The Italian logistics and industrial property market opened 2026 with unprecedented leasing results. In the first three months of the year, take-up reached about 860,000 square metres, marking a 78% increase compared with the same period in 2025. The figure comes from the quarterly analysis carried out by JLL, a real estate advisory and investment management company, and makes the first quarter the most dynamic ever recorded for the sector. The result was largely driven by the expansion strategies of third-party logistics operators, which accounted for more than 85% of total take-up during the quarter. The remaining 15% was split between retail, manufacturing and e-commerce, sectors whose relative share declined compared with previous periods.
An important element in the composition of the figure was the return of large-scale transactions. During the quarter, 3PL operators completed four deals of more than 50,000 square metres, two of which exceeded 100,000 square metres. These four transactions alone generated about 40% of total take-up, amounting to roughly 350,000 square metres.
The breakdown by transaction size shows a dual market structure. Deals below 25,000 square metres remained the most numerous, accounting for about 60% of contracts by number, but represented only 25% of the square metres taken up. The intermediate range, between 25,000 and 50,000 square metres, accounted for about 30% of completed transactions. In terms of contract type, leases represented 75% of take-up, followed by pre-let developments at 24%, while the share of owner-occupiers remained limited during the quarter. Activity remained highly concentrated geographically: more than 60% of take-up was recorded in the Milan macro-area, confirming its role as the main attraction hub for Italy’s logistics sector.
Prime rents remained broadly stable during the quarter across the main markets, with standard incentives unchanged, apart from a few exceptions in micro-markets showing tenant-friendly dynamics. Milan remained at €70 per square metre per year, with growth expected in the following quarter. Rome stood at €69 per square metre, while Bologna reached €67. Veneto was positioned at €58 per square metre and Turin at €50. For properties intended for urban last-mile distribution, benchmark rents remained stable in both Milan and Rome at around €110 per square metre, with possible increases for build-to-suit assets developed for occupiers as part of specific transactions.
In terms of new facility development, more than 300,000 square metres of new space were completed in the first quarter of 2026, of which more than 30% was speculative, a share that declined compared with the quarterly average of previous periods. The growth in take-up helped reduce the overall national vacancy rate, which now stands at around 5%.
Alongside leasing activity, investment remained active in the first quarter, with total volumes of around €430 million, equal to about 12% of all real estate investment recorded during the period. However, the figure includes a contraction of about 30% year on year compared with the first quarter of 2025, when the market benefited from a significant backlog of portfolio transactions.
In the quarter just ended, transactions of a lower average value prevailed, with a qualitative mix geared towards low-risk assets, which accounted for 40% of volumes. Acquisitions by end users were also significant, representing 30% of the total. The benchmark yield remained stable at 5.3%, after the slight compression recorded in the fourth quarter of 2025, in a context marked by uncertainty linked to the international macroeconomic and geopolitical environment.
"The first quarter of the year confirms the dynamism of the logistics investment market. We are seeing a good level of activity and interest, including from low-risk investors," explains Elena Di Biase, head of logistics capital markets at JLL Italia. "This positive direction is encouraging property owners to bring new product to the market, supporting a pipeline of quality transactions for the coming months". Renato Loffredo, head of logistics agency and data centres at JLL Italia, adds that "the leasing market started 2026 with strong acceleration, recording an unprecedented result in the first quarter. The expansion policies of 3PLs made a significant contribution to achieving this result. It is a clear sign that the market continues to have solid fundamentals".
Antonio Illariuzzi
