Milan | OFFICE 2017

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Take-up above the five-year average
The take-up of office space in 2017 reached a record volume of approximately 340,000 sqm, an increase of 16% compared to 2016. This is an interesting achievement considering that there were no anomalous transactions recorded, as in 2015, a historic year for the Milan market.
After a rather quiet third quarter in terms of transactions, take-up in exceeded 90,000 sqm, nearly reaching the levels of the first two quarters of 2017 (96,500 sqm in Q1 and 97,200 sqm in Q2), in the last three months of the year. Significant growth was recorded also in relation to the number of transactions, almost 20% higher compared to 2016. More specifically, the fourth quarter accounts for over 30% of the total number of transactions for the entire year.
Steady but minimal growth has been recorded with regard to office stock, reaching 12.34 million sqm. The changing trend underway in the city of Milan continues, thanks to the reintroduction into the market of office spaces that have been fully refurbished to modern standards. These substantial interventions on existing areas allow such buildings to become competitive with new ones.

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Milan | OFFICE 2017

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