News / From the associates

This study analyzes emerging trends in the industrial real estate market in Lombardy, with a focus on supply and demand for space, price trends, and rental rates. In addition, the report includes in-depth analysis of the region’s most strategic provinces.

Lombardy remains a key area for Italian industry, with a high concentration of local businesses and employees. The sector is undergoing a period of profound transformation, marked by the gradual decline of traditional craftsmanship and rising demand from SMEs for modern spaces suited to new production needs.

Despite strong demand for purchases and leases, the current supply does not always meet market needs, which favor recently constructed, medium-to-large properties with modern, energy-efficient amenities. The shortage of suitable spaces is driving companies to opt for leasing, fostering the development of Build-to-Suit solutions—already widespread in logistics—within the industrial sector as well.

In 2023, the majority of industrial properties for sale and lease were small warehouses (less than 500 square meters). Despite this, the stock and demand for spaces exceeding 4,000 square meters grew significantly, with increases of 88% and 70%, respectively, compared to 2016.

In summary, the industrial real estate market in Lombardy is evolving, with a growing polarization of demand between small and large spaces and a need to adapt supply to meet new trends among occupiers.