The fourth quarter of 2025 delivered an unprecedented result to the Italian commercial real estate market: €12,1 billion in total investments, the highest level recorded since 2012. This figure represents a 25% increase compared to 2024, in a still-unstable international macroeconomic environment, marked by geopolitical tensions and uncertainties in global financial markets.
Growth was supported above all by Q4 's €4,5 billion , which gave a significant boost to an already solid year (Q1 €2,75 billion; Q2 €2,4 billion; Q3 €2,45 billion). This end of the year confirms Italy's new role in the European real estate investment landscape, increasingly perceived as a credible , worthy , and safe market.
This confidence is also reflected in the fundamentals: stable or rising rents across major asset classes and a slight further compression in prime net yields, a sign of a mature and competitive market.
Retail: historic record and structural investor returns
Retail is undoubtedly the key player in 2025. With over 3 billion euros invested, equal to approximately 25% of the total, the sector has reached its all-time high, surpassing even the previous peak of 2016, when it barely surpassed 2,5 billion.
After years of post-pandemic caution, the sector is confirming a now consolidated repositioning process , which began in 2024. It is no longer just the trophy assets of the main high streets that are attracting investors' interest: selected, dominant and well-located shopping centres are also returning to the forefront.
The "Italy" brand, as in the hospitality sector, continues to represent a powerful driver of attractiveness. The shopping streets of Milano They are now among the most expensive in the world in terms of rental fees, confirming the structural strength of prime retail in major cities.
Other: not just living, but a rapidly evolving sector
The Other sector will reach its all-time high in 2025, with over €2,6 billion invested, equal to 22,1% of the total. This result is driven primarily by alternative assets , which are performing almost twice as well as traditional living assets.
The contribution of the Healthcare/RSA segment was particularly significant , having seen the change of ownership of numerous facilities over the course of the year, confirming investors' interest in defensive assets with stable income and strong long-term demographic drivers.
Hospitality: continuous and transversal growth
Hospitality continues its steady and uninterrupted growth. Since 2020, volumes have more than doubled , from approximately €1 billion to €2,25 billion in 2025.
While the sector accounted for 11% of total investments in 2020, it now accounts for 18,6%. This expansion is supported not only by major cities and prime destinations, but also by a growing regional diversity , fueled by international events, sports, culture, and culinary excellence. Here too, the "Italy" brand proves to be a powerful catalyst for capital.
Logistics: the cornerstone of the country's system
Logistics continues to be a strategic asset class , not only for investors but for the entire national economy. In 2025, it will raise over €2,23 billion, equal to more than 18% of total investments.
Over the last five years, the sector has attracted over 11 billion euros , approximately 23% of total volumes, steadily standing alongside the historic Office sector as the leading asset class on the Italian market.
The fundamentals remain solid: stable rents in the main markets (Milano(Rome and major logistics hubs), take-up exceeding 2 million square meters and prime yields around 5,2%, amid continued strong demand from national and international operators. This data confirms that, without logistics, structured growth in other sectors, primarily retail, is impossible.
With reference to the rental market, from the data of 40° Borsino Immobiliare della Logistica H2 2025 – the new release is coming soon – a progressive stabilization of values emerges, which signals the sector's entry into a phase of greater balance and maturity in the relationship between supply and demand.
A slowdown that does not signal a structural weakness, but rather a physiological consolidation of the sector , which has now reached high levels of development.
In detail, as regards the real estate values, prime fees are overall stable: Rome reaches i €77/m2/yearovercoming Milano, stop at €76/m2/year. The national average exceeds i €70/m2/year, without any location below the €60/m2/year. The segment too second-hand shows substantial stability, with a national average of approximately €55/m2/year and minimum values not lower than €45/m2/year.
Office: Waiting for the return of core capital
With over €1,8 billion invested, equal to approximately 15% of the total, the Office sector closed 2025 as the last asset class in terms of volumes, while historically remaining the first in terms of overall investments in Italy.
Un such a low level had only been recorded in 2014, in a year in which total real estate investments did not reach But the 5 billion. The market remains strongly Milano- and Rome-centric, with over 500.000 sq m of total take-up (approximately 370.000 sq m Milano and 130.000 m2 in Rome). The sector currently appears to be in a waiting phase, in anticipation of a possible return of core capital, attracted by prime, sustainable products fully aligned with the new ESG standards.
"The fourth quarter of 2025 confirmed what everyone expected to be a very positive year for Italian commercial real estate. Starting in 2023, when we began to observe a homogeneity in the distribution of investments across the various asset classes," stated Marco Clerici, Head of Advisory & Research at WCG – the real estate system has managed to maintain its credibility and attractiveness on national and international markets."
2025 thus ends as a year of all-time highs, but above all as confirmation of a market capable of attracting capital in a cross-sectional, balanced, and structural manner. A strong signal for 2026, which begins with high expectations and solid fundamentals.