Milan Class A vacancy is 9.2% with the market trending rising — pipeline visibility matters more than headline vacancy.

• Headline vacancy: 9.2%; trend rising.
• Trophy submarket (Porta Nuova) typically clears at half headline vacancy.
• New construction lead time is 36–60 months — pipeline is largely fixed for the next cycle.
• Pre-let activity dominates the new-build pipeline.

TL;DR

• Headline vacancy: 9.2%; trend rising.
• Trophy submarket (Porta Nuova) typically clears at half headline vacancy.
• New construction lead time is 36–60 months — pipeline is largely fixed for the next cycle.
• Pre-let activity dominates the new-build pipeline.

Headline vs trophy availability

Headline Milan Class A vacancy of 9.2% includes a long tail of older, less-amenitised stock. The trophy tier in Porta Nuova typically clears at materially below headline.

Pipeline visibility

Construction lead times of 36–60 months mean the next cycle's supply is already largely visible. Tracked pipeline includes 5 notable assets in Milan.

Key facts

Frequently asked questions

Is Milan Class A office tight right now?

Headline vacancy is 9.2%. Trophy is materially tighter; older Class A and Class B carry the long tail.

Editorial provenance

Reviewed by Samuel Okafor — EMEA contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

• CBRE Marketview reports — CBRE
• JLL Office Insight — JLL
• Cushman & Wakefield Marketbeat — Cushman & Wakefield
• Savills World Research — Savills
• Colliers Global Office Outlook — Colliers

Full sources index · Submit a correction

Related topics

• Trophy Asset Selection — How to identify and evaluate trophy Class A assets for a flagship requirement.