Industrial Advisors

Hosted by podcast@industrialadvisors.com (Industrial Advisors)

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204

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Jun 2026

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About the show

Supply chain nerds, warehouse gurus, distribution dudes, transportation titans, site selection geeks… No one knows the industrial real estate market better than Colliers International's Matt McGregor and Bill Condon. Tune into their Industrial Advisors' show to find out what you don't know about the market behind the market.

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June 5, 2026Episode 1616 min

Supply Chain Strategy: How NFI Built a Global Logistics Empire

NFI's 3PL Growth, Real Estate Strategy, and Tech Adoption with Michael Landsburg (IAMC Little Rock) Live from the IAMC conference in Little Rock, the Industrial Advisors podcast interviews Michael Landsburg of NFI about the company's scale and strategy in the 3PL world. Landsburg explains NFI is a 94-year-old, privately held, family-owned supply chain company operating primarily in the US and Canada, with about 80 million square feet in its portfolio (about 17 million owned), roughly 18,000 employees, 5,000 trucks, and 14,000 trailers, serving shipments from Asian ports to home delivery. He discusses how NFI decides between customer-held leases, NFI-held leases, and owning facilities for control, speed, flexibility, and family investment diversification. This includes a shift after the global financial crisis toward leasing more space to third parties. He touches on submarket-by-submarket leasing conditions, NFI's strong performance versus the industry since 2022, a reduced risk posture in matching leases to contracts, ongoing data centralization to enable AI, warehouse automation with fully autonomous robots, and uncertainty over whether Asian-based 3PL growth represents net-new demand or market-share shift. 0:00 Intro and NFI overview 2:10 The history of the 94-year-old family business 4:15 Strategy behind owning vs leasing assets 6:30 Diversifying the portfolio after 2008 8:45 Current industrial market trends and softness 11:00 Leveraging data and AI in logistics 13:15 Autonomous robots in the warehouse 14:50 The impact of Asian 3PL growth 16:00 Closing thoughts and wrap up

May 29, 2026Episode 159 min

2026 Industrial Outlook: Market Rebalancing, Big Box Demand & Nearshoring

2026 Industrial Outlook: Market Rebalancing, Big Box Demand & Nearshoring Live at the IAMC conference in Little Rock, hosts interview Stephanie Rodriguez, who leads Colliers' industrial platform, about her people-focused approach to client and team relationships and her extensive travel (over 300,000 American Airlines miles last year). She discusses Colliers' positioning and performance, noting an uptick after Q1 in industrial deal and revenue counts and a stronger start to 2026, plus continued talent recruitment. Rodriguez highlights regional market dynamics: low-vacancy, conservative development and steady rent growth in the central region; strong Southeast demand driven by population growth and onshoring/nearshoring; and West Coast stabilization tied to ports. Growth drivers include steady e-commerce, dominant 3PL leasing activity, reshored advanced manufacturing (chips, pharmaceuticals), and capital-intensive data centers. Institutional owners remain focused on build-to-suit, with selective return to speculative development in low-vacancy markets and renewed big-box demand, including increased Amazon activity. 0:00 Intro and Guest Introduction 2:15 Colliers Platform and Regional Trends 5:10 Growth Sectors: 3PLs and Manufacturing 7:00 Institutional Perspectives and Spec Development 8:20 Big Box Trends and Upcoming Conferences

