Summary and analysis of Milan's current office real estate market conditions.
In H1 2025, approximately 200,000 sq. m. of office leases were signed in Milan, an increase of 18% compared to the same period of 2024. H1 also saw an additional of almost 10,000 sq. m. of subleases.
Over 50% of take-up was in the Centre and CBD areas, confirming central locations as a main driver for occupiers. Grade A assets represented around 80% of take up confirming the focus on high quality assets. The grade A vacancy rate hovers around 3%.
Milan continues to dominate as Italy’s leading office market, attracting nearly EUR 800 million in H1 2025. Investors appetite remain strongest for core assets in central locations. Additionally, there has been growing interest in value-add opportunities, including office repositioning and potential conversion projects.