European logistics development group Panattoni has launched the speculative development of a 90,000 m2 logistics park in Scarmagno near Turin, after acquiring a 241,000 m2 site.
This marks Panattoni’s second project in Italy after the company opened its country office in Milan in February and committed to a 15,000 m2 Grade A logistics development project in Ospedaletto Lodigiano, 30 minutes from Milan’s city centre.
Jean-Luc Saporito, managing director of Panattoni Italy, said: ‘Italy’s e-commerce penetration is not as advanced as other European countries, and we’ve seen growing demand for modern logistics facilities with high environmental standards. We are confident our new park will attract a lot of interest from players active in Italy’s rapidly expanding logistics services industry.’
Panattoni’s new park in Turin will comprise a single-story warehouse building totalling just under 90,000 m2 with a clear net height of up to 12 metres, LED lighting, a solar rooftop, leisure facilities for employees including a canteen, sports and recreation area, and 3,700 sqm of single-storey office space. The complex is targeting LEED Gold or BREEAM Very Good Certification and will offer ample parking space for trucks and cars.
Construction of the new development is scheduled to start in September 2023.
As recently as 2019, Italy ranked as one of the countries in Europe with the lowest penetration of online sales, with e-commerce accounting for just over 5% of total retail turnover in that year. Advisor CBRE predicts that this share will more than double by 2024, with online sales reaching €22.3 bn by then. Nearly 2.5 million m2 of logistics space was leased in Italy in 2021, the highest level ever recorded in the country.
Brownfield conversion and redevelopments of abandoned factories are rising up the agenda of logistic developers and public administration departments in Italy, given the large volume of existing brownfields (almost 8,500 km2, equal to the size of the region of Umbria) and the willingness to preserve greenfield locations. Jean-Luc Saporito concluded: ‘Italy’s logistics real estate market is clearly underdeveloped compared to other countries in Europe and we continue to scour the market for new sites and development opportunities.’
