments, attracting €1.2 billion in 2024. Investors favored prime assets in central areas, focusing on core properties, while there was renewed interest in value-add properties undergoing redevelopment or potential conversion to other uses.
In Rome, the office market recorded a take-up of 167,000 square meters, of which 41,000 square meters occurred in the fourth quarter. Although down from 2023, the comparison is influenced by two exceptional transactions that took place the previous year in the EUR district and the city center. On the investment front, Rome attracted over €900 million in 2024, accounting for 38% of the total volume invested in the office sector in Italy.
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The logistics sector in Italy continues to demonstrate its appeal despite slower absorption in 2024. Occupier activity is growing, and although demand has declined from recent peaks due to longer negotiation times and the slowdown in e-commerce, it remains above the ten-year average, confirming the market’s resilience.
On the investment front, the Industrial & Logistics sector totaled approximately €570 million in the fourth quarter, bringing the total volume for 2024 to €1.7 billion, in line with 2023 figures. Investor interest remains strong, cementing logistics as one of the main investment segments: in 2024, it accounted for 17% of total volume, ranking third behind offices and retail.
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