News / From the associates

The PwC report analyzes the evolution of the logistics real estate market in Italy and Europe, with an integrated focus on investments, infrastructure, and industrial transformation. 2024 confirmed Italy’s strategic role in the continent’s major rail corridors, with over 5,000 km integrated into the European network. Road transport maintains the largest share (51%), while rail (17%) recorded slight growth and maritime traffic (31%) declined, hampered by geopolitical tensions and costly route diversions. The Italian port system handled over 474 million tons, with Genoa, Trieste, and Gioia Tauro among the main hubs. In this context, transport costs are rising across all segments compared to 2021, with high volatility due to energy prices and international instability.

In terms of real estate investments, logistics attracted €1.65 billion in Italy in 2024, accounting for 17% of the total volume, with an acceleration in the first quarter of 2025 (€660 million, +128% year-over-year). Prime yields stabilized around 5.5%, signaling the entry into a more mature phase of the real estate cycle. At the European level, 2024 transaction volumes grew by 28% year-over-year, with the United Kingdom, France, and the Netherlands leading the way in terms of dynamism. The trend toward Built-to-Own and Build-to-Suit transactions continues, increasingly sought after by 3PL operators and end-users to customize spaces according to production and distribution needs. The reverse logistics segment is booming, driven by e-commerce, while the integration of ESG criteria into asset development is also growing. Demand for logistics space remains robust: in 2024, take-up in Italy reached approximately 2.2 million square meters, with 3PLs accounting for nearly half of all leases. There is a shortage of new developments and an occupancy rate exceeding 95% in major markets, confirming the attractiveness of the last-mile sector. Prime rents stand at €110/sqm/year in Milan and €107/sqm/year in Rome, with premiums of up to 22% for e-commerce operators. The report also highlights the growing importance of brownfield reuse and supply chain digitization, as well as the emergence of phenomena such as dark stores. In summary, logistics remains a countercyclical and strategic asset, capable of adapting to new demands for sustainability, speed, and resilience.