Industrial Insights is a podcast that highlights the market dynamics, high level strategies, and in the trenches tactics for tenants and owners of industrial real estate. Each episode is designed to take hard fought wisdom from practitioners and break it down into insights that can drive better commercial real estate decision making. The host, Justin Smith, shares his experiences from 16 years in the business and brings in industry experts to discuss critical aspects of successful industrial projects.
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October 30, 202638 min
Raising the Roof on Industrial Buildings | Marty Shiff, Rooflifters
When does an older industrial building deserve another look? Marty Shiff, President / CEO of Rooflifters, joins Justin Smith to pick up their 2019 conversation. We talk about what has changed in roof lifting and where the opportunity is today: partial lifts for manufacturing and storage, more loading, stronger slabs, better column spacing and the math behind keeping an existing building. Marty walks through an illustrative project budget, the surprises to look for before committing, and how his team uses AI renderings to help owners see what a building could become. We also discuss the client mix, rent spreads, steel availability and warehouse automation. The costs and schedules discussed are examples that depend on the building, location and scope. Recorded October 26, 2026. Guest: Marty Shiff, President / CEO, Rooflifters https://rooflifters.com/ Watch the full conversation on YouTube
October 28, 202640 min
Jeff Janda on Chicago Industrial, Client Trust, and Building Lee
Jeff Janda, SIOR, Principal at Lee & Associates of Illinois, joins Justin Smith, SIOR, on Industrial Insights to discuss Chicago industrial real estate and the relationships that have shaped his career. We cover building Lee's Chicago office, matching clients with local expertise, O'Hare and the surrounding industrial corridors, Chicago versus California lease structures, property taxes, renewals, ownership, and mentoring the next generation. Jeff also shares lessons from his mentor and longtime partner, Jim Planey. In this episode 00:00 Jeff Janda and the Chicago office 00:47 Building Lee in Chicago 03:45 Running a broker owned office 05:30 Chicago industrial geography 10:10 Serving clients across the market 14:17 Lessons from Jim Planey 15:59 Chicago and California lease structures 17:10 Cook County taxes and incentives 22:22 Institutional ownership 24:43 Rents, land, and redevelopment 28:25 Renewal negotiations 33:06 Data centers and industrial demand 34:58 Owning industrial property 38:02 Mentoring the next generation 39:34 Technology and personal relationships Map graphics use Lee & Associates' Q2 2025 Chicago report, page 5. On-screen vacancy statistics use Lee & Associates' Q3 2026 Chicago report, page 2. The map and data dates are shown separately. Rent examples in the conversation reflect the building and situation Jeff is discussing. Episode page and clips: smithcre.com/podcast/jeff-janda/ Watch on YouTube: youtu.be/ExG3zfYAJZs
October 26, 202638 min
Patrick Van Hull on Supply Chains, Better Decisions, and Lifelong Learning
What does a company's delivery promise mean for the warehouse it needs? Patrick Van Hull and I discuss inventory, distribution, and the operating decisions behind industrial real estate. Patrick taught my supply chain strategy class at the University of Arkansas, and this conversation explores the industry experience behind his teaching. We talk about the decisions behind a warehouse requirement, what companies can learn from other industries, and how working professionals bring classroom lessons straight back to their jobs. Patrick also explains why AI has brought him back to the industrial engineering questions he started with: how work gets done, where it gets stuck, and what can be improved. In this conversation: • How factory layouts, inventory, and financial performance connect • The link between industrial minerals and iPhone screens • When an outside distributor may serve customers better than an in-house operation • What teaching working professionals has taught Patrick • How everyday processes affect working capital and performance • Why knowing how to find an answer matters Hosted by Justin Smith. Recorded October 23, 2026. Chapters 00:00 How delivery requirements shape warehouses 00:15 Patrick's career and the experience behind his teaching 03:46 From a mine to an iPhone screen 05:26 Industrial engineering in the AI era 07:53 Inventory, delivery, and the warehouse requirement 10:11 Forecasting demand when the signals change 11:50 Executive advisory at SCM World and Gartner 16:50 Build in-house or work with a distributor? 18:23 Joining Arkansas and keeping the program current 21:19 Teaching lessons working professionals can use 24:37 Network design and human judgment 27:59 Salesforce and the workarounds inside everyday processes 30:25 Working capital and underlying processes 33:56 Raising the floor and learning to find an answer 36:39 Mentoring and owning your perspective
October 26, 202617 min
When More Freight Doesn't Mean More Warehouse Demand—with Craig Fuller
