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  • Trends in Subleasing with Chris Vassilian

    Trends in Subleasing with Chris Vassilian
    2024/10/25

    Chris Vassilian and Justin Smith discuss the evolving landscape of subleasing in Southern California, highlighting current trends, challenges, and the dynamics between landlords, tenants, and subtenants. They explore the implications of market fluctuations, the importance of financial credit, and the complexities of navigating direct leases versus subleases.

    Key Takeaways

    • Subleasing is increasingly common in Southern California.
    • Market fluctuations have created a unique subleasing environment.
    • Subleases often offer flexibility but may lack concessions.
    • Racking can enhance the attractiveness of a sublease.
    • Landlords may have the right to recapture subleased space.
    • Financial credit of the sublessor is a growing concern.
    • Subleasing introduces complexities with three parties involved.
    • Direct leases can sometimes be cleaner but less efficient.
    • Timing is crucial when subleasing to avoid paying rent unnecessarily.
    • The current market has many subleases available for consideration.

    Episode Resources

    Connect with Chris Vassilian

    • https://www.linkedin.com/in/chris-vassilian/

    Connect with Justin Smith

    • https://smithcre.com/
    • https://www.lee-associates.com/
    • jbsmith@leeirvine.com
    • https://www.linkedin.com/in/justinbsmith
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    9 分
  • Maximizing Economic Incentives with David Hickey

    Maximizing Economic Incentives with David Hickey
    2024/10/23
    In this episode of the Industrial Insights podcast, Justin Smith interviews David Hickey from Hickey & Associates about the complexities of economic incentives in site selection. They discuss the various factors influencing site decisions, the misconceptions clients often have about incentives, and the importance of compliance and administration in capturing these incentives. David emphasizes the role of utilities in economic development and the current trends in industrial development, particularly in relation to power demand and sustainability. The conversation highlights the need for strategic planning and early engagement in the incentives process to maximize benefits for businesses. Key Takeaways Incentives can strengthen business cases but won't fix bad locations. Clients often have unrealistic expectations about incentives. Understanding the local business climate is crucial for site selection. Compliance is a significant factor in receiving incentives. Utilities are becoming key partners in economic development. Economic development strategies should focus on retention and expansion. The California Compete Tax Credit is a competitive program. Many incentives are underutilized due to lack of awareness. Timing is critical when considering incentives for projects. The demand for power is a growing concern for industrial users. Chapters 02:49 - Understanding Client Mindsets and Expectations05:25 - Navigating Incentives: The Role of Brokers08:18 - The Importance of Compliance in Incentive Programs11:28 - California Competes Tax Credit: A Competitive Process14:25 - Utility Incentives and Economic Development23:07 - Utility Partnerships and Performance Targets24:57 - The Role of Utilities in Site Selection27:29 - Community Engagement and Power Demand30:38 - The Semiconductor Boom and Infrastructure Needs34:25 - Incentives and Economic Development Trends37:09 - Navigating the Fiscal Cliff of Incentives42:03 - Timing in Strategic Decision Making Episode Resources Connect with David Hickey https://www.linkedin.com/in/davidphickey/https://www.hickeyandassociates.com/ Connect with Justin Smith https://smithcre.com/https://www.lee-associates.com/jbsmith@leeirvine.comhttps://www.linkedin.com/in/justinbsmith
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    44 分
  • Industrial Acquisition & Development Market Update with Justin Rappel

    Industrial Acquisition & Development Market Update with Justin Rappel
    2024/10/16
    In this episode of the Industrial Insights podcast, Justin Rappel from Pacific Industrial discusses the current state of the industrial real estate market, focusing on acquisitions and development strategies. He shares insights from his transition from brokerage to the principal side, the challenges and opportunities in various markets, and the impact of recent legislation on development. Rappel emphasizes the importance of understanding market dynamics, underwriting strategies, and the significance of building features in attracting tenants. The conversation also touches on the company's investment philosophy and the outlook for the future of industrial real estate. Key Takeaways Justin Rappel transitioned from brokerage to acquisitions manager at Pacific Industrial. The industrial real estate market is currently facing supply constraints in various regions. Understanding tenant needs is crucial for successful development projects. Recent legislation in California is impacting industrial project approvals. The disconnect between buyer and seller expectations is a significant challenge. Yield on cost is prioritized over IRR in Pacific Industrial's investment strategy. Building features must align with long-term tenant needs and market demands. Market dynamics are constantly shifting, requiring adaptability in strategies. Networking and relationship-building are essential during market downturns. There are opportunities for growth and development despite current market challenges. Chapters 02:48 - Transitioning from Brokerage to Principal05:27 - Acquisitions and Development at Pacific Industrial08:24 - Market Insights: Salt Lake and Vegas11:10 - Navigating the Southern California Market13:52 - Current Development Projects16:49 - Legislative Impacts on Development19:45 - Underwriting Strategies and Market Dynamics22:23 - Building Features and Design Considerations28:12 - Future Trends and Market Sentiment Episode Resources Connect with Justin Rappel https://www.linkedin.com/in/justin-rappel-ab591285/https://www.pac-industrial.com/ Connect with Justin Smith https://smithcre.com/https://www.lee-associates.com/jbsmith@leeirvine.comhttps://www.linkedin.com/in/justinbsmith
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    35 分
  • Supply Chain Design & Optimization Part 2 with Ralph Asher

