The Italian economy is starting to recover despite having registered a negative GDP growth in 2013 (-1.9% for Italy and -1.4% 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 outperforming the national average. However the labour market will remain challenging and the unemployment rate should increase further in 2014. Despite following a similar trend, the Milanese economy should however experience a lower unemployment rate, potentially reaching a level of 9.5% in 2014, inferior to the 13% forecasted at a national level.
2014 started on a positive trend for the office market in Milan, with take-up volume accounting for 52,000 sq m, double the level recorded one year ago. Small and medium-size transactions have been more numerous in Q1 2014, whilst large transactions (2,500 - 7,500 sq m) continued to “boost” the market. The majority of the transactions recorded over the quarter, more than the half of the total take-up, took place in the city centre.
Source : DTZ (Groupe UGL)