MILAN AREA KEY FACTS | Snapshot 2019
THE PRODUCTIVE FABRIC
THE MILAN AREA: A GROWING ECONOMIC SYSTEM
The Metropolitan City of Milan has over 300,000 active enterprises, the majority of which operate in the tertiary sector, particularly in services, where there are over 153,000 units (50.4% of the total) and 1,290,000 employees (58.2%). The manufacturing sector covers 17.3% of employees, with 10.2% of the enterprises.
The highest annual growth rate of enterprises is registered in Milan (+1.8%) and in the MI Nord area (+1.2%), whereas the Metropolitan City rate is 1.4%.
THE HIGHEST RATE OF ENTERPRISES IN THE NORTHERN AREAS
The highest rate of enterprises stands in the Northern areas of the Metropolitan City, i.e. MI Nord, MI Nord-Ovest and MI Alto Milanese areas, which together account for slightly less than 20% of production activities. Over 8.2% of enterprises are concentrated in the South (MI Sud, MI Sud-Est and MI Abbiatense areas). In Milan stands the 59.3% of the total number of enterprises.
THE DEMOGRAPHIC BALANCE OF ENTERPRISES IS POSITIVE OVER THE LAST 3 YEARS
The performance of enterprises in the Metropolitan City remained positive over the last 3 years. Registration flows of new businesses (about 24,000 units per year) far exceeded the terminations, leading to constantly positive balances of over 5,400 registrations per year.
THE REAL ESTATE MARKET
SALES AND PURCHASES OF OFFICES INCREASING IN THE METROPOLITAN AREA
The number of office sales stood at 1,472 transactions, 1,145 of which in Milan and 327 in the rest of the Metropolitan City (final data 2018). Milan has shown an increase in transactions for the fifth consecutive year (+13.3% yoy), whereas the rest of the Metropolitan City has recorded its third positive yearly change (+9.5%). Among the 11 sub-areas, MI Est Asse MM, MI Alto Milanese and MI Nord areas hold less than half of the metropolitan market, excluding Milan. The average stock turnover is 1.8% for the metropolitan areas excluded Milan and 2.8% for Milan.
SALES OF FACTORIES AND WAREHOUSES INCREASING
The number of factories and warehouses sales stood at 765 transactions at the end of 2018, 140 of which in Milan and 625 in the rest of the Metropolitan City. The most significant markets are those of the MI Alto Milanese area (82 sales), MI Nord-Ovest area (104 sales), MI Est Parco Adda area (60) and the MI Sud-Est area (76).
The stock turnover rate (IMI indicator) amounts to 2.9% in the Milan market and to 2.7% average in the rest of the Metropolitan City.
In 2018 the average maximum price of offices located in the Metropolitan Area of Milan (approximately 4,591 Euro/sqm) has remained stationary. In the rest of the Metropolitan area (excluding Milan) the average maximum price of offices stood at 1,451 Euro/sqm, stationary on a yearly basis.
As far as the medium prices of offices are concerned, they recorded in Milan (2,933 euro/sqm) an average annual change of -0.6%. In the rest of the Metropolitan City the average price (1,307 Euro/sqm) has been stationary.
PRICES OF WAREHOUSES AND FACTORIES
In 2018 the average medium price of warehouses and factories located in the Metropolitan City (excluding Milan) stood at 681 Euro/sqm (-0.9% yearly change). In Milan, the average medium price is approximately 807 Euro/sqm (-1.9% yearly change). Prices have decreased in all sub-areas, except for the MI Est Parco Adda sub-area, where prices registered a slight increase.
Maximum prices of warehouses and factories in Milan have recorded no annual change and of -0.6% in the rest of the Metropolitan City (758 Euro/sqm).
"OUT OF SCALE" MILAN AND GOOD ACCESSIBILITY CONDITIONS FOR NORD, NORD-OVEST AND EST ASSE FERROVIA AREAS
Milan has an excellent overall accessibility with very high and “off the scale” figures compared to the rest of the territory, for all modes (road, rail and airports).
With reference to the territorial areas of the Metropolitan City, some more than others are characterised by a better overall accessibility. The Nord area, with the highest accessibility values after Milan, has a more consistent and articulated infrastructure and a wider range of rail transport services allowing faster and direct links with the airport system too.
The Nord Ovest area and the Est Asse Ferrovia area follow with medium-high values: the first especially for the part of territory included in the first crown surrounding Milan, with the main radial lines on the Milan ring road system and railway link; the second with reference to the East-Milan road/railway corridor that ensures a good level for the overall mobility offer.