    Supply Chain Design & Optimization Part 2 with Ralph Asher
    2024/10/08
    In this episode of the Industrial Insights podcast, Justin Smith and Ralph Asher delve into the complexities of supply chain management, discussing current challenges, the role of automation, and the importance of data analytics. They explore how companies can optimize their supply chains through effective modeling and decision-making, while also addressing the implications of nearshoring and the evolving landscape of logistics. Ralph shares insights from his experiences at General Mills and Target, emphasizing the need for collaboration and problem-solving in the industry. The conversation concludes with advice for aspiring supply chain professionals and reflections on recent trends in the field. Key Takeaways The importance of personal growth in professional settings. Navigating challenges can lead to unexpected opportunities. Building relationships is key to success. Reflection on past experiences can guide future decisions. Embracing change is essential for development. Collaboration can enhance problem-solving capabilities. Understanding different perspectives fosters better communication. Setting clear goals helps in achieving desired outcomes. Learning from failures is crucial for growth. Maintaining a positive mindset can influence outcomes. Chapters 02:13 - Current Challenges in Supply Chain Management05:25 - The Role of Automation in Supply Chains08:51 - Understanding Client Needs and Demand10:31 - Data Collection and Analysis in Supply Chain13:22 - Exploring 3PL Options and Cost Structures15:48 - Warehouse Automation and Its Implications18:17 - Modeling Techniques and Best Practices21:00 - The Future of AI in Supply Chain Modeling22:43 - Trends in Data Utilization and Analytics27:37 - Nearshoring and Its Impact on Supply Chains30:12 - Lessons from Experience in Major Corporations33:55 - The Importance of Collaboration and Problem Solving35:57 - Advice for Future Supply Chain Professionals Resources Connect with Ralph Asher https://www.linkedin.com/in/ralphasher/ https://datadrivensupplychain.com/ Connect with Justin Smith https://smithcre.com/https://www.lee-associates.com/jbsmith@leeirvine.comhttps://www.linkedin.com/in/justinbsmith
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    39 分
  • Commercial Real Estate Financing in this Market Cycle with Rob Quarton

    Commercial Real Estate Financing in this Market Cycle with Rob Quarton
    2024/09/30
    In this episode of the Industrial Insights podcast, Justin Smith interviews Rob Quarton from Walker & Dunlop, discussing the evolving landscape of commercial real estate financing. They explore the impact of the pandemic on the market, current trends, and the outlook for various asset classes, including industrial, multifamily, and retail. Rob shares insights on innovative financing strategies and the importance of networking through organizations like NAIOP. The conversation emphasizes the need for adaptability and proactive engagement in the real estate sector. Key Takeaways The pandemic caused a significant pause in the real estate market, but recovery is underway. Interest rates have a profound impact on real estate financing and investment strategies. There is a growing optimism in the market as rates begin to stabilize and decrease. Retail and industrial sectors have shown resilience and growth post-pandemic. Networking and relationships are crucial for success in real estate transactions. Innovative financing strategies are being implemented to navigate current market challenges. The importance of understanding asset class performance is key for investors and developers. Preparation and proactive engagement can lead to better opportunities in real estate. NAIOP provides valuable networking opportunities for professionals in the industry. The market is dynamic, and staying informed is essential for making strategic decisions. Chapters 00:00 - Introduction to Commercial Real Estate Financing02:54 - Navigating the Pandemic's Impact on Real Estate05:40 - Current Trends in Real Estate Financing08:58 - Dealing with Challenges in Real Estate Transactions11:33 - Market Activity and Future Outlook14:38 - Strategies for Success in a Volatile Market17:42 - Asset Class Performance: Industrial, Multifamily, and Retail20:24 - The Evolving Office Space Landscape23:32 - Innovative Financing Strategies26:44 - Preparing for Future Opportunities29:21 - Involvement in NAIOP and Networking Opportunities Episode Resources Connect with Rob Quarton https://www.linkedin.com/in/rquarton/ Connect with Justin Smith https://smithcre.com/https://www.lee-associates.com/jbsmith@leeirvine.comhttps://www.linkedin.com/in/justinbsmith
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    45 分
  • The Future of Leasing Strategies with Chris Vassilian

    The Future of Leasing Strategies with Chris Vassilian
    2024/09/27

    In this podcast episode, Chris and Justin discuss various aspects of supply chain logistics, focusing on the concept of blend and extend leases. They explore the reasons behind this leasing strategy, the importance of landlord contributions to building improvements, and strategies for landlords to attract tenants to vacant properties. The conversation highlights the current market dynamics and the need for flexibility in leasing agreements.

