Milan – Choosing and Locating Serviced Offices in Milan
There are many serviced office options to choose from in Milan in a wide variety of styles, shapes and sizes. For instance you may wish to choose contemporary state-of-the art offices in a modern Grade A office block such as those in Torre A, Via Senigallia in North Park close to Malpensa airport, or you may opt for the regal opulence provided by offices located in an actual palace such as those on Via Santa Maria Valle just moments from the Piazza del Duomo.
Whichever option you choose the benefits of the serviced office option will remain the same, your rent, rates, service charge, insurance and electricity will all be included in one fixed price and you will benefit from many other facilities such as a staffed reception, answering services, business lounges, meeting room hire and videoconferencing facilities, to name just a few. Additional Milan Commercial Property Resources can be found below:
The City of Milan has a population of 1.3 million and is the second most populous in Italy. Whilst Rome is Italy’s political capital, Milan is the main industrial, commercial and financial centre of the country. It is home to Italy’s main stock exchange, the Borsa Italiana, and the HQs of the largest national banks and companies.
The city is home to many media and advertising agencies, national newspapers and telecoms companies and has recently seen an increase in international internet companies such as Google and Yahoo establishing their Italian headquarters there.
Milan is famously a major world fashion centre but it is also an important manufacturing centre too, particularly for the automotive industry with companies such as Ferrari, Alfa Romeo and Pirelli having a significant presence. The recession however kept unemployment in Milan high in 2013 and this continued to push office space take up lower again this year which totalled out at 224,000 square metres. More information can be sourced from the British Council In Italy as well as more tourist based facts from The Lonely Planet Italy website section.
A lot of businesses in Milan are preferring to renegotiate their lease agreements with their landlords instead of moving and benefiting from the high level of supply to secure better space, they are being cautious and taking a ‘wait and see’ approach to the market.
Grade A/prime leasehold rents fell for the third consecutive year, below the €490 per square metre per annum mark and this is reflected in serviced office prices also.
The completed deals were mainly by businesses involved in manufacturing (34% of take up) and the media/publishing sectors (21%). Notably less than 10% of the take up was by Italian companies.
Over the last year there has been a further release of second hand office space which has pushed the overall vacancy rate to 12.8%. In the pipeline there is 220,000 square metres currently under construction due to be completed in 2017. Just over half of this is pre-let however there is circa 100,000 sq. m. that will be constructed speculatively so rental level may continue to drop unless macroeconomic conditions improve.
If you would like to discuss your office space requirement in Milan any further then please do not hesitate to get in touch.