Summary and analysis of Italy's current retail real estate market conditions.
The Italian retail market attracted approximately €2.3 billion in investments during Q1-Q3 2025, underscoring strong upward momentum and increasing investor confidence across all retail subsectors.
Q3 achieved solid results with €1.1 billion invested, driven by two significant transactions. The market shows growing interest from Core+ investors, though value-add and opportunistic operators remain dominant.
The retail leasing sector remains resilient, further reinforcing the position of Milan and Rome as key markets. However, occupiers are increasingly adopting conservative expansion strategies, with a focus on strategic selectivity.