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Engel&Volkers: 25% gap between offer and demand for leasing of retail spaces in Milan
21 October, Il Sole 24 Ore Engel&Volkers reports that about one-third of the shops in Milan has already closed as a result of the pandemic. It’s still not known whether such a situation is temporary or permanent. The general trend is to avoid vacant properties. For this reason, the tendency in the past few months has been to reach a mutual agreement between owners and tenants. Despite that, the market reported a 25% gap between offer and demand. Besides, the key money, namely the price for the location, has become impossible to request, despite the excellent location. The vacancy rate has gone from 2-4% in February to the current 20% in Corso Matteotti and 10% in Corso Buenos Aires and Via Manzoni, and it’s expected to increase by 5% for shops in the city centre. Exclusive locations like Via Montenapoleone, Via Della Spiga and Piazza Gae Aulenti are the only exceptions, as brands are holding on to not lose their position. Via Montenapoleone and Via Sant’Andrea are still the most expensive streets, with prices between 6,000 and 10,000 euro/Sq m. Source: Il Sole 24 Ore Translator: Cristina Ambrosi
