In the first nine months of 2025 the office sector remained in line with its 2024 performance, with over €1.7 billion invested, of which €360 million in the third quarter.

Milan and Rome are confirmed as the most targeted cities for office investment, narrowing the gap in terms of volume, with Milan at €0.85 bn and Rome at €0.5 bn in Q1-Q3.

In terms of risk profile, core and core+ capital dominated investments, accounting for more than half of the total volume. Meanwhile, value-added deals represented over 55% of the total number of transactions