European Warehousing and Industrial Real Estate Outlook 2008

Increasing amounts of equity based capital will target the European warehousing and industrial real estate markets and going forward equity and low leverage buyers will dominate the market. This report analyses the European warehousing market, providing a detailed overview of the market conditions, and Datamonitor's country-wise 2008 outlook for the industry and the economy.

Report Highlights
The European industrial real estate market saw limited levels of growth in 2007, with supply and demand in most countries being more balanced than in previous years. Overall rental growth in Europe was just 2.5% Central and Eastern Europe once again reverted to out performance, with rental growth of 7% compared to just 1.3% in Western Europe.

As credit squeeze slowly impacts the EU market, the more mature locations may slow further in the second half of 2008. However, there will be an increasing number of opportunities for occupiers from both the manufacturing and logistics sectors to discover lower cost locations, and this trend will generate rental growth in most locations in 2008.

In the CEE region though the pipeline is large, there is sustained demand and proportionally less good-quality space available. Demand for space in regional cities is also increasing. Manufacturers will continue moving their operations to lower cost locations in the foreseeable future, thus ensuring a steadily growing demand for logistics property.
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Overview 1
Catalyst 1
Summary 1
Executive Summary 2
3
Table of figures 4
CHAPTER 1 THE EUROPEAN WAREHOUSING MARKET - LOTS IN STORE FOR THE FUTURE 5
1.1 Demand 9
1.2 Supply 11
1.3 Rents 12
1.4 Investment 13
1.5 Country Market Review 15
CHAPTER 2 KEY MARKET PROFILES 17
2.1 WAREHOUSING MARKET IN GERMANY 17
2.1.1 Market Overview 17
2.1.2 Warehousing Demand and Supply 17
2.1.3 Freight Villages 19
2.1.4 Market Outlook 20
2.2 WAREHOUSING MARKET IN THE UK 21
2.2.1 Market Overview 21
2.2.2 Warehousing Demand and Supply 22
2.2.3 Economic Outlook 23
2.2.4 Industrial Property Outlook 23
2.3 WAREHOUSING MARKET IN FRANCE 25
2.3.1 Market Overview 25
2.3.2 Warehousing Demand and Supply 26
2.4 WAREHOUSING MARKET IN SPAIN 29
2.4.1 Market Overview 30
2.4.2 Logistics Property Market 31
2.4.3 Warehousing Supply 32
2.4.1 Warehousing Demand 33
2.4.1 Market Outlook 33
2.5 WAREHOUSING MARKET IN POLAND 34
2.5.1 Market Overview 34
2.5.2 Warehousing Demand and Supply 35
2.5.3 Key Trends 36
2.5.4 Market Outlook 37
CHAPTER 3 COUNTRY MARKET REVIEW 38
3.1 AUSTRIA 38
2006 Review 38
2007 Review 38
Outlook for the Economy 38
Outlook for the Industrial Property Market 39
3.2 BELGIUM 40
2006 Review 40
2007 Review 40
Outlook for the Economy 40
Outlook for the Industrial Property Market 41
3.3 BULGARIA 42
2006 Review 42
2007 Review 42
Outlook for the Economy 42
Outlook for the Industrial Property Market 42
3.4 CZECH REPUBLIC 44
2006 Review 44
2007 Review 44
Outlook for the Economy 44
Outlook for the Industrial Property Market 45
3.5 DENMARK 46
2006 Review 46
2007 Review 46
Outlook for the Economy 46
Outlook for the Industrial Property Market 47
3.6 FINLAND 48
2006 Review 48
2007 Review 48
Outlook for the Economy 48
Outlook for the Industrial Property Market 49
3.7 GREECE 50
2006 Review 50
2007 Review 50
Outlook for the Economy 50
Outlook for the Industrial Property Market 51
3.8 HUNGARY 52
2006 Review 52
2007 Review 52
Outlook for the Economy 52
Outlook for the Industrial Property Market 53
3.9 IRELAND 54
2006 Review 54
2007 Review 54
Outlook for the Economy 54
Outlook for the Industrial Property Market 55
3.10 ITALY 56
2006 Review 56
2007 Review 56
Outlook for the Economy 56
Outlook for the Industrial Property Market 57
3.11 NETHERLANDS 58
2006 Review 58
2007 Review 58
Outlook for the Economy 58
Outlook for the Industrial Property Market 58
3.12 PORTUGAL 60
2006 Review 60
2007 Review 60
Outlook for the Economy 60
Outlook for the Industrial Property Market 60
3.13 ROMANIA 62
2006 Review 62
2007 Review 62
Outlook for the Economy 62
Outlook for the Industrial Property Market 63
3.14 RUSSIA 64
2006 Review 64
2007 Review 64
Outlook for the Economy 64
Outlook for the Industrial Property Market 65
3.15 SLOVAKIA 66
2006 Review 66
2007 Review 66
Outlook for the Economy 66
Outlook for the Industrial Property Market 67
3.16 SWEDEN 68
2006 Review 68
2007 Review 68
Outlook for the Economy 68
Outlook for the Industrial Property Market 69
3.17 SWITZERLAND 70
2006 Review 70
2007 Review 70
Outlook for the Economy 70
Outlook for the Industrial Property Market 71
CHAPTER 4 EUROPEAN INDUSTRIAL PROPERTY MARKET OUTLOOK 72
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Table 1: Europe: Industrial Rents Review and Outlook by Location (€/sqm/yr) 15
Table 2: Germany: Logistics Market - Regional Space turnover (in m²), 2006 - 2007 17
Table 3: Germany: Logistics Spaces 2007 18
Table 4: Germany: Annual Takeup (Sq meters), 2006 & Q1-Q3 2007 20
Table 5: France: Prime Logistics Yields as at September 2007 25
Table 6: France: Prime Logistics Rents as of September 2007 26
Table 7: Spain: Prime Industrial Rents, December 2007 31
Table 8: Spain: Prime Industrial Yields, December 07 32
Table 9: Europe Outlook: Economy Performance Vs Industrial Property Performance, 2008 72
Figure 1: European Industrial Rental Growth Rate Per Annum (%), 2003-2007 5
Figure 2: EU-15 Industrial Yields Index, 1997-2005 6
Figure 3: EU-15 Industrial Rental Index (March 1988=100), 1992-2006 7
Figure 4: Top 10 European Industrial Markets by Take-up in 2007 9
Figure 5: Total Warehouse Space (Million Square Meters), 2006-2010 11
Figure 6: European Logistics Investment Market (€ Billion), 2000-2006 13
Figure 7: Germany: Freight Villages 19
Figure 8: The United Kingdom: Income Return (Yield) and Capital Growth of Warehouse/Distribution Properties, 1991-2005 21
Figure 9: France: Geographic Breakdown of Take-up (%), 2007 (Till October) 27
Figure 10: France: Breakdown of Take-up (000 Square Meters), 2000-Q3 2007 28
Figure 11: Spain: Main Logistic Areas 29
Figure 12: Spain: Industrial Investment Volume (€ Millions), 2001 - Q2 2007 30
Figure 13: Poland: Take-up by Regional Market (%), 2007 34
Figure 14: Poland: Warehousing Supply by Regional Markets (Sqm), 2007 35
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