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Consumers’ confidence continued to be positive in the first quarter of 2018, outlook is positive as well.
Consistent pipeline with over 300,000 sqm expected to open in 2018.
Rents for prime units in shopping malls are rising both in Milan and Rome, to 940 Euro sqm per year and 960 Euro sqm per year respectively: this confirms the growing polarization between prime and non-prime malls.
Rents are continuing to rise in the high street sector, with Milan reaching 7,000 Euro sqm per year and Rome 6,800 Euro sqm per year.
Investment demand for malls is contracting, especially as an irrational response to a widespread fear for dead malls originated in the United States.
The investment volume in the first quarter was up of 35% compared to the same period of last year.
In March consumer confidence showed an improvement, after declining in the first two months of the year.
Development activity is still good albeit selective: in the first three months of the year two new projects were inaugurated, one in Veneto and one in Piedmont.
During the year projects under construction are expected to complete for a total surface area of around 210,000 sqm of GLA, down slightly compared to 2016, a year that saw the completion of some large malls.
Investments in the sector declined in the first quarter compared to the same period of last year; the high street is still dominant, representing 67% of investment in the quarter.
Foreign capital continues to be dominant, with over 50% of the investment in the quarter. The timid return of domestic investors, which began at the end of 2016, is confirmed as a trend, especially in the high street sector.