Rome, Italy
 

Rome and its Commercial Real Estate Market are unique in many respects. Did You Know...

•   Rome, located in the central-western portion of the country, is Italy's capital and largest city. It has a city population of 3.8 million people and a metropolitan population of over 5.3 million people. Its metropolitan area is the nation's third largest after Milan and Naples.

•   Metropolitan Rome generates 8.3% of the nation's total GDP, ranking only below Milan. It has an annual growth rate of about 4.4%, making it one of the highest in the nation. 

•   Tourism is one of the major industries in Rome. The city has numerous tourist destinations such as the Roman Coliseum, the Vatican Museum, the Borghese Gallery, the Circus Maximus, the Pantheon, and the Capitoline Museums.

•    The city also houses thriving electronics, aerospace, banking, technology, and communications industries. Rome is also the heart of the Italian film industry.

•   Italy as a whole employs a labor force of 24.63 million people. Of these, 63% work in the service-based sector, 32% in the industrial sector, and 5% in agriculture.

•   Rome has three airports within its borders, including the Rome Leonardo da Vinci Fiumicino Airport, the nation's largest and busiest airport, and the Rome Ciampino Airport. Rome Metro, called the "Metropolitana," is one of preferred methods of transportation in. 

•   University of Rome La Sapienza is the largest European university and the second largest in the world. La Sapienza was founded in 1303 and has a student population of about 150,000. 

•   The commercial real estate market in Rome remained stable in the first quarter of the year. No significant change was reported in the vacancy rate; however, total absorption dropped from 430,000 to 108,000 square feet when compared to 1Q 2006. The majority of the space rented was class B and between 2100 square feet and 8,600 square feet. The vacancy rate for class A office space continues to be low.

•   Rents for prime office space went up by 3.6% when compared to the previous year's average, with yields declining by nearly one point, below 5%.  Rents in the central business district are forecasted to increase while in the suburban business district are expected to remain stable. Space currently under construction will be available early next year.