Varese Province

VARESE
PROVINCE
1990
1992
1994
1996
1998
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2010
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2020
Real Estate Market - 1st Semester 2013
Lombardy - Italy
Copyright © 2013 World Capital. All Rights Reserved.
VARESE PROVINCE
Real Estate Market - 1st Semester 2013
Lombardy - Italy
Index:
Introduction
Office real estate market
Province and Municipality
Lease Trend - Across the Globe
Retail real estate market
Retail High-street market
Industrial real estate market
Province
Europe prime industrial cities - lease rate
Hotel real estate market
Hotel & tourism attractions
Tourism flows
Hotel investment “Appeal” Index
Switzerland
France
ITALY
1
Austria
Slovenia
Lugano
lake
Maggiore
lake
Varese
lake
Como
lake
Idro
lake
Garda
lake
LOMBARDY REGION
2
LOMBARDY Real Estate REPORT
LOMBARDY Real Estate REPORT
Lombardy’s GDP
Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
GDP
Millions of euro
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
GDP
per capita-Euro
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
GDP
2010
2011
2012
330.997
337.285,9
327.167,3
33.500
33.624,2
32.615,5
Source: ISTAT, Italian National Institute of Statistics
Provinces of Lombardy
Area
Municipalities
(km²)
(n°)
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
Italy
9.917.714
60.626.442
23.860,62
301.340
Province
Population
Bergamo
Source: ISTAT, Italian National Institute of Statistics
3
LOMBARDY Real Estate REPORT
LOMBARDY Real Estate REPORT
A51
A9
Lugano
lake
Maggiore
lake
A26
Como
lake
A22
Varese
lake
Idro
lake
PEDE
MONTANA
Garda
lake
BREBEMI
A4
A4
A21
BorniMortara
A1
A7
Regional
Road Transport System
4
Varese Province
Diversification 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, Whirlpool, 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
LOMBARDY Real Estate REPORT
Foreign companies percentage
by sector
Precision mechanics equipment
Pharamaceutical products
Plastic Products
3,31%
2,20%
Other professional services
2,20%
1,60%
Metal products
Retail
3,31%
4,91%
39,08% Wholesale trading
Transport & logistics 6,01%
Basic Chemicals 6,01%
Machinery and mechanical equipment
8,82%
22,55% Other
Source: ISTAT, Italian National Institute of Statistics
Foreign Citizens Population
Philippines
El Salvador
5% 4%
Tunisia
6%
China
6%
First 10 Nationalities
Source: ISTAT, Italian National Institute of Statistics
Albania
37%
Peru 7%
Morocco
7%
9%
Sri Lanka
9%
Romania
10%
Ukraine
Varese’s GDP Trend
YEAR
GDP
per capita-Euro
2003
2004
2005
2006
2007
2008
2009
2010
2011
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
Sources: ISTAT, Italian National Institute of Statistics - Unioncamere - G. Tagliacarne Institute
6
LOMBARDY Real Estate REPORT
OFFICE real estate market
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).
