The CBRE Advisory & Transaction Services Office team in Italy support clients on occupancy needs related to relocation, expansion, consolidation, sublease, acquisition and disposal.
We provide end-to-end services, including:
Occupier Strategy Development
Strategy development, including "Lease or Own"
Workplace strategy, including new Ways of Working
Labour analytics, including demographic studies
Portfolio optimisation through real estate benchmarking
Relocation Advice / “Stay vs. Go” Analysis
Tenant representation and transaction execution
Comparative financial analysis
Exit strategy, including surrenders and subletting
We fully understand our clients’ requirements before formulating a property strategy to ensure objectives and goals are exceeded, on the best possible terms available in the market.
Market insight and access to opportunities: local knowledge to drive rigorous assessment of all options and evaluation of risks
Clear analysis: key information shown in a concise, consistent manner for benchmarking against clinet’s criteria, reviewing all terms of the deal to ensure the best financial outcome for the client
Robust negotiation: advising and delivering a negotiation plan that ensures the best possible returns for the client
Adding value: we advice our clients on all aspects of the transaction, including operational costs, best lease practice and estimated fitting out costs.
The CBRE Advisory & Transaction Services Office department provides its clients with a wide range of commercial real estate services, such as landlord representation, brokerage, research and marketing of office space. The Agency team assist clients in achieving the best possible returns thank to its significant experience in the commercial real estate sector, which has always been at the heart of the CBRE business.
Services for Landlords
Strategic advice on new office development scheme
Office building re-development
Detailed market research and product positioning
Creating a branding strategy
Occupier targeting locally, regionally or globally leveraging CBRE global platform and Best Practice
CBRE Italy joined REABS (RICS Real Estate Agency & Brokerage Standards), the new RICS international standard for real estate brokers and real estate agents that provides guidelines for the management of their business. Ethics, protection and competence are the key values of the new standard.
In the fourth quarter of 2016, take-up totalled 86,795 sq m, posting growth of 63% on Q3 but sharply lower compared to last year.
2016 closed with an absorption volume of 304,200 sq m, which was lower than the record high of 2015 but was still higher than the average for the last 10 years (2007-2016).
The year was characterised by various transactions >10,000 sq m that involved important international corporations. Milan confirmed that it is an interesting destination, with a market that is always buoyant and in line with other European cities.
Despite the forecasts of the impact of the referendum on the real estate market, investment activity in the last part of the year was high with over 900 million Euro of capital invested just in the Milanese office sector.
Prime net yields and good secondary net yields edged down to 3.75% and 5.50% respectively.
Absorption for the whole of the year 2016 totalled approximately 150,300 sq m, confirming the positive trend compared to the previous years (+43% compared to 2015 and +73% compared to 2014).
Prime rents were stable in the CBD and were up in the EUR area at 400 and 330 Euro/sq m/per year respectively.
During the quarter there was a large lease deal in the EUR Laurentina area of around 10,000 sq m which involved an Italian company in the energy sector; this deal, together with two other lease deals reported in the EUR Centre area, accounted for approximately 45% of the total absorption in the quarter.
The pipeline of developments was lower, with 92,000 sq m under construction/refurbishment with delivery expected between 2017 and 2018; two projects of approximately 52,000 sq m were completed in the quarter. These were the new HQ of BNP Paribas in Tiburtina and Block C of Via dell’Arte 25.
Investments were higher in Q4, totalling approximately 200 million Euro; prime yields were stable at 4.00% net.
Absorption in the quarter was sharply higher than in the previous quarter (+32.5%); the volume absorbed in the whole of 2016 reached 1.4 million sq m (+81% compared to 2015), an all-time record for the logistics sector in Italy.
The most dynamic region was Piedmont with take-up of 209,000 sq m; Lombardy remained a step behind with some 78,000 sq m of leased spaces.
28.7% of the absorption in the quarter was driven by E-commerce operators, who are becoming more and more aggressive in the market.
The volume of investment in the logistics sector was also considerably higher with around 400 million Euro in the fourth quarter; there are still a high number of deals in the pipeline.
Speculative developments are still limited but some developers expect a timid recovery in 2017.
Almost 1.8 billion Euro were invested in Q1 2016, a decline of 6.7% on the same quarter of the previous year.
Quarterly volume confirms 36% more than the quarterly average for the past four years.
At approximately 1.3 bn Euro, foreign capital is still the major driver of Italian CRE investment volume in Q1 16.
European investors lead the quarterly foreign capital (51%), with German on the top of the list.
The office sector, with 46% of total quarterly volume, is still the investors’ preferred asset class while retail follows whit 32%, thus improving its market share compared to previous quarters; the mixed use properties sector (mainly non-core investments to be re-positioned) fell at 6% .
The beginning of 2016 has been marked by an increased cautiousness among investors compared to the end of 2015 but the interest in the Italian real estate is confirmed sound.