What would a successful year be for Panattoni Europe in the Czech Republic?_x000D_ _x000D_ For us, we measure it in square meters delivered in new supply. We would like to hit 150,000 sqm of completions this year. I think it's doable, if everything goes to plan. That would be similar to last year, as we are trying to hit 150,000 sqm to 200,00 sqm each year. It's achievable when you look at the market which has a supply between 400,000 sqm and 600,000 sqm in total each year. But this will become harder to reach over time because of the limited supply of new land. In two or three years, there won't be any land to develop around Prague, for example._x000D_ _x000D_ Is that a situation that's being repeated around the country or mainly in Prague?_x000D_ _x000D_ I think the rest of the Czech Republic has big potential. Prague also has potential but the problem is the political situation where a lot of the municipalities and villages have changed representatives recently. They're being elected by newcomers to the villages who aren't interested in having anything built there. They just want a calm life outside Prague, not development of the village. The towns have no real plan about how to keep their budget full. They just don't want anything new to be built and rely on the subsidies and funding programs. The tax system where the municipalities are not participating on the income tax of the tenants / occupiers has to change to motivate the mayors. It's a real drag on new development._x000D_ _x000D_ Finding people to work in warehouses and factories has become a problem not only for Prague but for_x000D_ many regions around the country. Is it being dealt with strategically in any way?_x000D_ _x000D_ The lack of employees in the whole western part of the Czech Republic is because there's no infrastructure for residential expansion there. No one is making it possible to build new residential areas. There's no program that would take care of that on a national level. A lot of mayors are preparing for it, but they don't have the resources for it. They talk to us, and we try to help, but ultimately, we're not the solution. The north and west areas will always be interesting locations for production facilities and R&D centers, but this will be limited in the mid-term by the difficulty in getting employees. Putting a positive program in place to welcome Ukrainians and Serbs or others would be more effective than carrying out raids to catch workers who don't have the right working papers._x000D_ _x000D_ Where do you see the immediate opportunities for new industrial development?_x000D_ _x000D_ I think we are still in the process of big sheds and reshuffling of the big corporations in Europe based on e-commerce and development of retail. That's driving the process heavily. In the past few years, the automotive sector was developing clusters in locations like Western Bohemia and then in Slovakia and Hungary as well as the Ostrava region. So the revolution or the big shift and shuffle in automotive is already done. Jaguar/Land Rover will bring some new companies, but it's not changing the overall landscape. There's a massive reshuffling going on with e-commerce, and this will still be moving the market for the next three to five years as more retailers will go online. There will be a different center of gravity for shipments. The real revolution is in retail and the development related to e-commerce._x000D_ _x000D_ Some competitors claim if they build for their portfolio they will take a more long-term view on the product they produce and the prices they do deals at._x000D_ _x000D_ I think it's completely the opposite, because we have to attract investors with our product. It's like when you are a developer, and you have a construction arm. Will you get the best offers? Will you get the best product and the best prices? No. You will be forced to use them even if it's not the best offer you could get on the market. I see it the same when you have a fund as part of your vehicle. When you have that, you are not challenged by the requirements of the fund, because you know it will end up there anyway. In our case, we were the first ones in the industrial sector to be forced by our investors to go for BREEAM certifications and to chase the best quality product, because they wanted to have the fund structured that way. If you have a structure where you have your own fund, you are not challenged by these developments on the market._x000D_ _x000D_ You were hiring a lot at this time last year, because you had more projects underway, albeit smaller ones. Has this worked out? Are you still hiring?_x000D_ _x000D_ In terms of the team, we are saturated. But the projects are more and more demanding, so I think it was a good strategy to hire more people. We have to put bigger head counts on projects because a lot of the projects are combining our customers from different locations, and this brings a lot of pressure to understand the codes of other countries and to explain Czech codes to our customers. So instead of there being two or three guys heading a project, you now sit with a team of eight or nine from legal, technical, logistics or taxes. They expect you to answer all their questions and to figure out the best solution. The number of square meters per deal are pretty large, so it still makes economic sense, but it puts a lot of pressure on having a team that can answer the questions.