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Direct Investment In European Warehouse Space Down To 15b Euro In 2007 Report
Direct investment in warehouse areas in Europe dropped by 12 per cent to 15 billion euro in 2007, according to a recent report by Jones Lang LaSalle (JLLS) consultancy, as quoted by investor.bg.Despite the diminishing volume, the 15 billion euro figure posted last year, marks the second strongest year on record for the segment.
Investment in United Kingdom, currently the largest market for warehouse space in Europe, has declined by 35 per cent to 4.3 billion euro in 2007, whereas investment in Germany, the largest market on the mainland, did not register any surprising upheaval, going upby five per cent and reaching 2.3 billion euro, the JLLS report said.
France has more than doubled its performance in the segment – investment there stood at 1.86 billion euro in 2007. More than one billion euro was invested in The Netherlands.
Despite the turmoil on global financial markets, 2007 was the record year for the investment activity on the industrial segment in continental Europe, where investment volumes increased by 1.3 billion euro compared with levels from the previous yar, ending at 12.2 billion euro, Aymeric de Seresin, a director in JLLS's pan-European investment team specialised in distribution warehousing, commented.
In the majority of the recently emerging markets, such as Russia or the Central and Eastern Europe (CEE) countries, the share of owner-occupier developments remains high, also limiting opportunity for investors. Whilst investor interest in those markets is increasing, the limited opportunity has driven yield levels down, minimising the risk premium within these markets and so investors remain cautious, he added.
Investment volumes were up by 50 per cent on 2006 in Central Europe overall. In the Nordic countries, Sweden maintained robust investment levels of 1.78 billion euro. Decreasing investment activity was recorded in Southern Europe, where volume decreased by 37 per cent, due to a near 70 per cent decline in the Spanish market. The most significant drop in investment levels was, however, recorded in Russia, down by nearly 90 per cent on 2006 levels, which in itself with some 104 million euro showed a limited investment activity. This drop was due to a very limited number of investment opportunities and investor demand still remains very strong.