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Turin office market aims at replicating Milan

27 March, Il Sole 24 Ore

Turin is “work in progress”. One example is the new skyscraper of the Region of Piedmont, whose construction was stopped between 2014 and 2017. It will be ready by 2020. The 42-storey tower will gather all the various public offices scattered around the city, freeing in this way a lot of office space which may be put on the market. Turin’s office stock is estimated around 3.6 million Sq m, although large part of it consists in obsolete assets. Prices for prime offices are around 200 euro/Sq (Milan is way over the double of such amount), returns are high and steadily set at 6.25%, while the vacancy rate is stable at 14,5%.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

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