LEGEND
LOGISTIC HUB
MALPENSA AIRPORT
ACTUAL INFRASTRUCTURE
A8 HIGHWAY
VARESE
A9 HIGHWAY
E62 HIGHWAY
RAILWAY LINE
Average annual lease price
150 €/mq
130 €/mq
110 €/mq
90 €/mq
70 €/mq
No/local market
Varese Municipality - Office Real Estate Value €/m²/year
110 €/mq
160 €/mq
105 €/mq
150 €/mq
100 €/mq
140 €/mq
95 €/mq
130 €/mq
90 €/mq
120 €/mq
85 €/mq
110 €/mq
80 €/mq
100 €/mq
75 €/mq
90 €/mq
70 €/mq
80 €/mq
No office market
Streets
Streets
Highway
Highway
A4 Highway
A4 Highway
7
Min annual lease rate
Max annual lease rate
10
5
0
Latin America- America-Canada
Europe
Asia
Madrid
-15
Melbourne
Asia
Sydney
-10
Seoul
Kuala Lumpur
Brussels
Mumbai
Shanghai
Barcelona
Singapore
Europe
Delhi
Moscow
Beijing
-5
Tokyo
Rome
Hong Kong
London
Frankfurt
Paris
Madrid
Dubai
Moscow
London
Warsaw
Latin America- America-Canada
Brussels
New York Shanghai
Frankfurt
Prague
Varese
Budapest
5
Lima
Bogota
Vancouver
20
Rio de Janeiro
0
Sao Paulo
200
Melbourne
Sydney
Seoul
Kuala Lumpur
Mumbai
Shanghai
Singapore
Delhi
Beijing
Tokyo
Hong Kong
Varese
Budapest
Prague
Madrid
Warsaw
Frankfurt
Paris
Moscow
Brussels
London
Lima
Vancouver
Bogota
San Francisco
Rio de Janeiro
Sao Paulo
400
San Francisco
1st semester - 2013
Varese Province
Lease Trend - Across The Globe
Lease rate €/sq.m/year
1400
€
1200
1000
800
600
Australia
Growth rates %
Beijing
Sao Paulo
15
10
Stockholm
0
Varese
Paris
Hong Kong
Vacancy rate %
31%
20
15
Australia
8
LOMBARDY Real Estate REPORT
RETAIL real estate market
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- ZARA
Adidas - Bershka
Historical Centre Zone
Pedestrian zone
Corso Matteotti
Lease: 200-420
€/m²/year
Examples of existing brands:
Sisley
OVS - Promod
STEFANEL- HERMES
MaxMara
9
Varese Province
1st semester - 2013
Lease Rate - Varese City €/m²/year
City
Italy
Varese
530
510
480
450
420
390
360
330
300
270
240
210
190
160
130
100
Country
Prime street
Via Vittorio Veneto
- Corso Aldo Moro
Corso Matteotti
Lease Trend - Across The Globe €/m²/year
Country
City
Prime Street
2011
2012
2013
China
Hong Kong
Causeway Bay
12,644
22,307
22,764
U.S.A
New York
Fifth Avenue
18,003
22,047
22,340
U.K
London
Oxford Street - West
9,353
13,406
13,103
France
Paris
Avenue des Champs-Elysées
7,310
10,375
11,229
Switzerland
Zurich
Bahnhofstrasse
7,997
8,164
8,216
Italy
Varese
Corso Matteotti
418
415
420
Australia
Sydney
Pitt Street Mall
7,544
7,243
7,141
Belgium
Brussels
Rue Neuve
7,800
7,409
7,115
Russia
Moscow
Tverskaya
5,769
5,669
5,718
Japan
Tokyo
Ginza (Chuo Street )
5,108
5,116
4,965
Germany
Munich
Kaufingerstraße
4,346
4,103
4,083
Germany
Frankfurt
Zeil
3,550
3,609
3,620
Germany
Hamburg
Spitalerstraße
3,157
3,483
3,470
Germany
Berlin
Tauentzienstraße
2,889
2,738
3,100
China
Shanghai
Nanjing Road West
2,730
2,772
2,851
China
Beijing
Wangfujing
2,152
2,495
3,324
S.Corea
Seoul
Myeongdong
2,085
2,090
2,062
Spain
Madrid
Puerta del Sol Preciados
2,303
2,487
2,343
India
Delhi
Khan Market
2,319
2,169
2,174
Brazil
Rio de Janeiro
Garcia D`Avila
1,340
1,532
1,570
U.A.E
Dubai
Sheikh Zayed Road
151
327
361
BRIC countries
Lease €/sqm/year
25,000
2011
20,000
2012
2013
15,000
10,000
Dubai
Varese
Rio de
Janeiro
Delhi
Madrid
Seoul
Shanghai
Berlin
Beijing
Hamburg
Frankfurt
Munich
Tokyo
Moscow
Rome
Sydney
Brussels
Zurich
Paris
London
New York
0,000
Hong Kong
5,000
10
LOMBARDY Real Estate REPORT
INDUSTRIAL real estate market
Industrial
Key Sectors
Aerospace
Tourism and Sport
Home appliances
Transport and Logistics
Energy
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.
