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1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Real Estate Market - 1st Semester 2013
Lombardy - Italy
PROVINCEVARESE
Copyright © 2013 World Capital. All Rights Reserved.
Index:
Introduction
Office real estate marketProvince and Municipality
Lease Trend - Across the Globe
Retail real estate marketRetail High-street market
Industrial real estate marketProvince
Europe prime industrial cities - lease rate
Hotel real estate marketHotel & tourism attractions
Tourism flowsHotel investment “Appeal” Index
Real Estate Market - 1st Semester 2013
Lombardy - Italy
VARESE PROVINCE
ITALY
1
SwitzerlandAustria
SloveniaFrance
LOMBARDY REGION
Garda lake
Idro lake
Como lake
Lugano lakeMaggiore
lake
Varese lake
2
Area Municipalities
(km²) (n°)
Bergamo 1.098.740 2.723 244
Brescia 1.256.025 4.783 206
Como 594.988 1.288 160
Cremona 363.606 1.772 115
Lecco 340.167 816 90
Lodi 227.655 782 61
Mantua 415.442 2.339 70
Milan 3.156.694 1.575 134
Monza & Brianza 849.636 405 55
Pavia 548.307 2.965 190
Sondrio 183.169 3.212 78
Varese 883.285 1.199 141
Lombardy 9.917.714 23.860,62Italy 60.626.442 301.340
Province Population
27.488,1 28.765,6 29.836,9 30.448,8 31.059,5 31.545,2 32.356,3 33.442,5 33.424,8 31.743,1 33.500 33.624,2 32.615,5
247.051,8 259.431,0 270.653,3 279.450,4 289.471,2 297.600,4 307.717,7 320.843,8 323.973,3 310.952,0 330.997 337.285,9 327.167,3
GDP per capita-Euro
GDPMillions of euro
2000YearGDP 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Provinces of Lombardy
Lombardy’s GDP
Source: ISTAT, Italian National Institute of Statistics
Source: ISTAT, Italian National Institute of Statistics
LOMBARDY Real Estate REPORTLOMBARDY Real Estate REPORT
3
RegionalRoad Transport System
Garda lake
Idro lake
Como lake
Lugano lakeMaggiore
lake
Varese lake
A4A4
A21
A22
A1
A51
A9
A26
A7
LOMBARDY Real Estate REPORTLOMBARDY Real Estate REPORT
BREBEMI
PEDEMONTANA
Borni-Mortara
4
Varese ProvinceDiversification and business acumen are the buzzwords to use when describing Varese's economy. Some 65,000 companies employing 272,000 workers are distributed across the secondary and tertiary sectors, offering a vast array of products and services.
Varese's extensive entrepreneurial history is reflected by its successful multinationals (Agusta, Bticino, Whirl-pool, Novartis, Conforama and Alenia Aermacchi) and its thriving network of small and medium-sized businesses and craft workshops. A total of 53 businesses per sq km (an average of 34 in Lombardy and a national average of 18) of which 37% are craft workshops (an average of 32% in Lombardy and a national average of 28%) are just a couple of Varese's key economic statistics.
