Milan Office Market Figures, Q3 2026

Office take-up in Milan reached 82,000 sqm in Q3 2026, up 21% year-on-year, while the first nine months of the year remained below the level recorded over the same period in 2025. Vacancy increased quarter-on-quarter and declined year-on-year. Prime rents continued to grow, reaching an all-time high.

Investment volumes in the quarter declined both year-on-year and quarter-on-quarter, with activity constrained by the availability of product in prime locations. The prime yield was unchanged on the previous quarter, while several transactions are expected to complete by year-end.