Rents in Galleria Vittorio Emanuele II hit a new record high Revenue from rents paid by brands has grown by 30% in four years

The Galleria Vittorio Emanuele II in Milan is not only beautiful and centrally located, but it is also a real money-making machine for the City of Milan. Recently, as also reported by Repubblica a few days ago, the official figures from the Municipality on the revenues from concession fees for the premises in what is today one of the most prestigious commercial spaces in all of Europe have been made public.

The first figure that immediately stands out is that these fees (which we will simply call “rents” for simplicity) have skyrocketed in the last four years: in 2021 they amounted to 53 million euros per year overall, but today they have already exceeded 80 million euros annually. The increase has been 58%, which is far from negligible. In short, it’s not just student housing that has become more expensive.

The Real Estate Game of Rents in Galleria Vittorio Emanuele II

Another interesting part of the analyses published by the Municipality concerns the projections for 2026, which forecast that this year the city will collect 83.5 million euros from its “tenants” in the Galleria. It should be noted that, being practically forever the city’s finest drawing room, the administration has made considerable efforts to keep it populated by the best brands: to date, 40 concession contracts have been signed, 10 tender procedures have been concluded, and two are still open.

At the moment, therefore, the entire Galleria is occupied (it should be remembered that the shops in the Galleria also include the shop windows in the external porticos) while only two external shops are still in play: the former Davis shop in via Silvio Pellico, which is said to be of interest to Stroili; and another concerning three spaces overlooking Piazza Duomo. The core of the Galleria understood as a shopping center consists of 52 total brands that currently have contracts guaranteeing their presence there until 2030.

Being in the Galleria is therefore an expensive game of Risk (it is said that the former Davis shop space is up for an annual rent of 900,000 euros) where the combination of renewals, new openings and competitions among various occupants has made it possible to maximize the economic value of the spaces. A positive note, however, is that the Municipality has expressed its intention to balance luxury brands with the historic activities for which the Galleria is famous, such as Marchesi, Camparino or Libreria Bocca.

But who pays the most?

The most expensive “piece” of the Galleria is almost certainly (and almost certainly only for now) the current Tiffany & Co. boutique, which the brand has occupied after Swarovski’s departure and for which sources speak of a fierce battle among ten major brands. The shop measures between 170 and 175 square meters and has an annual rent of approximately 3.5 million euros, which makes the price per square meter around 20,600 euros per year, seven times higher than the initial auction base as reported by MF Fashion, higher than in Via Montenapoleone or on New York’s Fifth Avenue.

Other occupants who pay golden rents are Balenciaga, which pays 2.5 million euros per year, and Loro Piana, which pays 2.3 million euros. Both brands are among the newcomers to the Galleria along with The Bridge, Montblanc and the jewelry store Rocca.

As the Municipality has explained, the rental revenues have been reinvested directly in personal services, particularly in citizen welfare, especially in increasing resources allocated to support for the elderly, people with disabilities and adults in conditions of social fragility. In the 2026 budget forecast, for example, significant allocations are planned in these chapters (including about 85 million for adults at risk of exclusion), and the Galleria’s revenues represent a fundamental lever to finance such interventions without further burdening local taxation.

Takeaway

- The Galleria Vittorio Emanuele II has become a real “money-making machine” for the City of Milan, with concession fees rising from 53 million euros annually in 2021 to over 80 million today, an increase of 58% in four years.

- Projections for 2026 indicate revenues around 83.5 million euros (with the possibility of reaching 85 million), thanks to 40 signed contracts, 10 concluded tenders, and all 52 shops (including those in the porticos on Piazza Duomo) assigned at least until 2030.

- The most expensive space is the new Tiffany & Co. boutique (former Swarovski), with an annual rent of approximately 3.5 million euros (over 20,600 €/sqm), seven times the starting auction base, followed by Balenciaga (2.5 million) and Loro Piana (2.3 million).

- The Municipality is balancing the arrival of international luxury brands with the preservation of historic activities (Marchesi, Camparino, Libreria Bocca), while two external spaces (former Davis and three on Piazza Duomo) are still up for tender.

- The revenues are directly reinvested in citizen welfare, particularly for the elderly, disabled, and vulnerable people, funding services without increasing local tax pressure.