May 22, 2026Episode 1419 min

The Bulk Industrial Comeback: Spec Development, BTS Demand & Dallas Momentum

Industrial Advisors Podcast Live at IAMC: Dallas Bulk Demand, Spec Development, Shallow Bay Challenges, and Power Constraints Live from the IAMC forum in Little Rock, the Industrial Advisors podcast hosts interview Chloe Garside of the Sansone Group about her move to Dallas as a development partner and what she's seeing in industrial real estate. She describes accelerating bulk demand nationally and in Dallas, noting Sansone has six million-square-foot spec buildings under construction or existing, with four already in lease talks, contributing to pushback toward build-to-suit for bulk due to limited availability. In Dallas, rent premiums favor bulk over sub-300,000-square-foot product, and she prefers 300,000–600,000-square-foot cross-dock specs, with 900,000–1.2 million as the big-box range. The group discusses shallow-bay/flex demand but high costs and infill site challenges, plus rising competition for land and power as data centers drive pricing expectations and utility delays, making power a daily tenant concern and prompting bridge solutions like alternative generation. 0:00 Intro and Chloe Garside's Career Journey 3:30 The State of the Dallas Industrial Market 6:45 Trends in Bulk Speculative Development 10:15 The Challenge of Shallow Bay and Flex Space 13:45 Data Centers and the Competition for Power 17:30 Creative Power Solutions and Market Outlook

May 15, 2026Episode 136 min

Access, Insight, and Community: The Corporate Benefits of IAMC Membership

Amanda Sevilla on the Value of IAMC for Corporate Occupiers Live from Little Rock on the final day of IAMC, the Industrial Advisors podcast hosts interview Amanda Sevilla of Expeditors about her experience with the conference and why she joined. Sevilla says corporate occupier teams often run lean, and IAMC uniquely centers corporate tenants, creating a more even playing field than other conferences and enabling relationship-building that continues beyond the event. She values the community feel, honest and packed breakout sessions where real estate leaders share challenges and solutions, and uplifting general-session speakers, including John O'Leary. She notes her first IAMC in Greenville helped her discover the year-round network among the roughly 500-person group. Sevilla also cites benefits from landlord-run customer advisory councils for direct C-suite feedback, and she looks forward to the next IAMC in Columbus. 00:00 Why Join IAMC 00:56 Live From Little Rock 01:21 Conference Highlights 01:52 How Amanda Got Involved 03:08 Best Sessions and Breakouts 04:10 Favorite Host City 05:07 Other Conferences Worth It 06:10 Next Stop Columbus 06:32 Wrap Up and Thanks

May 8, 2026Episode 1245 min

Washington's Millionaires Tax: What It Could Mean for Wealth, Tech, and Commercial Real Estate

Washington's Proposed Millionaires Tax (SB 6346) and the "Seattle Tax Stack": Mechanics, Migration, and Real Estate Impacts Industrial Advisors Podcast hosts Bill Condon and Matt McGregor discuss Washington's proposed "Millionaires Tax," SB 6346, a 9.9% tax on household income above $1 million, noting it can effectively hit dual-income households and "lumpy" stock-based compensation. They describe a cumulative Seattle "tax stack" (9.9% state, 5% social housing, 2.4% JumpStart, 0.58% WA Cares) exceeding 18% before federal taxes, potentially reaching 55–60% total, and argue it could influence jobs, investment, sports free agents, and real estate demand, including taxation of Washington-sourced income for nonresidents. Using an AI-generated deep dive built from documents, the episode compares migration and revenue dynamics in New York and California, explains domicile-planning timelines, highlights QSBS (Section 1202) as a potential shelter, and emphasizes the risk that the $1 million threshold could be lowered, especially if tech valuations fall and projected revenues miss. 0:00 Cold open: the $1M household threshold 0:46 Introduction to Washington's proposed millionaires tax 2:08 RSUs, deferred income, and one-time tax events 3:10 Seattle's 18% local tax stack explained 5:31 Commercial real estate and Washington-sourced income 7:00 Investor demand, property values, and economic ripple effects 8:01 Why Bill and Matt used AI for this episode 10:15 AI deep dive: tax flight and wealth migration 11:19 Washington as a national tax policy test case 14:32 Revenue projections and the 21,000 filer base 15:22 The Seattle tax stack breakdown 16:50 Federal taxes and the 55%–60% combined burden 18:47 The real estate exemption in SB 6346 19:37 Lessons from Los Angeles Measure ULA 22:57 Luxury housing demand and high-net-worth buyer risk 24:11 2028 effective date and relocation planning 26:35 RSUs and "lumpy vesting" risk for tech workers 28:05 The marriage penalty in the proposed tax structure 30:06 QSBS as a potential shelter for founders 33:13 California, New York, and wealth migration data 36:38 Remote work and the new mobility of high earners 38:47 Why the $1M threshold may not stay fixed 41:04 Massachusetts and the risk of expanding the tax base 43:29 Tech market correction risk and revenue shortfalls 44:32 Final takeaway: the "leaky bucket" problem 45:06 Closing comments

