Italian commercial real estate opens 2026 with €3.05bn in Q1 investments (+13% YoY), while logistics records its best quarterly take-up in four years. On the regulatory front, DL 66/2026 reshapes housing policy with PPP instruments and accelerated procedures.
The Italian commercial real estate market confirms its structural resilience in a deteriorating macroeconomic environment. According to data processed by Cushman & Wakefield Italy, Q1 2026 total investments reached €3.05 billion, up 13% year-on-year — a result made more significant by external pressures including escalating Middle East conflict, new energy cost tensions, a slowdown in consumer confidence and a downward revision of Italian GDP growth estimates to approximately 0.5% for the full year. This figure fits into an exceptional multi-year trajectory: in 2025 CRE had already reached €12.4 billion, approximately 20% more than 2024 and among the highest volumes ever recorded (Colliers).
The logistics sector stands out as the most dynamic asset class on the occupier side. In Q1 2026, absorption of logistics and industrial space reached 835,000–860,000 sqm — estimates from JLL, DILS and Cushman & Wakefield converge on this range — marking growth of 59% to 78% year-on-year and the best quarterly result in four years. Demand was predominantly driven by 3PL operators, accounting for over 85% of total take-up, with a notable return of large transactions above 50,000 sqm. Prime rents resumed growth: Milan at €72/sqm/year, Rome (€71), Bologna (€70) and Piacenza (€62). Vacancy rate at 5.0%. Prime yields stable at 5.3%. Logistics investment volume reached approximately €416–430 million in Q1, down 30% versus Q1 2025.
On the regulatory front, Decree-Law No. 66/2026 (Piano Casa) entered into force on 8 May 2026, currently undergoing parliamentary conversion (deadline: 6 July 2026). It intervenes on three axes: recovery of public residential housing, revival of social housing, and attraction of private investment through PPP instruments with accelerated procedures. Key financial measure: reallocation of Urban Regeneration Fund resources — up to €500 million annually from 2027 to 2030 and €700 million from 2031 to 2034 — managed through Invitalia S.p.A. The residential market closed 2025 with €135 billion in turnover and 770,000 transactions, with forecasts of approximately 800,000 for 2026.