Varese province - industrial zones €/m²/year
Lugano
Switzerland
VARESE
LEGEND
Como
LOGISTIC HUB
MALPENSA AIRPORT
ACTUAL INFRASTRUCTURE
A8 HIGHWAY
A9 HIGHWAY
E62 HIGHWAY
RAILWAY LINE
Como
Turin
GALLARATE
Average annual lease price
70 €/mq
50 €/mq
BUSTARSIZIO
40 €/mq
35 €/mq
30 €/mq
LONATE
POZZOLO
25 €/mq
No/local market
Milan
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%.
11
Varese Province
1st semester - 2013
9,314 Millions of €
EXPORT
International trade
2012
6,459 Million of €
IMPORT
Europe prime industrial cities - lease rate €/m²/year
€ 140,00
€ 120,00
€ 100,00
€ 80,00
€ 60,00
€ 40,00
Bucharest
Brussels
Prague
Athens
Riga
Rome
Vienna
Kiev
Berlin
Rotterdam
Warsaw
Dublin
Istanbul
Paris
Madrid
Manchester
Varese
Barcelona
Amsterdam
Frankfurt
Glasgow
Monaco
Tel Aviv
St. Petersburg
London
Moscow
Stockholm
Zurich
Oslo
€ 20,00
12
LOMBARDY Real Estate REPORT
HOTEL real estate market
Varese Province - Hotel & touristic attractions
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.
Touristic attractions:
LEGEND
Golf club
Horse riding club
Spa
Malpensa airport
Hotel concentration
Maggiore Lake
number/municipality
Low
VARESE
Campo dei Fiori Park
Estensi Gardens - Varese
Palude Brabbia Nature Reserve
Varese Lake
13
Palude Brabbia Nature Reserve
High
Varese lake
1st semester - 2013
Varese Province
Varese Province - Tourist flows
Varese
Italians
Arrivals
Night spent
56.168
111.062
Foreigners
Arrivals
Night spent
61.290
129.337
Maggiore Lake
16.159
50.106
25.247
Other Municipalities
371.782
530.797
TOTAL
444.109
691.965
Touristic places
Total
Arrivals
117.458
Night spent
240.399
85.607
41.406
135.713
379.128
570.977
750.910
1.101.774
465.665
785.921
909.774
1.477.886
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 investment 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 consideration 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.
Min
room revenue
/night *1
3 Stars
Hotel
4 Stars
Hotel
Annual
occupation rate*2
Lease price*3
€/m2/year
Room revenue
€/per year
Room lease
€/year
Hotel investment
appeal index
50-65
61,20%
110-160
11169,00-14519,70
2.750,00 -4.000,00
0,72-0,75
65-95
58,35%
110-160
13843,54-20232,86
3.520,00 -5.120,00
0,75-0,77
Primary Sources
*1- Booking.com™
*2- Istat, Italian National Institute Of Statistics - Federturismo Confindustria - Italian Hotel Monitor - Trademark Italy
*3- World Capital
14
Our Expertise
for your business
Phase 1
Identifying needs:
- Location
- Type of property
- Budget
- Timing
Phase 2
RESEARCH AND SELECTION:
A network of local real estate consultants,
according to a specific search criteria,
individualize a series of real estate opportunities in order to propose the best
solutions to customers.
Phase 3
EVALUATION 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
final contract.
Phase 4
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REAL ESTATE INVESTMENT:
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World Capital individualizes, in the case
of lease, the investor (private, company,
real estate found etc) that is interested in
purchasing the asset.
Phase 5
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AND COMPLEMENTARY SERVICES:
Based on the customer request, World
Capital provides technical advice about
the property.
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20124 Milan
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Neda Aghabegloo
Research Department
[email protected]
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