Investment
Investment activity remained resilient in Q3 2026 with volumes reaching 2.8€Bn, supported by sustained investor interest and the completion of several significant transactions across the main sectors. Industrial & Logistics emerged as the most active segment, while international capital continued to underpin market liquidity, reinforcing Italy's appeal to global investors and supporting a strong year-to-date performance.
Office
In the third quarter, office market activity remained moderate in both Milan and Rome. Prime rents remained stable quarter-on-quarter in both markets, with occupier demand continuing to favour high-quality, well-located space. Investment activity remained concentrated in Italy’s two core office markets, with Milan recording the highest volume, supported by a major transaction, while investors continued to adopt a selective approach focused on assets offering resilient income streams and value-creation potential through refurbishment, repositioning or conversion strategies.
Logistics
The Industrial & Logistics sector continued to perform strongly in Q3 2026, underpinned by solid occupier demand and sustained investor interest. Activity was supported by a diverse occupier base, with logistics and retail operators remaining key drivers of the market. On the investment side, market fundamentals and positive sector sentiment continued to attract capital, while prime rents in Milan and Rome remained stable after the increases recorded earlier in the year.
Retail
The retail sector maintained a positive trajectory throughout Q3 2026, underpinned by improving market fundamentals and sustained investor appetite. Retail parks continued to outperform, confirming their appeal to both occupiers and investors, while prime high street and shopping centre assets remained stable. Investment activity was largely concentrated in the shopping centre segment, highlighting growing confidence in dominant assets and well-established retail destinations.
Hospitality
Italy recorded €1.3bn in hotel investment in H1 2026, down 18% YoY from an exceptional H1 2025 but still 53% above the 10-year average. A total of 57 hotels (9,343 rooms) traded at €170k per room. Cross-border investors accounted for 67% of volume, led by a sharp rebound in European capital. Investor focus shifted to Upscale (35%) and Upper Midscale (33%) assets. Trading fundamentals remained among Europe’s strongest, with RevPAR up 11.3%, driven by robust demand. Despite 80+ openings, supply grew just 0.2%, while tourist arrivals rose 4.4% to 88m and international arrivals increased 6.5% to 35m.
