Immobiliare

How many data centres there are in Italy, where they are and who runs them. And why, for investors, their real estate value is increasingly measured in megawatts: available power, connection times and demand for artificial intelligence are changing the value of land.

A property has a use value and, increasingly, a conversion value: what it can become when its original function no longer makes sense. Barracks, rail yards and Olympic Villages show why optionality is entering the financial thesis of real estate.

Italian commercial real estate exceeded €7 billion of investment in the first half. The aggregate figure conceals a far more interesting selectivity: retail, hotels, logistics, data centres, living and residential are following different logics.