Portugal

2008 was clearly marked by the crises of the international financial markets, resulting in a general slowing down of economic activity, and a consequent recession scenario in various countries, including Portugal.

There are presently no doubts as to the negative impact that these developments have had on the performance of both the local industrial and logistics sectors.

On one hand, the strong increase in oil prices during the first half of 2008 contributed towards a contraction in operator profit margins. On the other hand, the principal sectors resorting to logistics have witnessed a decrease in their operation activity during the past year, as was the case of the automobile, pharmaceutical, textile and high consumption industries, which led to a reduction in the number of transactions in the logistics sector in general.

As a result, throughout 2008, there was a drop in gross take up of logistics areas and a consequent increase in decision making periods regarding the occupation of logistics complexes, inherent to the uncertain economic climate witnessed. Furthermore, there was a greater increase in the rationalisation of occupied properties.