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Rome : Constant take-up - Q2 2014

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A research produced by DTZ

Rome : Constant take-up - Q2 2014

The Italian economy is starting to recover despite having registered a negative GDP growth in 2013 (-1.8% for Italy and -1.5% for Rome). 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 0.3% of GDP growth now anticipated for both Rome and Italy in 2014. GDP forecasts for Rome have been upgraded to reach 1.2% in 2015, reflecting a more confident future for the local economy. Even considering this, concerns remain on the labour market with the unemployment rate expecting to increase further in 2014 to 11.7%, below the national average (12.6% in 2014).

The office market remained constant in Q2, with approximately 12,000 sqm of take-up recorded during the quarter, a level essentially unchanged from Q1 (13,000 sqm). Deals above 10,000 sqm of office space have disappeared and the biggest transaction of the quarter has been for 2,700 sqm. Grade B buildings have concentrated the totality of the transactions in Q2, with market activity recorded only in the EUR and Centre/Semi Centre submarkets. Based on some on-going transactions, we expect the full-year 2014 volume of take-up to reach approximately 100,000 sqm, significantly down from 191,000 sqm recorded in 2013.

Source : DTZ (Groupe UGL)

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Keywords : DTZ