Milan Office Market Dynamics, Q4 2025

In 2025, approximately 395,000 sq. m. of office leases were signed in Milan, showing a growth of +5% compared to 2024. The year also saw an additional 13,000 sq. m. of subleases.

Almost 40% 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 reflecting the focus on high quality assets.The grade A vacancy ratehovers around 3%.

Milan dominated the office investment market with approximately €1.5 billion invested, representing more than half of the sector's total volume.