Italian office snapshot | Q1 2024
The italian office market performance in Q1 2024
- Francesca Fantuzzi
- Flavia Ferri
Key Takeaways:
The Italian economy is expected to grow by 0.7% in 2024
Looking ahead, latest market projections indicate an average GDP growth of +0.7% in 2024. The impact of inflation is slowing down and there are signals that interest rates will fall towards the end of 2024.
The office market in Italy saw a rebound in Q1 2024
The office market in Italy saw a recovery in terms of volume in Q1 2024, returning to being the leading asset class. Despite the challenging economic environment, the fundamentals of the Italian office market are confirmed, thanks to a resilient occupiers’ demand.
Office occupiers' demand still high in Milan and Rome
In Q1 2024, the office leasing market recorded approximately 121,000 sqm of take-up, of which 87,000 sqm in Milan and 34,000 sqm in Rome. Occupiers’ demand is still high in both cities with an increasing focus on sustainability.