LOMBARDY Real Estate REPORT
Varese’s GDP Trend
GDP per capita-Euro
YEAR 2003 2004 2005 2006 2007 2008 2009 2010 2011
Sources: ISTAT, Italian National Institute of Statistics - Unioncamere - G. Tagliacarne Institute
LOMBARDY Real Estate REPORT
22.609,90 23.296,40 23.763,50 24.856,60 26.709,90 27.507,40 27.345,30 28.066,20 22.132,30
Albania37%
Ukraine10%
Romania
9%Sri Lanka9%
Morocco7%
Peru 7%
China6%
Tunisia6%
El Salvador5%
Philippines
4%
6
Foreign Citizens PopulationFirst 10 Nationalities
Foreign companies percentageby sector
Source: ISTAT, Italian National Institute of Statistics
Source: ISTAT, Italian National Institute of Statistics
39,08%
22,55%
8,82%
6,01%
6,01%
4,91%
3,31%
3,31%
2,20%2,20%1,60%
Wholesale trading
Other
Machinery and mechanical equipment
Basic Chemicals
Transport & logistics
Plastic Products
Pharamaceutical products
Precision mechanics equipment
Other professional servicesMetal productsRetail
LOMBARDY Real Estate REPORT
OFFICE real estate market
VARESE
Min annual lease rate Max annual lease rate
70 €/mq
75 €/mq
80 €/mq
85 €/mq
90 €/mq
95 €/mq
100 €/mq
105 €/mq
110 €/mq
Highway
A4 Highway
Streets
No o�ce market
80 €/mq
90 €/mq
100 €/mq
110 €/mq
120 €/mq
130 €/mq
140 €/mq
150 €/mq
160 €/mq
Highway
A4 Highway
Streets
Average annual lease price
70 €/mq
90 €/mq
110 €/mq
130 €/mq
150 €/mq
No/local market
RAILWAY LINE
E62 HIGHWAY
A9 HIGHWAY
A8 HIGHWAY
ACTUAL INFRASTRUCTURE
LOGISTIC HUB
LEGEND
MALPENSA AIRPORT
Varese Municipality - Office Real Estate Value €/m²/year
Varese Province - Office Real Estate Value €/m²/year
Varese’s businesses can always rely on comprehensive support in terms of promotional activity, development and assistance and they can benefit from a system that encompasses both public and private sectors.
Diversification and business acumen are the buzzwords to use when describing Varese's economy. 65,000 are the number of companies employing 272,000 workers which are distributed across the secondary and tertiary sectors and offering a vast array of products and services. Hi-tech sector has brought international prestige to Varese’s economy, accounting for 63% of its whole share of production. Due to this fact, Varese, in the regional ranking for hi-tech, is on the top production(47% being the national average).
7
1st semester - 2013 Varese Province
Lease Trend - Across The Globe
Vacancy rate %
Growth rates %
Sao Paulo
Beijing
Stockholm
New York ShanghaiLondon Dubai Frankfurt Rome Varese
MoscowBarcelona Brussels
MadridParis
Hong Kong-15
-10
-5
0
5
10
15
20
0
200
400
600
800
1000
€
1200
1400
Shan
ghai
Toky
o
Hon
g Ko
ng
Mel
bour
ne
Sydn
ey
Prag
ue
Fran
kfur
t
War
saw
Mos
cow
Mad
rid
Paris
Buda
pest
Lond
on
Sao
Paul
o
San
Fran
cisc
o
Rio
de
Jane
iro
Vanc
ouve
r
Bogo
ta
Lim
a
Seou
l
Mum
bai
Del
hi
Kual
a Lu
mpu
r
Beijin
g
Sing
apor
e
Brus
sels
Latin America- America-Canada Europe Asia AustraliaVa
rese
Shan
ghai
Toky
o
Hon
g Ko
ng
Prag
ue
Fran
kfur
t
War
saw
Mos
cow
Brus
sels
Mad
rid
Paris
Lond
on
Sao
Paul
o
San
Fran
cisc
o
Rio
de
Jane
iro
Bogo
ta
Vanc
ouve
r
Lim
a
Seou
l
Mum
bai
Sydn
ey
Mel
bour
ne
Del
hi
Kual
a Lu
mpu
r
Beijin
g
Sing
apor
e
0
5
10
15
20
31%
Buda
pest
Latin America- America-Canada Europe Asia Australia
Vare
se
8
Lease rate €/sq.m/year
RETAIL real estate market
LOMBARDY Real Estate REPORT
Varese city- Retail High streets
Via Vittorio Veneto- Corso Aldo Moro
