The situation is very disparate countries

The attractiveness of a country in the field of logistics is measured by its accessibility, infrastructure transport, economic growth, its industrial environment and the cost of logistics real estate. This game and the 2007-2008 horizon, Jones Lang LaSalle estimated that, on the 18 European countries studied, the most promising is the Russia, followed, in order, by the France, the Germany, the Slovakia, the Czech Republic and the Poland. Britain is only the ninth rank, the antepenultimate Italy and Portugal the last.

This rise of the countries of Eastern Europe may still disrupt the positions of the major European hubs. "With the saturation of the ports of the North and the displacement of the industrial East, demand increases, but from the traditional corridor from the North (Benelux and France) to the South (Italy and Spain), is a complementary corridor and not of substitution", recognizes Jean-Marie Guillet, Director of the Logistics Department France of the cabinet. It occurs simply displacement of the centroid to the Germany, without the France to be penalized. "It is absurd to imagine that Polish warehouses may treat consumer products for the Lyon market." The only question is the Ukraine and the Russia. "In view of the risks, including physical, incurred in these two States, suggests that countries such as the Poland and the Slovakia could be used as logistical rear base", said Serge Maginel, Deputy Director of CBRE France, according to which investment in Europe soared this year, to $ 5.5 billion euros in the first six months, 9 billion in 2005. The increase could be 20 on the year.

"The France is the more mature European market," says Benoît Eschbach, Deputy Director General of GSE, which designs and professional buildings, with a presence in 13 countries of the Continent. "This market is taken by its geographical location and an outstanding infrastructure mesh", adds Frédéric Chabrol, President of the Executive Board of Geprim, the specialized subsidiary of Nexity. 2006 should confirm these judgments. "The first half was remarkable with an offer that has declined from under the symbolic bar of 2 million square metres, while 1.15 million square metres have been marketed," said at Atisreal. These figures are closer to those recorded in 2005 with an offer approximately 2.5 million sqm to December 31 and transactions in the amount of 1.8 million meters square. "A total of 12 to 13 billion euros expected in 2006 in Europe, the France should collect more than 1.8 billion, an increase of 24 over 2005", complete Vincent Delattre, Director at Jones Lang LaSalle investments Department.

Confident investors

In France, the privileged poles do not change. Ile-de-France short top with a fleet of 22 million square metres, in Rhône-Alpes with 2.8 million, of which 1.3 million for the L'Isle-d'Abeau, France (2 million), Paca (nearly 1.3 million), which progresses very rapidly over the past two years, and a few towns Vierzon, Tours and Poitiers which develop. There are however a few weaknesses in Burgundy, where Gazelay, the specialized developer in logistics and subsidiary of Wal-Mart, the world number one American distribution, provided in Pagny 15 buildings in trimodal (train, highway and canal). However, since three years, one out of Earth. Outside this North-South axis, needs have been identified in Toulouse and Bordeaux, where available land is very scarce. Markets of Metz and Nancy have been disappointing.

Investors are confident. the American Prologis, number one world logistics, which manages 1.5 million square metres in France for five years, remains much focused around Lille, Paris, Lyon, Marseilles and Orleans. "For reasons of syndication of the costs, including those generated by the rules of supervision imposed by the Drire (regional directorates for industry, research and environment), we do want to achieve that great parks of a surface included between 150,000 and 200,000 m2", announces François de la Rochefoucauld, Director of the Heritage Society France. A post of goalkeeper cost 150,000 euros per year and it takes two on each warehouse. Hence the interest to pool the workforce on larger surfaces. The interest of this synergy is put in place, as has been done in Moissy-Cramayel, in Seine-et-Marne, shuttles to transit, restaurants of business and even crèches.

The operator, occupying about one third, or approximately 500,000 m2 of the logistics of the Isle-d'Abeau, where available land became scarce it starts work on the old buildings of Hewlett-Packard that he recently redeemed , sometimes with sprains to its strategy to be present on the major poles. "We're going to Poitiers, because the applicant is a great signing, in the Michelin case," he justified. Otherwise, outside of Moissy-Cramayel (250,000 m2 expected at the end of 2008) and of Mâcon (80,000 m2) which expects its first tenant, the company will deliver at the end of October 30,000 m2 in Clesud, in the Bouches and, at the end of the year, 40,000 m2 white Troyes and 20,000 m2 (on a total of 120,000 m2) at seanear Orléans, not to mention a first operation of 20,000 m2 in Grenoble for Rossignol.

Second investor on the market of logistics, lease investment, integrated into its parent company, land of the regions, today counts 850,000 m2 in this sector. The company is also primarily located in the North-South corridor. "We are continuing our mesh in platforms such as the 80,000 m2 that we have delivered recently near Roissy or 85,000 m2-Saint-Martin-de-Crau in the Bouches", explains Bertrand Julien-Lafferière, its Director General, whose strategy is developing a second axis: "Working more upstream to conduct operations in white or grey in the order of 100,000 to 200,000 m2 in partnership with major developers and logistics providers." It is already the case with the port of Dunkirk where two platforms of 20,000 m2 each will be delivered soon, or close to Valencia, a project, ultimately 200,000 m2, in association with JWG, the first instalment to be launched in 2007. Its strategy is to optimize and redevelop a heritage very often placed as the 18 hectare including 140,000 m2 of warehouses acquired from

SNCF in Pantin, 1 km from the Parisian device. Over the long run, society reflects on the refilialisation of logistics activity of land of regions, to the value in partnership with other investors and of large users to outsource or extend their facilities. Finally, the implementation in other European countries is sights.

