Milan Office Market Dynamics, Q2 2026

Milan's office leasing market recorded approximately 134,000 sq.m. of take-up in H1 2026. Grade A supply shortage in central areas and reduced lease size constrained leasing activity. Nevertheless, demand remains robust, as demonstrated by the number of transactions in H1 2026 exceeding the five-year first half average.

Grade A assets captured over 60% of total take-up, reflecting occupiers' stringent selection criteria focused on quality, sustainability, and strategic locations amid constrained supply in central areas.

On the capital markets side, Milan led the office investment market with approximately €600 million during H1 2026 (accountedfor 52% of total office volumes). Prime yields held stable at 4.0%.