The non-residential properties they are the ones to tertiary, commercial and productive destination. The trend of this market was analyzed by the Revenue Agency, which published the on its website Real Estate Report 2024 dedicated to this type of buildings, as happened for homes. The volume relating to 2023 provides, with territorial detail, the data relating to stockto the trading volumes et al level of prices of the most representative real estate types in the sector: offices, shops and warehouses. Then there is a space reserved for real estate leasing, drawn up with the contribution of the National Association of Leasing Companies (Assilea).
The 2024 Real Estate Report on Non-Residential Real Estate
L’analysis of the non-residential real estate market for 2023 highlights the general trend of one contraction for the tertiary and productive sectorswhile therise of the commercial sector, which has been growing steadily since 2014 with the only discontinuity observed in 2020, the year of the pandemic. The data presented shows, for all types, strong territorial disparities between the different areas of the countrywith the regions of Northern Italy (in particular Lombardy) often determining the performance of individual national markets.
A sector that is slowing down
The data of 2024 Real Estate Report on Non-Residential Real Estate indicate that, after the expansionary phase of the post-pandemic period, in 2023 the sector slows downby registering a reduction in trading volumes in most of its sectors.
According to what emerged from the report, with reference only to the types investigated, i shops are an exception, with a 4.5% increase in trade compared to 2022, unlike offices And sheds which saw transactions fall by 1 and 3.8 percent respectively.
The same dynamic is reflected in the market values: shops maintain more or less the levels of last year, equal to 1,426 euros per square meter; offices and warehouses, compared to 2022, recorded lower prices of approximately 1%, corresponding to 1,311 euros/m2 and 450 euros/m2.
The 2024 Real Estate Report on non-residential properties then underlines that “the progressive decline in prices witnessed over the years, accompanied by an increasingly smaller number of sales, has led to a drastic reduction in the turnover of these three sectors: since 2008, in fact, the exchange value has reduced by almost 40% for warehouses, by approximately 30% for offices and by 25% for shops, which in 2023 recorded an increase of 2.1% compared to 2022”. Below, we illustrate the main results of the Report for each type.
Data from the 2024 Real Estate Office Report
According to what emerged, they are registered in 2023 just over 628 thousand real estate units intended for offices, of which over half are located in the areas of Northern Italy (around 53%), 21% in the Center and the remaining 26% in the South and on the Islands. Lombardy confirms its primacy as the region with the highest share of offices (21.2%), as well as being the one with the highest IMI (2.47%), followed by Emilia-Romagna and Veneto, both with over 10%, and from Lazio and Tuscany, with around 8% each. In the southern areas, the main regions are Campania (6.4%), Sicily (5.7%) and Puglia (5.6%).
As for the territorial distribution of sales, 58% are achieved in the North, just 21% in the South, including the Islands. The Ntn, equal to 13,263 on a national scale, suffers a sharp decline in Lombardy and Tuscany, approximately 8% less than in 2022, while it grows significantly in Piedmont (+16.6%), Campania (+4.5 %) and Puglia (+6.6%). The sales are divided almost equally between capital and non-capital municipalities, with the balance tipping slightly in favor of the latter, which account for 51% of total trades.
As for the quotes, these fall in almost all regions, in particular in Molise (-6.5%), Sardinia (-4%) and Emilia-Romagna (-3.5%). The regions of the Centre-North present prices on average higher than those of the South and the Islands, with the two extremes represented by Liguria, which records a price of 1,900 euros/m2, and Calabria, whose offices have a value of around 840 euros/m2. In the capital municipalities, Lazio and Lombardy show the highest values, above 2,400 euros/m2.
Data from the 2024 Real Estate Report on shops
The publication highlighted that in 2023 the stock of shops and laboratories matters 2.5 million real estate units, around 40% are concentrated in the southern areas, a similar share in Northern Italy and the remainder in the Centre. The distribution between non-capital municipalities and capitals is more unbalanced, with the former hosting 70% of the national stock. Among the regions, Lombardy leads the North West with almost 354 thousand units, followed by Campania with over 280 thousand units and Lazio which has around 244 thousand. Among the islands, Sicily has almost 211 thousand while, in the North East, Veneto stands out with over 195 thousand units.
L’increase in sales it affected all areas, in particular the Islands which recorded a rate of change of just over 8%, while the growth in the other areas stood at around 4 percent. On a regional scale, Lombardy confirms itself as the region with the highest number of transactions, approximately 20% of national sales, a percentage almost double that of Lazio, the second most important region. The North-South gap consolidates when observing the IMI: the North West, the most dynamic area of the country, exceeds 2%, a distant threshold for the South and the Islands which stop at much lower values, 1.19 respectively and 1.31 percent.
The average price of shops, rising on a national scale (+0.6%), showed a downward trend in many regions, albeit with modest variations, often not exceeding 1 percent. The only significant decline is found in Sardinia (-7.2%), which is contrasted by increases in Molise, almost 10% more than in 2022, Lombardy (+3.4%) and Campania (+3%) . In absolute terms, Lombardy and Liguria are the most expensive regions to buy a shop, both above 1,800 euros/m2, unlike the southern regions which have average values lower than the national average, in some cases below 1,000 euros/m2 .
Data from the 2024 Real Estate Report on warehouses
In 2023, the production sector in Italy, including the cadastral categories D/1 and D/7, recorded an increase in stock equal to 1.2%, corresponding to approximately 822 thousand units registeredmore than half located in Northern Italy, led by Lombardy, almost 20% of the national total, Veneto and Emilia-Romagna, both with shares close to 12%, and Piedmont which is close to 10 percent.
Predictably, the greatest presence of warehouses is concentrated in municipalities outside the capital, which host approximately 84% of the entire stock, a widespread trend in all areas of the country.
The manufacturing sector market has totaled 15,671 trades, around 600 less than in 2022. The North East, thanks to the stability of sales in Emilia-Romagna (+5.1%) and Veneto (+3.5%), is the only area, together with the Islands, whose number of trade remains almost unchanged, without suffering a contraction in transactions in 2023: in fact, the South, North West and Center recorded negative rates, respectively equal to 14.4%, 5.1% and 2.5 percent. On a regional basis, the sharpest decline, in absolute terms, is observed in Lombardy, a region which alone absorbs more than a quarter of the national sales in the sector.
The market value of a warehouse, per unit of surface area, drops in almost all regions, but with minimal differences compared to 2022. Only in Lazio is the rate of change higher, equal to -5.3 percent. Liguria and Valle d’Aosta remain the regions with the highest prices, both close to 700 euros/m2, well above the national average.
