With the development of e-commerce, logistics has acquired a strategic dimension.
The real estate market is adapting, opening up new investment opportunities. The explosion of online commerce is accentuating "exponentially" the needs for logistics space. Cutting delivery time in half often means far more than doubling the number of square meters, and the ability to deliver in ever-shorter times has become a differentiating competitive factor. E-merchants need warehouses dedicated to online sales and a territorial network that promotes proximity to consumption basins. Large retailers who rely on a large network of stores and must be able to manage store stocks and online sales in the same warehouse. Sorting, product packaging, return management: logistics around e-commerce have specificities and constraints compared to more traditional distribution. This development requires a transformation of the building stock to allow users to receive, store and distribute products as quickly as possible. Developments in terms of size, volume, location but also on the technical level with, for example, the ability to integrate automated processes. In addition to being booming, the sector has other advantages:
The costs related to the improvement works of the premises are the responsibility of the tenant
- Income is indexed to inflation
- The leases are secure because signed for a long term, on average for a period of over 15 years for large warehouses.
- Asset of return par excellence, this category of investments remains attractive for those who aim above all for high profitability, to the detriment of the long-term asset value. Returns between 7 and 10% depending on assets, tenants and locations, and excluding potential leverage or value creation. These performances are subject to contingencies and generate partial capital losses.