Lease: 190-280 €/m²/year
Examples of existing brands:Coin - Sisley
Benetton - Lacoste
Original Marins- ZARAAdidas - Bershka
Historical Centre Zone
Corso Matteotti
Lease: 200-420 €/m²/year
Examples of existing brands: Sisley
OVS - Promod
STEFANEL- HERMESMaxMara
Pedestrian zone
9
Lease Rate - Varese City €/m²/year
VareseItaly Via Vittorio Veneto- Corso Aldo Moro
Corso Matteotti
City Prime streetCountry
510530
480450420390360330300270240210190160130100
1st semester - 2013 Varese Province
BRIC countries
Lease Trend - Across The Globe €/m²/year
City Prime Street 2011 2012 2013
Hong Kong Causeway Bay 12,644 22,307
New York Fifth Avenue 18,003 22,047
London Oxford Street - West 9,353 13,406
Paris Avenue des Champs-Elysées 7,310 10,375
Zurich Bahnhofstrasse 7,997 8,164
Varese Corso Matteotti 418 415
Sydney Pitt Street Mall 7,544 7,243
Brussels Rue Neuve 7,800 7,409
Moscow Tverskaya 5,769 5,669
Tokyo Ginza (Chuo Street ) 5,108 5,116
Munich Kaufingerstraße 4,346 4,103
Frankfurt Zeil 3,550 3,609
Hamburg Spitalerstraße 3,157 3,483
Berlin Tauentzienstraße 2,889 2,738
Shanghai Nanjing Road West 2,730
2,152
2,772
Beijing Wangfujing 2,495
Seoul Myeongdong 2,085 2,090
Madrid Puerta del Sol Preciados 2,303 2,487
Delhi Khan Market 2,319 2,169
Rio de Janeiro Garcia D`Avila 1,340 1,532
Dubai
Country
China
U.S.A
U.K
France
Switzerland
Italy
Australia
Belgium
Russia
Japan
Germany
Germany
Germany
Germany
China
China
S.Corea
Spain
India
Brazil
U.A.E Sheikh Zayed Road 151 327
22,764
22,340
13,103
11,229
8,216
420
7,141
7,115
5,718
4,965
4,083
3,620
3,470
3,100
2,851
3,324
2,062
2,343
2,174
1,570
361
Lease €/sqm/year
0,000
5,000
10,000
15,000
20,000
25,000
Hon
g Ko
ng
New
Yor
k
Lond
on
Paris
Zuric
h
Brus
sels
Sydn
ey
Rom
e
Mos
cow
Toky
o
Mun
ich
Fran
kfur
t
Ham
burg
Beijin
g
Berli
n
Shan
ghai
Seou
l
Mad
rid
Del
hi
Rio
de J
anei
ro
Dub
ai
Vare
se
2011 2012 2013
10
LOMBARDY Real Estate REPORT
INDUSTRIAL real estate market
Como
ComoTurin
Milan
LuganoSwitzerland
VARESE
GALLARATE
BUSTARSIZIO
LONATEPOZZOLO
Varese province - industrial zones €/m²/year
RAILWAY LINE
E62 HIGHWAY
A9 HIGHWAY
A8 HIGHWAY
ACTUAL INFRASTRUCTURE
LOGISTIC HUB
LEGEND
Average annual lease price
25 €/mq
30 €/mq
35 €/mq
40 €/mq
50 €/mq
70 €/mq
No/local market
MALPENSA AIRPORT
Varese shortens the distance. The province is at the heart of Europe, at the foot of the Alps, and is a stepping stone to the north of the continent. The area is also an important strategic base for logistics firms (more than 2000 companies operate from here) as a result of the first-class infrastructure (Malpensa intercontinental airport, the Alp Transit rail project and an extensive road network).
Varese exports globally. Varese’s trade surplus adds up to nearly €9 billion a year, while more than 30% of the manufacturing revenue comes from exports alone.
Aerospace
Energy Home appliancesTransport and Logistics
Tourism and Sport
IndustrialKey Sectors
International trade 2012
11
All values are expressed in € / sq m / year and may be increased or decreased up to 25% in relation to the characteristics and location of the property, the law, and the state of conserv -ation. In particular, the analyzed sample took into account property from 5,000 to 20,000 square meters for logistics. It must be considered that for properties with the courier / transport use values can vary from a minimum of 10% to a maximum of +40%.
