Abstract
An increased interest in the logistics real estate sector has recently been shown by industries, such as ecommerce and retailing, seeking warehouses and cross-docking facilities compliant with their logistics needs. The evergrowing demand for quality in logistics services, the paradigm of Industry 4.0 within logistics facilities and the institutional pressure for improved sustainability have contributed towards refocusing attention on logistics buildings. In this evolving landscape, this paper aims to build guidelines to help investors determine the most valuable features of a warehouse, identify the characterizing traits of the evolution of the logistics real estate sector and uncover its latest trends, also extending the rating model previously developed to an international context. It reports the results of the application of the rating model to 79 warehouses owned or rented to logistics service providers (LPSs). The results show an increased level of the overall quality of the logistics buildings surveyed, in particular a higher quality rate for the elements included in the building and internal areas sections. Moreover, the buildings physical aspects related to the layout of the facility are aligned to the operational requirements (functionality rates). The findings prove that logistics estates have evolved from conventional warehouses into more complex facilities equipped with automated or semi-automated handling and storage systems. From a theoretical perspective, this research fills a gap in the body of knowledge, which lacks empirical studies. From a practical viewpoint, it builds guidelines that help practitioners to evaluate their assets and improve them when presenting themselves to the marketplace.