Novara, Italy—a city strategically located in northern Italy—has seen an impressive rise in commercial construction projects, fueled by its proximity to Milan and a growing demand from businesses across various sectors. As an emerging business hub, Novara is attracting both national and international investors seeking affordable alternatives to Milan, while benefiting from its robust infrastructure.
1. Why Novara’s Location Matters for Business Growth
Novara’s location is a key driver of its commercial appeal. Situated just 50 kilometers from Milan, it provides easy access to major Italian and European markets. The city benefits from key transport links, including the A4 motorway and major rail connections, making it a prime location for logistics, retail, and office developments.
In addition, Novara has become an industrial and logistics hub, with businesses in sectors like automotive, pharmaceuticals, and food processing flocking to the city. The city’s proximity to Milan allows companies to tap into a large metropolitan market while enjoying lower costs compared to the financial center.
2. Commercial Real Estate: A Growing Demand
The commercial real estate market in Novara is thriving. Over the last decade, the demand for industrial spaces, office properties, and retail outlets has grown significantly, fueled by the city’s strategic location and competitive prices. Novara offers business-friendly conditions, from startup spaces to large corporate campuses, making it an attractive option for companies looking to expand or relocate.
3. Major Ongoing Commercial Construction Projects in Novara
Several large-scale commercial construction projects are currently underway, positioning Novara as a top destination for business:
A. Novara Business Park (NBP)
One of the largest developments in Novara, the Novara Business Park spans 200,000 square meters. The project, valued at €150 million, will feature offices, industrial units, and retail spaces. Located near the A4 motorway, the business park will attract major international companies, especially in logistics and manufacturing. Expected completion: 2026.
B. Logistics and Distribution Hubs
Logistics projects are also booming in Novara. A €50 million distribution center being built by a top logistics firm is expected to generate 300 new jobs, further solidifying Novara’s position as a logistics hub.
C. Retail Development
The Centro Commerciale Novara is expanding to add 30,000 square meters of retail space, catering to the growing demand for shopping malls and retail outlets in the region. This expansion is part of a broader initiative to revitalize the city center and boost Novara’s retail sector.
4. Commercial Real Estate Prices: Trends & Costs
As Novara’s commercial market flourishes, property prices are on the rise. Here are the latest price trends:
- Industrial Land: Prices for industrial land in prime locations near the A4 motorway range from €80 to €100 per square meter, showing a 10% increase over the past five years.
- Office Space: Office rental prices in Novara average between €12-€15 per square meter per month, with premium locations reaching €20 per square meter.
- Retail Space: Retail properties in newly developed areas or shopping centers can command rents of €30-€40 per square meter per month.
5. The Future of Novara’s Commercial Market
Looking forward, Novara’s commercial market shows no signs of slowing down. Continued investments in infrastructure, logistics, office spaces, and retail properties will likely drive further demand and growth. With businesses increasingly choosing Novara as an alternative to Milan, the city is set to remain a top contender for commercial investments in northern Italy.
Conclusion
Novara’s strategic location, combined with its competitive commercial real estate prices, makes it an ideal destination for businesses. With a growing number of large-scale construction projects in the pipeline, the city’s future as a commercial hub looks bright. For companies seeking a cost-effective yet well-connected location, Novara provides unparalleled opportunities.
