The office market closed 2021 with take-up of 376,300 sqm in Milan and approximately 138,400 sqm in Rome.

This is a positive result if compared to 2020, year that was significantly impacted by the Covid-19 emergency, indicating a gradual recovery of the market, although volumes remain below those of 2019.

In terms of area let in Milan, the most active markets were the Periphery, accounting for 27% of the total area, with a self-contained property of approximately 20,000 sqm transacted in Q2 2021, followed by the Semicentre with 19% of the total, thanks to a pre-let deal of around 12,000 sqm. An increase against the pre-Covid period was also observed in terms of transactions completed, for a total of just over 300 transactions in 2021.

Compared to the prior quarter, there was a slight increase in prime rents in the CBD, currently at approximately 610 €/sqm/year.

Moving on to the Capital, the EUR is the preferred macro-zone, accounting for 33% of total takeup. Rents are up slightly compared to the prior quarter, with prime rent in the more central zones of the city at 450 €/sqm/year.