More freight does not automatically mean more warehouse space. Craig Fuller, founder and CEO of FreightWaves, joins Justin Smith to explain why large importers can handle more volume without expanding their real estate footprint—and why freight data needs to be read by customer, transportation mode and location. We discuss the pickup in warehouse leasing, industrial activity moving inland, the differences between rail, flatbed and dry van, and Craig's views on AI data centers, defense spending and energy as drivers of industrial demand. For owners, occupiers and advisors, the question is which activity creates a need for additional space and which can run through a network that already exists. Guest: Craig Fuller, Founder and CEO, FreightWaves Host: Justin Smith, SIOR, Lee & Associates Irvine Recorded October 23, 2026. Market assessments and forecasts reflect the speakers' views at the time of recording. FreightWaves Chapters 00:00 Why more freight can use existing warehouses 00:15 Craig Fuller and FreightWaves 01:16 Consumer demand versus industrial demand 02:25 The pickup in warehouse leasing 03:24 Freight activity and the shift inland 04:14 More volume through existing warehouse networks 05:30 Rail, flatbed and dry van 06:49 Busy ports and Southern California leasing 08:18 Orderly freight, rates and carrier capacity 10:07 Working through excess warehouse supply 11:23 Craig's case for AI, defense and energy 12:45 Energy access and industrial location 15:13 How long can the industrial cycle last? 16:39 Political risk to the buildout 17:12 Closing
October 25, 202647 min
AI, Industrial Leases and What's Actually Negotiable with Jeff Love
Clients are running leases through AI before they call their attorney. They are finding issues and asking more questions. Are they getting better deals? Jeff Love, a partner at Gibbs Giden, joins me to talk about where AI helps with legal work and where it creates more work. We get into the difference between finding a lease issue and deciding whether it matters to the business. We also cover tenant improvements, construction contracts, repair responsibilities, renewal options, environmental exposure, and the practical judgment behind a negotiation. Jeff explains why a standard lease still needs individual advice and why a renewal can be a chance to fix terms that no longer fit. In this conversation: • How manufacturers become property investors • Who should control tenant improvement work • What is actually negotiable in a standard lease • How AI changes lease review and legal research • Who repairs an industrial building and who pays • Renewal options, deadlines, and the right to stay • Environmental protections and business judgment in a dispute Hosted by Justin Smith. Recorded October 23, 2026. Jeff Love: https://www.gibbsgiden.com/attorneys/jeffrey-b-love/ Industrial Insights: https://smithcre.com/podcast/ EPISODE CHAPTERS 00:00 Meet Jeff Love 00:50 From aspiring developer to real estate attorney 03:25 Manufacturers becoming property investors 05:38 Economics shaping real estate transactions 08:47 Development and construction contracts 10:05 Pricing, change orders and termination rights 13:50 Who controls tenant improvements? 16:27 What is actually negotiable? 18:04 AI in lease review 21:48 Market terms and negotiation leverage 25:25 What landlords will change 27:33 AI for lease obligations and deadlines 28:54 Industrial maintenance and repair obligations 33:47 Renewals and option rights 39:13 Environmental exposure 42:58 Defaults, settlements and business judgment Construction-contract context: California CSLB's fixed-price guidance discussed in the episode applies to disaster-related home improvement work. Requirements depend on the project and contract. Source: https://www2.cslb.ca.gov/Media_Room/Disaster_Help_Center/ This conversation provides general information and is not legal advice for a specific transaction.
October 23, 202656 min
Industrial Condo Conversions
Robert W. Guthrie, CEO of Guthrie Development, returns to Industrial Insights with Justin Smith to walk through industrial condo conversions in Orange County. We discuss Anaheim Gateway, Batavia and Hammond Business Park: acquisition strategy, entitlement conditions, improvements, buyer demand and the time it takes to turn a multi-tenant property into individual sales. Rob explains how slower absorption has changed his leasing strategy and how private debt can affect the developer's promote when a project takes longer. The conversation also covers Justin's Texas ownership experience and a practical succession lesson: learn property management, leasing and the income stream before taking responsibility for a portfolio. Chapters 00:00 Welcome back, Rob Guthrie 01:57 Buying through an uncertain cycle 05:02 Anaheim Gateway: acquisition and basis 08:24 Small units and two buyer profiles 10:22 The entitlement head start 12:32 Late conditions and the cost of time 15:57 Small-bay supply and demand 18:32 Batavia and the broker sales team 21:15 Renovation, staging and buyer decisions 24:36 Batavia's buyer and unit mix 26:00 Offers and changing activity 29:20 Location and Anaheim redevelopment 32:01 Hammond and Spectrum pricing 34:52 Condo maps and competing on improvements 37:28 South County supply and development history 39:57 Property management and succession 41:35 Justin's Texas ownership and condo exit 43:49 Leasing as a fallback when sales slow 46:12 Private debt, leverage and the promote 49:18 SBA buyers and small-tenant lending Resources Guthrie Development Hammond Business Park Batavia Business Center More Industrial Insights Recorded October 22, 2026. Project prices, counts, timelines and market observations reflect the speakers' statements at recording. Hammond's $600 per square foot is an underwriting target, not a reported closed sale.
