In the first half of 2002, a slowdown in the office market was recorded in the cities of Milan and Rome.
This is what emerges from research conducted on a European scale by Jones Lang LaSalle, a consultancy company specializing in the real estate sector.
To make the results of the investigation immediately readable, the company chose to use the dial of a watch divided into sections. The positioning of a city within one portion rather than another is indicative of the health of the office market. In the section between 12 and 3 the cities with sharply decreasing rents are indicated, in the section between 3 and 6 those with slightly decreasing rents. If a city has been included in the part between 6 and 9, it means that the market is in excellent health, between 9 and 12 that the increase in rents is slight.
Milan and Rome are located in this last part of the quadrant.
In the Lombardy capital, in fact, rents are almost stable compared to the previous semester, while an increase in the vacancy rate from 3.7% to 3.9% per year was recorded. The same result emerged in the capital.
This is, however, a trend that characterizes many European cities: Paris, Copenhagen and Brussels appear to be stable, while in London and Frankfurt a rather significant decline in the absorption of venues has been recorded.
According to experts, the slowdown would be due to the economic crisis which would make companies reluctant to look for new spaces to expand.
source: Time House
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