The Retail sector has emerged as the most active asset class to date this year, boosted by the transaction of a major High Street trophy asset in the heart of Milan.

Investment activity in Italy confirmed its solid footing through H1 2026, with total volumes reaching €7.06 bn marking a +28% y/y increase and confirming the resilience of the institutional real estate market.

As occupier activity in Milan’s office market measured in sqm slowed down in H1 2026, the market also saw an increase in the number of transactions illustrating a particularly active semester and an evolving marketplace.

In Rome the occupier market experienced some positive signs of growth in H1 2026, with a +24% increase in take-up sqm on a yearly basis, limited however by restricted supply.

Despite a slowdown in take-up in Q1 2026 in sqm terms, Milan’s office market saw an increase in the number of transactions reflecting an active occupier market as prime rents continue to edge upwards.

The occupier market in Rome experienced some positive signs of growth in Q1 2026, with an increase in take-up of +11% on a yearly basis.

Italy’s institutional investment market begun the year on a solid footing, reaching €2.99 bn, up +14% y/y confirming its resilience. Retail followed by Alternatives including Living contributed with the best performance of the quarter.