May 1, 2026Episode 1123 min

Growth vs. Regulation: The Future of Industrial Real Estate

NAIOP Washington on Industrial Development: Changing Perceptions, Policy Headwinds, and an Economic Impact Study Bill Condon and Matt McGregor host NAIOP Washington guests Drew Zaborowski (Bear Creek Real Estate Development) and Carter Nelson (NAIOP WA) to discuss challenges facing industrial development in the state of Washington. They describe persistent misconceptions that industrial means outdated, polluting factories and growing anti-industrial rhetoric driving local dock-door restrictions, size limits, and moratoriums often enacted without data on lost tax revenue. Key headwinds include broad, vague environmental justice policies that can shift responsibility for past impacts to new developers, the 2021 energy code adding roughly $5 per square foot through electrification, EV-ready parking, solar, and testing requirements, as well as the grid-capacity limits that force costly infrastructure upgrades. They highlight Pierce County as constructive to work with and explain NAIOP's industrial economic impact study (available on NAIOP WA's website) as a data tool to counter "low-wage job" claims and support advocacy, funding, and member involvement. 0:00 Introduction to the guests and NAIOP WA 2:15 Drew Zaborowski's background and role in government affairs 5:05 Legislative headwinds and anti-industrial rhetoric 7:45 Environmental justice and the burden on new development 10:15 Debunking the low wage job myth in industrial sectors 12:50 Modern facilities vs the old factory perception 15:10 The impact of the 2021 energy code on development costs 18:25 Power grid capacity and utility challenges 20:45 Success stories in Pierce County and Frederickson 22:15 The NAIOP Industrial Economic Impact Study 23:00 How to get involved and support advocacy efforts

April 24, 2026Episode 105 min

The Inland Empire Warehouse Fire: Arson & Supply Chain Chaos

Arson Destroys 1.2M Sq Ft Kimberly-Clark Warehouse: Supply Chain Shock and Warehouse Fire Lessons On this Five-Minute Friday episode of the Industrial Advisors podcast, hosts Bill Condon and Matt McGregor discuss a 1.2 million square foot Kimberly-Clark warehouse fire in the Inland Empire that they immediately suspected was arson because the entire building burned despite sprinkler systems typically containing fires. They note Kimberly-Clark distributes paper goods and that the facility held about 3% of its U.S. capacity serving roughly 50 million people. The fire reportedly began around 12:30 AM during a graveyard shift with about 20 employees present; everyone escaped without casualties, and the suspected arsonist—described as a disgruntled employee of a third-party logistics operator—allegedly live-streamed igniting pallets before leaving and later being arrested. They relate other major warehouse fires and cite an AI search suggesting substantial warehouse fires occur more than once per year, underscoring the need for proper fire suppression systems. 0:00 The Inland Empire Warehouse Fire 1:15 Arson Suspicions and 3PL Impact 2:45 Supply Chain Disruptions 3:50 Historical Warehouse Fires in the Valley 5:10 Fire Safety and Suppression Importance

