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COMMERCIAL PROPERTY


The majority of large office building are located in the outskirts of Milan but a smaller offices can be found in modern or renovated buildings in the city. The majority of offices in the city were originally residential properties.
When you find an office space that is in need of work, it is often acceptable for the tenant to pay for this renovation in lieu of a discount for the first year or two.
If the company is not on the stock market or is a start up, owners will often expect a bank guarantee as security for the rental payments.

Contracts
The Italian commercial contract has a duration of 6 years, renewable for another 6. It is important to come to an agreement regarding the break clause as this is often a point of conflict.
Rent is paid quarterly and a 3 month security deposit towards damages, is normally deposited with the owner. Alternatively a bank guarantee will be accepted, in lieu of a cash payment.
There is a yearly registration tax, divided equally between the parties if the property is owned by a private entity. Alternatively, if the property is in the name of a company there is a small fixed registry tax and VAT is added to the rent. This is the rule of thumb and there are some exceptions.
 

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