In Q1-Q3 2025, approximately 270,000 sq. m. of office leases were signed in Milan,stable compared to the same period of 2024. The first nine months also saw an additional of almost 13,000 sq. m. of subleases.

Almost 45% of take-up was in the Centre and CBD areas, confirming central locations as a main driver for occupiers. Grade A assets represented 75% 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. Investors appetite remain strongest for core assets in central locations, although a significant share is represented by value-add deals.