Italy’s logistics real estate market is experiencing a period of stabilisation after the peak of 2022–2023, when take-up levels were close to three million square metres. In 2025, take-up is settling at around two million square metres a year, still high by European standards. This was the overview shared by developer P3 during its end-of-year press conference, held in Milan on 12 November 2025. Demand remains robust, driven mainly by logistics service providers, who account for roughly 60% of occupiers, followed by manufacturing and retail.
Andrea Amoretti, Managing Director of P3’s Italian branch, explained that product quality has become the main differentiating factor. Most transactions now involve speculative developments or build-to-suit assets, reflecting the rising demand for automated, energy-efficient facilities equipped to support high-tech operational processes. This trend is creating a clearer market selection, rewarding projects that combine operational efficiency with adequate energy availability.
Amoretti focused in particular on the issue of energy, which is becoming increasingly important for logistics occupiers. The sharp rise in energy demand driven by data usage and automated systems is pushing buildings’ requirements higher, while power availability remains limited. He noted that in many cases it is difficult to secure even 400 kW for standard facilities, whereas in the past it was possible to obtain 8 MW. This shortage makes sustainability a functional requirement as much as a regulatory one. Buildings must lower consumption, integrate solar power, and adopt energy generation and storage systems, which must be planned from the design stage. Technologies currently under study include lithium batteries, hydrogen and iron-based batteries, which are expected to become market standards as efficiency and costs reach economic viability.
Investment volumes confirm that interest in the sector remains high. P3’s data show that by the end of the third quarter of 2025, investments had reached 1.2 billion euros, with expectations of surpassing two billion by year-end. Logistics remains one of the preferred asset classes among foreign institutional investors, supported by resilient domestic demand, the shortage of modern stock and the availability of pipelines in strategic areas.
These dynamics unfold within a complex macroeconomic environment. Amoretti pointed out that the tariffs introduced by the United States are reducing American imports and weighing on Italian exports, with a knock-on effect on the manufacturing sectors that feed logistics flows. At the same time, rising domestic consumption and greater household confidence are not enough to offset weaker international demand, contributing to slower production.
However, national financial stability appears to be improving: several agencies have upgraded Italy’s rating or confirmed positive outlooks, while average growth over the last decade, just above 1%, is now aligned with major established European markets. Softer inflation and looser monetary policy are improving access to credit and therefore supporting real estate investment.
The fundamentals of logistics nonetheless remain solid. Italy has the lowest e-commerce penetration in Europe, an indicator of further potential demand for space. Moreover, uncertainty is pushing companies to streamline supply chains through consolidation and automation, which require modern buildings equipped with systems aligned with new operational standards. The picture that emerges is of a sector where structural demand, energy pressures and product quality shape operational choices and investment strategies, while global dynamics and supply chain transformation continue to redefine occupier needs.
