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Spring 2009
Milan and Rome office markets
- The economic downturn has caused a slowdown in Milan leasing activity, however the number of enquiries is rising driven by the need for more efficient and cost effective space.
- A balance between demand and supply of high quality premises keeps Milan and Rome prime rental levels stable. Slight rental falls have been noted in the secondary segment of the markets and are expected to continue.
- Consolidation and the relocation to modern buildings will leave a rising proportion of available space in second hand premises in both centres.
Investment activity has come to a standstill since the middle of 2008.
- Italian funds and private buyers will remain the protagonists of investment activity this year, although there is still some reluctance to enter the market due to the uncertainty around pricing levels.
- We consider the current conditions favourable for investors, as competition is limited and prime assets in the Milan and Rome CBD markets can come on offer at lower prices than last year.
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CONTATTI
Eri Mitsostergiou +30 210 6996311
emitso@savills.com
Susan Trevor-Briscoe +39 02 3656 9300
stbriscoe@savills.it
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