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Overview

What's Typical

Breaks

Breaks after 6 years are negotiable

Escalation

Indexed annually, up to 75%–100% of the ISTAT inflation index

Fit-out

Tenant usually pays

Free rent

6–12 months typical in 2015 but it depends on the location and the quality of the building

Landlord notice

Only in certain limited circumstances

Renewals

Automatic after 6 years unless either party gives notice

Rent basis

Net + 22% VAT

Right to sublet

Normally allowed with landlord consent

Security

6-12 months of headline rent

Tenant broker

Tenant pays 10–15% of annual rent upon space

Transparency

High in Milan, limited elsewhere

Term

6 years is statutory minimum and typical + 6 years

Offices

Milan + 39 02 303 777 1

Modena +39 05 929 248 11

Rome +39 06 452 385 01

Turin +39 011 227 2901