Photon-proton (\gamma p) interactions with~Q^25~GeV^2 are studied at the high energy electron-proton collider HERA. The transverse energy flow and relative rates of large rapidity gap events are compared in the two event samples. The observed similarity between \gamma p and \gamma^* p interactions can be understood in a picture where the photon develops as a hadronic object. The transverse energy density measured in the central region of the collision, at \eta^*=0 in the \gsp centre of mass frame, is compared with data from hadron-hadron interactions as function of the CMS energy of the collision
