The main driver of the industrial real estate markets over the next decade will be change in almost everything. Infrastructure changes will alter the relative desirability of locations and facilitate distribution; high labour costs will see a redistribution of production; policy may add to the cost of construction or the operational structure of demand; changes in technology will alter the way buildings are used and where they are best located. All these have a direct impact upon demand for the industrial property product set. This paper examines European industrial markets over a ten year horizon identifying these changes and setting out the opportunities that accrue and threats that may emerge for industrial investors over the period.