1st semester - 2013 Varese Province
€ 20,00
€ 40,00
€ 60,00
€ 80,00
€ 100,00
€ 120,00
€ 140,00
Europe prime industrial cities - lease rate €/m²/year
International trade 2012 IMPORT
EXPORT 9,314 Millions of €
6,459 Million of €
12
Osl
o
Zuric
h
Stoc
khol
m
Mos
cow
Lond
on
St. P
eter
sbur
g
Tel A
viv
Mon
aco
Gla
sgow
Fran
kfur
t
Amst
erda
m
Bar
celo
na
Vare
se
Man
ches
ter
Mad
rid
Paris
Ista
nbul
Dub
lin
War
saw
Rot
terd
am
Ber
lin
Kie
v
Vien
na
Rom
e
Rig
a
Athe
ns
Prag
ue
Bru
ssel
s
Buc
hare
st
LOMBARDY Real Estate REPORT
HOTEL real estate market
VARESE
Varese Lake
Maggiore Lake
Campo dei Fiori Park
Varese lake
Estensi Gardens - Varese
Palude Brabbia Nature Reserve
Palude Brabbia Nature Reserve
Varese has branched out into the hospitality industry over the years and tourism to the area (conference, business, leisure and sports) is on the up. The region's proximity to Milan, the new Milan Rho-Pero Exhibition Centre and Malpensa airport, coupled with its thriving business environment, make Varese the ideal destination for all kinds of tourism.
13
Varese Province - Hotel & touristic attractions
LEGENDGolf club
Horse riding club
Spa
Malpensa airport
Hotel concentrationnumber/municipality
Low High
Touristic attractions:
1st semester - 2013 Varese Province
Arrivals Night spent Arrivals Night spent Arrivals Night spentItalians Foreigners TotalTouristic places
Varese Province - Tourist flows
Varese City Centre - Hotel investment appeal index
A tool for evaluation of different investment options is highly essential for a safe investment. Due to this fact it is provided an appeal index for Hotel real estate investments in Italy. This Index indicates the appeal of invest-ment and initiation of a hotel business in a specific zone of the city.
In calculation process of investment appeal Index many important parameters has been taken in to considera-tion among those we can mention: location in a city, annual occupational rate depending on the hotel stars, annual lease price, annual rooms revenue, room numbers, hotel services and so on.
Primary Sources*1- Booking.com™*2- Istat, Italian National Institute Of Statistics - Federturismo Confindustria - Italian Hotel Monitor - Trademark Italy*3- World Capital
3 Stars Hotel
4 Stars Hotel
50-65 110-160 11169,00-14519,70 2.750,00 -4.000,00 0,72-0,75
65-95 110-160 13843,54-20232,86 3.520,00 -5.120,00 0,75-0,77
61,20%
58,35%
14
Varese 56.168 111.062 61.290 129.337 117.458 240.399
Maggiore Lake 16.159 50.106 25.247 85.607 41.406 135.713
Other Municipalities 371.782 530.797 379.128 570.977 750.910 1.101.774
TOTAL 444.109 691.965 465.665 785.921 909.774 1.477.886
Annual occupation rate
Lease price €/m2/year
Min room revenue
/night
Hotel investment appeal index
Room lease €/year
Room revenue €/per year
*1
*3
*2
Piazza Maestri del Lavoro, 7 - 20063 C ernusco sul Naviglio (MI) Tel. +39 02 95305886www.worldcapital.it - [email protected]
A G E N C Y - C O N S U L T IN G - P R O P E R T Y - IN V E S T M E N T
®
Our Expertise for your business
Phase 1Identifying needs:- Location- Type of property- Budget- Timing
Phase 2RESEARCH AND SELECTION:A network of local real estate consultants, according to a speci�c search criteria, individualize a series of real estate oppor-tunities in order to propose the best solutions to customers.
Phase 3EVALUATION AND CONCLUSION OF THE CONTRACT:The client consider the best market opportunities to choose the one suits his needs and then formulate the lease or purchase proposal. The customer will be companied until the conclusion of the �nal contract.
Phase 4REAL ESTATE INVESTMENT:Completed the contractual de�nition, World Capital individualizes, in the case of lease, the investor (private, company, real estate found etc) that is interested in purchasing the asset.
Phase 5EQUIPMENT, PLANNING, REALIZATION AND COMPLEMENTARY SERVICES:Based on the customer request, World Capital provides technical advice about the property.
WORLD CAPITAL IN THE WORLDMILAN – SHANGHAI – BEIJING – MOSCOW – NEW YORK – SAO PAULO – PRAGUE – LONDON – BUENOS AIRES
Via Restelli, 3/7 (MI) 20124 Milan
Tel. +39 02 87365130 Fax. +39 02 95305209
Neda AghabeglooResearch Department
PROVINCEVARESE
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