What is the average Class A rent in Milan?

Around 48 EUR/sqft/yr ($52 USD) across the broader Class A index. Trophy submarkets like Porta Nuova command 20–40% above that.

How many months of rent-free are normal in Milan?

5 months on a 6-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.

Are rents rising or falling in Milan?

The Milan Class A market is currently rising. Vacancy is 9.2%, which sets the negotiating context.

Headline Class A rent in Milan is around 48 EUR/sqft/yr ($52 USD), with 5 months of typical rent-free on a 6-year term.

Headline Class A rent: 48 EUR/sqft/yr ($52 USD).
Trophy submarket rents (Porta Nuova) push to roughly €60/sqm/mo · ≈ $72.2 PSF/yr USD.
Typical concessions on a 6-year deal: 5 months free rent.
Vacancy stands at 9.2% — market trend is rising.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Milan Class A office rents and incentives

Headline Class A rent in Milan is around 48 EUR/sqft/yr ($52 USD), with 5 months of typical rent-free on a 6-year term.

TL;DR

Headline Class A rent: 48 EUR/sqft/yr ($52 USD).
Trophy submarket rents (Porta Nuova) push to roughly €60/sqm/mo · ≈ $72.2 PSF/yr USD.
Typical concessions on a 6-year deal: 5 months free rent.
Vacancy stands at 9.2% — market trend is rising.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Headline rent vs. effective rent

Asking rents in Milan are quoted in EUR per sqft per year. Across the broad Class A index the figure is 48, but the trophy tier in Porta Nuova reaches roughly €60/sqm/mo · ≈ $72.2 PSF/yr USD. Always discount headline rent by the present value of free rent and fit-out-capex">tenant improvement allowance to land on effective rent — the only number that compares cleanly across deals.

Rent-free and TI

Standard Milan concessions on a 6-year Class A lease run to 5 months of base-rent abatement. Trophy lease-ups can push rent-free 25–40% above that benchmark. Local cost-of-occupancy is also shaped by tax — 24% federal corporate income tax (IRES) plus 3.9% regional production tax (IRAP) for a combined effective rate near 27.9%.

Where rents land by submarket

Porta Nuova sits at the top end (~€60/sqm/mo · ≈ $72.2 PSF/yr USD). Symbiosis District clears around €48/sqm/mo · ≈ $57.8 PSF/yr USD as the prime tier. The full submarket map is on the Milan city page.

Key facts

city	Milan
country	Italy
region	EMEA
classARentLocal	48 EUR/sqft/yr
classARentUsd	$52/sqft/yr
vacancy	9.2%
typicalLeaseYears	6
typicalRentFreeMonths	5
submarkets	5
primeYieldPct	4.6%
trophyRent	€60/sqm/mo · ≈ $72.2 PSF/yr USD
primeRent	€48/sqm/mo · ≈ $57.8 PSF/yr USD

Frequently asked questions

What is the average Class A rent in Milan?: Around 48 EUR/sqft/yr ($52 USD) across the broader Class A index. Trophy submarkets like Porta Nuova command 20–40% above that.
How many months of rent-free are normal in Milan?: 5 months on a 6-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.
Are rents rising or falling in Milan?: The Milan Class A market is currently rising. Vacancy is 9.2%, which sets the negotiating context.

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

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