October 21, 2026Episode 16850 min
What Manufacturers Should Fix Before They Expand | Lisa Anderson
Before expanding, manufacturers should examine the constraints inside the current operation: production planning, inventory and storage, ERP data and manual workarounds, power use, and team capabilities. Then evaluate customers, suppliers, freight and labor together to determine which constraint an expansion would actually solve. Lisa Anderson, founder and president of LMA Consulting Group Inc., returns to Industrial Insights for a practical conversation with Justin Smith about manufacturing, supply chains and the decisions that turn into real estate requirements. They discuss finding capacity through better operations and planning; where AI can complement ERP and planning systems; power costs and reliability; production schedules; and the competing demands of inventory, labor, transportation and facility networks. Lisa also shares her perspective on ASCM Inland Empire and developing supply-chain talent. Lisa shares a distributor's existing-space challenge, and Justin recalls a site tour where a generator changed the questions executives were asking. Both examples return to the same practical issue: understanding the operation before committing to the next building. Recorded October 20, 2026. Watch the full conversation on YouTube. About Lisa Anderson and LMA Consulting Group Inc. | ASCM Inland Empire Earlier conversation: Improving Sales, Inventory & Operation Planning with Lisa Anderson (March 16, 2022). Chapters 00:00 Lisa returns: what has changed since 2022 00:37 ASCM Inland Empire and investing in people 03:16 What forecast-to-fulfill consulting means 05:11 Who asks for help inside the business 07:15 Manufacturing versus distribution 08:31 Finding capacity in the existing building 09:41 Growth, margins and the manufacturing cycle 12:55 Tax incentives and supply-chain resilience 15:52 Tariffs, uncertainty and delayed orders 19:06 How AI enters real operating decisions 21:14 ERP, planning, maintenance and order entry 25:44 AI in Lisa's consulting practice 26:46 Network costs and production scheduling 29:45 Food manufacturers and the Excel workload 31:10 Trusted data and changing constraints 35:08 Acquisitions, networks and real estate 38:20 Power costs, automation and reliability 42:42 A site-tour lesson and solar economics 47:29 Can AI replace an expensive ERP? 49:39 The two Cs: capacity and capabilities
October 16, 2026Episode 16743 min
Inside the NorCal Industrial Growth Engine | Craig Hagglund
Craig Hagglund, SIOR, has worked the I-880 corridor since 1989. He helped open Lee & Associates' first Northern California office in Pleasanton in 1993, then opened the Oakland office, which just turned 20. Today he co-runs it as Managing Principal. We talk about starting Lee up north after getting locked out of the old office, how Craig and Chris Schofield split the work running Oakland, and how he wins business without the big pitch. Craig explains why new buildings with 4,000 amps of power get $2.00/SF/month NNN while older Hayward buildings trade near $1.10/SF/month NNN, why Fremont may be the hottest market in the country right now, what renewing tenants should expect, how he invests after 37 years, and what happens when clients run lease drafts through ChatGPT. Guest: Craig Hagglund, SIOR, Managing Principal, Lee & Associates Oakland Host: Justin Smith, SIOR, Lee & Associates Irvine Watch the full conversation on YouTube Recorded October 16, 2026. Market views are the speakers' observations at the time of recording.
