Milan Class A is currently rising with 9.2% headline vacancy — trophy is structurally tighter than the broader market suggests.

• Headline vacancy: 9.2%; trend rising.
• Cycle is bifurcated: trophy is tight; secondary Class A and Class B are loose.
• Construction pipeline is largely visible 36–60 months ahead.
• Use cycle position to time renewal vs. relocation decisions.

TL;DR

• Headline vacancy: 9.2%; trend rising.
• Cycle is bifurcated: trophy is tight; secondary Class A and Class B are loose.
• Construction pipeline is largely visible 36–60 months ahead.
• Use cycle position to time renewal vs. relocation decisions.

Read the bifurcation

Milan's broad Class A index reads 9.2% vacancy and trends rising. That headline masks a real bifurcation — trophy product (Porta Nuova) is structurally tight; older Class A and Class B carry the long tail. Cycle decisions should be made at the submarket and tier level, not at the headline.

Time your decision

For occupiers up at renewal: a softening market favours staying or relocating to better-quality stock at attractive terms. A tightening market favours early renewal and locking in expansion options.

Key facts

Frequently asked questions

Where is Milan Class A in its cycle?

Headline trend is rising with 9.2% vacancy. Trophy is structurally tighter than the index suggests.

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

• Cross-border Expansion — How to run a coordinated Class A office search across multiple geographies.