April 17, 2026Episode 911 min

Q1 2026 Results

Industrial Advisors Q1 2026 Recap: Vacancy Hits 10.3%, Deliveries Drive Negative Absorption, Activity Rising Bill Condon and Matt McGregor recap Q1 2026 industrial market conditions, noting overall vacancy reached 10.3% (first time above 10% in their careers) and net absorption around negative 1 million square feet, pressured by roughly 3.1 million square feet of deliveries and ongoing subleasing. Despite weak headline numbers, they cite increased leasing activity, including seven deals over 100,000 square feet (four new deals) and expect about 6 million square feet of large deals to be signed in coming quarters, with the hosts predicting positive absorption in Q2 followed by a strong year. Submarket vacancies include Pierce County at 12.8%, Kent Valley at 10.3%, North end 8.7%, Eastside 7.1%, and Thurston County 6.9%. Construction is slowing (about 1.5 million square feet under construction across four buildings), while investment sales totaled $226 million, led by Gateway North at $76 million and Aries' $40 million acquisition. 0:00 Intro and Q1 2026 Market Recap 0:45 Vacancy Hits 10.3% 2:05 Negative Absorption and What's Driving It 3:20 6 Million Square Feet of Large Deals Ahead 5:05 Submarket Breakdown Across the Region 7:10 Seven Leases Over 100,000 SF 8:30 Construction Pipeline Slows Sharply 9:40 Notable Investment Sales in Q1 11:15 Oldest Vacancies and Tenant Opportunities 13:10 Q2 Outlook and Market Forecast

April 10, 2026Episode 822 min

Panattoni Development: The State of PNW Industrial Markets

Industrial Advisors Podcast: Travis Hale on Pacific Northwest Industrial Development, Class A Flight to Quality, and Land/Entitlement Challenges On this episode of the Industrial Advisors podcast, Bill Condon and Matt McGregor interview Travis Hale, partner at Panattoni Development, about Pacific Northwest industrial development. Hale describes a continued flight to "new" Class A product, noting that 2015-era Class A can now be first-gen and may see rent declines while brand-new Class A is pushing rents. He outlines Panattoni's I-5 corridor activity across Washington, Oregon, and Idaho, citing roughly 14 million SF across 34 Seattle-office projects, about five new starts this year, and key developments including Fred310 in Frederickson, Des Moines Creek/Seattle Gateway near SeaTac, and Mount Vista in Ridgefield/Vancouver. They discuss market vacancy (about 10% Seattle, 6.8% Portland), big-box demand, tight land supply, multi-year entitlements, improving equity conditions, and the organizational impact of Bart Brynestad's retirement and his "get it leased" philosophy. 0:00 The flight to quality in industrial real estate 2:45 Introducing Travis Hale and Panattoni Development 5:30 Current projects and the big box market outlook 8:15 Understanding vacancy rates and rent growth 11:00 Land competition and the entitlement process 14:30 Pioneering new markets and job distribution 17:45 The state of equity and capital markets 20:15 Regional trends and the legacy of Bart Brynestad

April 3, 2026Episode 74 min

The 7-Million-Square-Foot Warning: Why Industrial Sublease Space is Exploding

Industrial Tenant Defaults Rising: Small-Space "Midnight Moves" and Growing Sublease Supply On the Industrial Advisors podcast, Bill Condon and Matt McGregor discuss a recent rise in tenant defaults over the past six months, especially in smaller industrial spaces, drawing parallels to the post-2008 era when small tenants drove vacancy spikes (flex vacancy rising to 22% from 4%). They attribute today's defaults to COVID-era leasing decisions, tenants taking more space at higher rents amid inflated sales, and supply-chain constraints - followed by economic softening and supply-chain correction. They cite recent examples of a 16,000-square-foot "midnight move," a 20,000-square-foot business failure, late-rent letters, and even a 110,000-square-foot issue. Sublease inventory has grown from about 400,000 square feet in late 2022 to over 7 million, increasing default risk. They advise landlords to monitor rent closely, communicate early, and consider payment plans, while tenants should be transparent and engage landlords before arrears accumulate. 0:00 Introduction to Tenant Defaults 0:42 Historical Trends and the 2008 Comparison 1:25 Why COVID-Era Leases are Failing Now 2:15 Recent Examples of Midnight Moves and Defaults 3:10 The Massive Surge in Sublease Inventory 4:00 Advice for Landlords and Tenants