October 16, 2026Episode 16648 min
Growing a Top Performing Industrial Brokerage Team in New Jersey | Troy Wisse
Troy Wisse, Partner at Lee & Associates - WBE, joins Justin Smith to discuss growing an industrial brokerage team in Northern New Jersey, developing the next generation of brokers, and serving clients through the Lee platform. His path from intern to partner provides the foundation for a conversation about leadership, learning, and team growth. They discuss earning a mentor, mentoring the next broker, balancing landlord and tenant representation, Class A and Class B leasing, client service across the Lee network, practical AI, and prospecting. Guest: Troy Wisse, Partner, Lee & Associates - WBE Host: Justin Smith, SIOR, Lee & Associates Irvine Watch the full conversation on YouTube Troy Wisse's firm bio Recorded October 15, 2026. Market views are the speakers' observations at recording. Chapters 00:00 Introduction and the cross-coast relationship 01:55 Northern New Jersey roots 03:23 The cold call that led to Lee 07:01 Becoming a partner 08:42 Earning a mentor 11:40 What new brokers should ask 12:56 Mentoring Eddie 15:46 A new marketing lane 17:03 Building confidence in public 19:52 A landlord-led practice 21:19 Class A demand and the construction pipeline 24:05 Class B leasing and concessions 26:18 The lasting value of location 28:40 Southern California comparison 33:01 Growing through tenant representation 33:44 Owning the client problem 35:33 AI in the brokerage back office 42:18 Call screening and accessibility
October 12, 2026Episode 16540 min
Flow, Fragility & The New Industrial Real Estate w/ Rob Handfield | Industrial Insights #165
Dr. Rob Handfield, Bank of America University Distinguished Professor of Supply Chain Management at North Carolina State University and Executive Director of the Supply Chain Resource Cooperative (SCRC), joins Justin Smith, SIOR, to explore how global supply network dynamics govern real-world warehouse, logistics, and manufacturing facility decisions. When an occupier says, "We need another warehouse," how do we identify the real operational constraint before signing a costly, long-term lease? From the physics of inventory flow to multi-tier supplier blind spots, Dr. Handfield delivers a masterclass on diagnosing supply chain fragility before making multi-million dollar real estate commitments. Key Topics & Executive Insights: The Physics of Flow: Why supply networks operate like river systems, and why excessive buffer inventory creates operational silt rather than safety. Multi-Tier Blind Spots: Lessons from the Strategic National Stockpile and why 85% of disruption risk originates at Tier 2 and Tier 3 suppliers. The 40nm DRAM Crunch: How tech hyperscalers and AI data centers are locking up global memory capacity through 2027, crowding out legacy automotive and medical device allocations. The Onshoring Catch-22: Why domestic generic drug production costs 2.5x to 4x more and requires multi-year guaranteed federal off-take contracts to underwrite facility debt. The North Carolina Industrial Hub: Inside Holly Springs' $6.5B biomanufacturing boom (Fujifilm Diosynth, Amgen) and the Berry Amendment (10 U.S.C. 4862) driving textile mill revitalization in western NC. Nearshoring vs. Tariffs: Comparing Monterrey's 2-4 day transit time and $4.80/hr labor against Pacific ocean freight and border tariff friction. When Procurement Runs Real Estate: Managing industrial leases as strategic corporate contracts, with tenant improvement fit-out (racking, AMRs, conveyor robotics) adding 30% to 50% on top of base rent. Relational Governance: Why rigid penalty clauses fail in 68% of crises, while collaborative governance resolves blockages 4x faster with 92% supplier retention. The 3PL Boom: Why 3PL logistics operators account for 30% to 50% of annual warehouse leasing in major logistics hubs. AI in Sourcing Decisions: How NC State Jenkins MBA students use AI to accelerate market discovery by 70% while keeping 100% human accountability for final awards. Chapters: 00:00 - Welcome & NC State Supply Chain Resource Cooperative 02:20 - Training the Next Generation of Supply Chain Talent 02:58 - The North Carolina Boom: Holly Springs Biopharma Hub 04:27 - Greensboro Logistics & Western NC Defense Textiles 05:50 - The Berry Amendment & Domestic Sourcing Mandates 06:06 - Inside the Pandemic Supply Chain: The Story Behind "Flow" 08:29 - Tier 1 vs Tier 3: Upstream Visibility & Blind Spots 09:46 - The 40nm DRAM Crunch: Data Centers vs The World 11:15 - Forecasting Warehouse Demand: The 18-Month Horizon 12:32 - The Onshoring Catch-22: Generic Drugs & Guaranteed Demand 14:19 - SoCal Industrial Realities: High Cost vs High Margin 15:56 - Nearshoring to Mexico: Labor, Tariffs & Freight Flow 19:56 - Category Management: Strategic Sourcing Intelligence 22:07 - When Procurement Runs Real Estate 23:28 - Contracts vs Relationships: Why Litigation Fails 26:40 - The 3PL Boom: 30% to 50% of Warehouse Leasing 32:41 - AI in the Classroom: Augmenting Human Sourcing Decisions 38:52 - Lifelong Learning in Supply Chain & Outro Featured Research, Books & Statutes: Dr. Rob Handfield Faculty Profile (NC State) Supply Chain Resource Cooperative (SCRC) Flow: How the Best Supply Chains Thrive (University of Toronto Press, 2022) Applying Disciplined Imagination in Identifying Supply Chain Vulnerabilities (California Management Review, 2026) Building the Intelligent Supply Chain: The Lenovo Case (Supply Chain Management Review, 2026) Dr. Handfield U.S. Senate Testimony on Federal Sourcing & National Stockpiles 10 U.S.C. 4862: The Berry Amendment Statute Town of Holly Springs Life Sciences Cluster Watch the full episode on YouTube: https://youtu.be/Crd-0SR_UZA Full interactive transcript and charts: https://smithcre.com/podcast/rob-handfield/ Guest: Dr. Rob Handfield, Bank of America University Distinguished Professor of Supply Chain Management, NC State University Host: Justin Smith, SIOR, Senior Vice President & Principal, Lee & Associates Irvine
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