The Rome occupier market experienced some limited signs of growth with increases in take-up coupled with stable vacancy and upward prime rental movement.

Despite growing prime rents, a contraction in occupier activity in Milan’s office market was accompanied by a decrease in the number of transactions, illustrating a less active third quarter to the year.

The market trend remained positive in the first 9 months of the year, with Italian real estate investment recording a volume increase of +30% Y-o-Y.

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.

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.

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.