    Key Takeaways

    • The busiest airport for freight in the US is Memphis.
    • Blend and extend leases are becoming more common in today's market.
    • Landlords may need to contribute to building improvements to attract tenants.
    • Vacancy rates are a concern for landlords in the current market.
    • Short-term leases can be a strategy for attracting tenants.
    • Understanding tenant needs is crucial for successful leasing.
    • Landlords are willing to negotiate to maintain occupancy.
    • Capital investments in buildings can lead to better lease agreements.
    • Market rates are higher than legacy rates for many tenants.
    • Creative leasing strategies are necessary in a competitive market.

    Chapters

    • 01:29 - Exploring the Concept of Blending and Extending Leases
    • 03:12 - Factors Influencing the Decision to Blend and Extend
    • 05:36 - The Role of Building Improvements in Lease Negotiations
    • 06:24 - Strategies for Leasing Buildings in a Competitive Market
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    9 分
  • From Demand to Distribution with Janet Ydavoy

    From Demand to Distribution with Janet Ydavoy
    2024/09/26
    In this episode of the Industrial Insights podcast, Justin Smith speaks with Janet Ydavoy from 910 Advisors about the complexities of supply chain management. They discuss the challenges companies face as they scale, the role of third-party logistics (3PLs), and the importance of effective inventory management. Janet shares insights on global supply chain considerations, the impact of technology and automation, and strategies for managing returns. The conversation highlights the need for a cohesive approach to supply chain operations and the emerging trends that will shape the future of the industry. Key Takeaways Supply chain challenges can often be simplified to fundamental issues. A cohesive calendar is essential for aligning company operations. 3PLs are increasingly being utilized for global distribution needs. Effective inventory management is crucial for meeting consumer demand. Returns management is becoming a significant concern for retailers. Technology integration is key to improving supply chain efficiency. Companies must consider global inputs when designing supply chains. The transition process in supply chain management can be disruptive. Automation in warehouses is essential for optimizing operations. Future trends will focus on streamlining supply chain processes. Chapters 00:00 - Introduction to Supply Chain Challenges02:15 - Navigating Supply Chain Complexity04:55 - The Role of 3PLs in Modern Supply Chains07:18 - Inventory Management Strategies09:12 - Global Supply Chain Considerations11:41 - Scenario Planning and Stress Testing13:42 - The Impact of Returns on Supply Chains15:56 - Technology and Automation in Warehousing18:14 - Project Management in Supply Chain Transitions20:53 - Future Trends in Supply Chain Management Episode Resources Connect with Janet Ydavoy https://www.linkedin.com/in/janet-ydavoy-8333b09/https://910advisors.com/ Connect with Justin Smith https://smithcre.com/https://www.lee-associates.com/jbsmith@leeirvine.comhttps://www.linkedin.com/in/justinbsmith
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    30 分
  • Industrial Investment Lifecycle Insights with Chelsea Tamuk Levane

    Industrial Investment Lifecycle Insights with Chelsea Tamuk Levane
    2024/09/18
    In this episode of the Industrial Insights podcast, Justin Smith interviews Chelsea Tamuk Levane from Cabot Properties. Chelsea shares her journey from intern to overseeing the West Coast operations at Cabot, discussing the company's growth, market focus, and strategic decisions in the industrial real estate sector. The conversation delves into networking, staying informed about market trends, managing acquisitions, and the challenges of the current leasing environment. Chelsea emphasizes the importance of understanding tenant needs, the intricacies of the bidding process, and the significance of in-house property management. The episode concludes with insights on exit strategies and the future outlook for industrial real estate. Key Takeaways Chelsea Tamuk Levane has been with Cabot Properties for 10 years, starting as an intern. Cabot Properties has grown significantly, now operating in multiple international markets. Networking through organizations like NAIOP and ULI has been beneficial for Chelsea. The focus is on core coastal markets for investment opportunities. Staying informed through brokers and market data is crucial for success. Managing acquisitions requires strong organization and communication within the team. The bidding process has become more competitive, especially in a changing market. Underwriting involves both quantitative data and qualitative insights. Building attributes are still important despite current market pressures. Regular tenant communication helps mitigate surprises during the sale process. Chapters 00:00 - Introduction to Cabot Properties and Chelsea Tamuk Levane 02:43 - Chelsea's Journey at Cabot Properties 05:37 - Expanding Cabot's Global Presence 08:15 - Market Focus and Strategic Decisions 11:12 - Staying Informed: Market Trends and Data 13:43 - Managing Acquisitions and Relationships 16:23 - Navigating the Bidding Process 19:08 - Underwriting and Deal Evaluation 21:29 - Understanding Market Dynamics 24:08 - The Art of Due Diligence 27:00 - The Papering Process and Challenges 29:40 - Exit Strategies and Market Considerations 32:19 - Value-Add Strategies in Real Estate 35:00 - The Benefits of In-House Property Management 37:35 - Future Trends and Opportunities in Industrial Real Estate Episode Resources Connect with Chelsea Tamuk Levane https://www.linkedin.com/in/chelseactamuk/clevane@cabotprop.com Connect with Justin Smith https://smithcre.com/https://www.lee-associates.com/jbsmith@leeirvine.comhttps://www.linkedin.com/in/justinbsmith
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    44 分