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Italy

Italy

Italy is ranked as the world’s seventh largest economy, the fourth largest in Europe and has the eighth ranked quality of life in the world. Italy has a smaller number of world-class multinational corporations than other economies of comparable size. Instead, the country's main economic strength has been its large base of small- and medium-sized companies. Some of these companies manufacture products that are technologically moderately advanced and therefore face increasing competition from China and other emerging Asian economies which are able to undercut them on labor costs. Italy has high levels of freedom to invest, conduct business, and trade. Italy’s economy remains divided into a developed industrial north dominated by private companies and a less-developed agricultural south 

As with many other countries, Italy is seeing a depression in rental absorption and values. Many corporations are focused on sub-letting or disposing of space with the only relocations due to cost cutting activities. The outlook for the near term is that this trend will continue and owners will begin offering further incentives to occupiers. It is truly an occupiers market and we expect that rental rates will continue to be adjusted, especially in secondary markets.