Italian logistics investment sets new record in H1 2022

The Italian logistics market has set a new record in H1 2022, with investments reaching nearly €2 bn, according to JLL.

There were 39 purchase and sale transactions, up 23% on the same period in 2021, for an average value of €50.8 mln.

Transactions mainly regarded single assets, with Milan still the most attractive destination for investors, while interest increased in Turin, Bologna and the Veneto macro-area.

Take-up was about 1.5 million m2 (+21%), with 82 transactions, practically equalling the figure of H1 2021, but with significantly higher take-up.

Most of these transactions (35%) involved assets with an area of less than 10,000 m2.

Elena Di Biase, head of logistics capital markets at JLL Italia said: ‘The Italian economy is going through a complex phase, having experienced a strong deceleration in Q1 due to the increased geopolitical uncertainty, although the latest GDP growth figures were higher than expected, largely supported by gross fixed investment. Investors remain cautious, with the view, however, tempered by the combination of significant institutionalization of the logistics market and positive dynamics in occupier-side fundamentals. Among European markets, Italy is considered a high-potential destination, whose increase in transactions in the first part of the year was, moreover, accompanied by fervent development activity, with more than 790,000 m2 added since the beginning of 2022."

The overwhelming majority of logistics assets were Grade A (94%) and demand was driven by 3PL operators, which accounted for 58% of transactions.

Retail operators continued to increase their presence in the market, absorbing 26% of total space, followed by e-commerce operators (6%).

Prime rents were stable overall, with the exception of Milan and Turin, which both saw an increase, while prime rents for last-mile assets were stable both in Milan and Rome.

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