The Italian economy is starting to recover despite having registered a negative GDP growth in 2013 (-1.8% for Italy and -1.2% for Milan). However a more positive trend on the global and European levels combined with a stronger domestic demand, should help the GDP to improve in 2014, with Milan significantly outperforming the national average (0.8% GDP growth in 2014 and 1.8% for both 2015 and 2016). The labour market will though remain challenging and the unemployment rate should increase further in 2014. The Milanese economy should however experience a lower unemployment rate, potentially reaching a level of 8% in 2014, inferior to the 12.6% forecasted at a national level.
Q2 2014 figures for office take-up have confirmed the “recovery” of the market with a growing volume standing at 94,200 sqm in Q2, up from 52,500 sqm recorded in Q1. Beside the rise in volume, some other signs of a broader recovery are now visible: the number of transactions recorded during the second quarter has increased; large and small size of office space posted a rise in volume in Q2 and, finally, every Milanese submarket posted an increase of take-up with the highest quarter on quarter growth recorded for the Periphery.
Source : DTZ (Groupe UGL)