Summary and analysis of Milan's current office real estate market conditions.
Insight
14 May 2025
Milan Office Market Dynamics, Q1 2025
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In Q1 2025, approximately 107,000 sqm of office leases were signed in Milan, an increase of over 20% compared to the same periodof 2024. Q1 also saw an additional of 3,000 sqm 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 is at 3%.
Milan remains Italy's primary office investment market, attracting EUR 450 million in Q1 2025. Investors are mainly focused on central locations and core products. There was also an interest in value-add properties for office use and potential conversions.