A total investment volume of €8.3 billion was recorded in Italy in 2018. Some 37.5% of the volume invested focused on the office sector, followed by the retail segment with 23.6%. Investments in office buildings were once again most concentrated in the two key markets of Milan and Rome, while investments in the retail segment, with shopping centres representing the predominant asset class in 2018, were more uniformly distributed throughout the country, following different logic than High Street retail and less restricted, at the national level, to the main shopping streets. Fourth quarter 2018 saw a significant increase in investments compared to the prior quarters, with an acceleration that resulted in the achievement and exceeding of the threshold of €8 billion, a figure that confirms the appeal of the Italian real estate portfolio for institutional investors. In terms of origin of capital, national investors are approaching European ones, which are still the most active operators on the Italian market.