Different strategies

Gecina made its appearance on the market a year ago. "Cash projects in progress, we are already less than 900,000 m2, our heart of target corresponds to warehouses which do not require a particular tech such as found, for example, in ceuxqualifiés of Seveso", boasts MEKA Brunel, the Director of strategic development. Outside the redemption transactions this year of portfolio specialized Bleeker (450,000 m2 distributed over 30 assets in operation and three projects for an amount of EUR 304 million) and three warehouses in the Paris region, the company is building in Vefa (sales in the future state of completion) to the image of the 16,000 m2 that it engage in early 2007 in Lagny, in Seine-et-Marne. "In fulfilling the HQE standard parks, we imagine towards us the creation of a real line, or even a mark", explains this ancient Fougerolles, Sinvim and Simco. The horizon of five years, it does not exclude the logistics to be the eighth of the portfolio of the company.

For Michel Zographos, Director of the logistics development of GSE, the France expansion is due to the obsolescence of the Park because construction of the nine is often cheaper to renovate buildings. Carrying out on behalf of Prologis Moissy-Cramayel Park, stressed the aspect of sustainable development concept that he tends to generalize the proposes brand, Optima, who was awarded the innovation award at the last major show of transport and logistics, and has been implemented in Mâcon.

Concerto, the specialized subsidiary of Affine, aims, on the contrary, pardons, the image of this building of 21,000 m2 located at Leers, near Roubaix, which will be delivered in early 2008. "The rental conditions will be very aggressive, at prices of 15 and 20 lower that those of the market, is the square metre per year in this region, between 33 and 35 euros", boasts Régis Gluzman, his business manager. This type of operation was already taken in 2005 to traps, in Yvelines, on 55,000 m2, from former premises of Fiat, while is in currently negotiating another region PACA on 30,000 m2. This does not preclude the company to build new and blank: 42,000 m2 to Hem, near Lille, 15,000 m2 in Marly - the city (Val-) and 85,000 m2 near Valencia pending 120,000 m2 near Orléans and 100,000 m2 near Amiens. Hem and Valencia are financed by Logiffine, the company created this year by Affine and the Macquarie Australian Group to invest in large parks.

Nexity Geprim, prefers as a promoter of medium-sized parks, between 25,000 and 30,000 m2 in Bourg en Bresse with 22,000 m2 CGS German Fund managed by Commerz Bank, before a second tranche of 10,000 m2. The operator was delivered in June 55,000 m2 to Gonesse (Val-) on behalf of the American AMB, a new investor on the French market, with which they feed other projects in the Isle - d'Abeau on 100,000 m2. With SMC, it is also about 50,000 m2 in Fos-sur-Mer. "We are working particularly the architectural image of our constructions", said Frédéric Chabrol, which will double its sales of last year with 200,000 made m2.

The rise of the Eastern Europe

If the France maintains a place of first logistics plan, the Eastern Europe is expanding. "The situation is very disparate countries." "Thus the Hungary has placed rental of 135.000 m2, the Czech Republic of 110,000 m2, then the Poland poster 525,000 m2 with a stock three times", said Vincent Delattre, for which the mesh size of the highways in these countries are on track and the Polish Gdansk port becoming a formidable competitor for Hamburg, including for all imports from Asia EuropeanThis should encourage the establishment of warehouses. Except that, for the moment, the rents are of the order of 65 euros the square metre per year in Prague and Budapest, equivalent to those to Frankfurt, Munich or Amsterdam. In Russia, the average is between 108 and 110 euros! This is why the French are likely there with caution.

Worn by a vibrant national market, the French promoters of logistics export their know-how in Europe. Geprim Nexity is still shy with a single transaction of 60,000 m2 near Turin. GSE will be in 2006 an equal distribution of its activities in the France and abroad. "We felt a stagnation in Spain and Germany". "In Britain, on the contrary, the level is very good with seven ongoing projects," explains Benoît Eschbach, its Director General Assistant. Satisfied with its backlog in Poland and Hungary, it looks at Croatia where are British funds, the Middle East, in particular Israel, the very strong thrust in Romania and the Ukraine and the Russia.

More reserved on the Italy, GSE announces next year "one of its best years in China", while its activity is still embryonic in North Africa with a current achievement in Casablanca. Ariel Lahmi, Director General of Concerto, the Affine group logistics subsidiary, is suspicious of the Russia. "Because of the problems of money laundering." The Spain is his priority where it's every year about 100,000 m2. After a first platform of 15,000 m2 South of Barcelona opened in June, another project, still in this region, of 60,000 m2, has been launched, while to the East of Madrid 50.000m2 are planned in 2007 and almost 80,000 m2 in 2008. In the Portugal, an association with a local bank should lead to construction of almost 40,000 m2 per year Porto and Lisbon.

"We are interested also in the countries of the East, continues the pattern of society." Rather than Poland or Czech Republic, we will go in Romania, Slovakia and Bulgaria, in association with local partners and French investors. The first structure should be mounted in 2007 and the first implementation see the day in 2008.