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Copyright: © 2023 NAIOP Podcast: Inside CRE
Nicholas Pell sees the big picture – he has to. As president and chief investment officer for Link Logistics, formed by Blackstone in 2019, he is responsible for managing the company’s immense U.S.-based industrial real estate portfolio spanning over 500 million square feet, which a full 5% of U.S. GDP flows through. In this episode, Nick talks to Marc about operating in the current choppy capital markets, why he expects a strong leasing environment in 2024, and the challenges inherent when focusing on infill development, as Link does. Six data scientists sit outside Nick’s office; he explains how Link is embracing the potential applications of AI and finding new ways to get data into the hands of decisionmakers more efficiently, underwriting better and faster. He also shares one thing that never gets old: making the deal. Recorded Nov. 27, 2023.
Peter Zeihan has an uncanny ability to predict tomorrow's headlines. The geopolitical strategist talked with guest host Christopher Ware, NAIOP’s vice president for business development and strategic initiatives, on current U.S. demographic shifts, how the labor force is changing, and why he thinks now is the best time for businesses to hire and borrow. He explains China’s precipitous population decline, how the cost of manufactured goods will increase, and why we need to double the size of the industrial plant in North America. This episode covers a lot of ground thanks to Zeihan's expert understanding of demography, economics, energy, politics, technology and security. Recorded on October 25, 2023.
Dave Harrison, president of VanTrust Real Estate, our 2023 Developer of the Year, joined guest host Kathryn Hamilton, NAIOP’s vice president for marketing and communications for this episode. Harrison – who proudly describes his company as a “small-ball baseball team” – shares his favorite project to date (he still lives there), why he prefers whiteboards over spreadsheets, and the bold declaration the company made in the Wall Street Journal during the pandemic. Harrison explains how VanTrust’s asset mix has evolved, why price per square foot in office properties doesn’t matter anymore, and the company’s mantra of developing with a difference – all the way down to the dirt. Recorded on Sept. 26, 2023.
Marc sits down with Julie Whelan, CBRE’s Global Head of Occupier Thought Leadership, whose team is tasked with identifying major trends impacting occupiers across all industries. As many organizations adopt a hybrid model for their workforce and office utilization needs continue to change, you can imagine Julie has plenty to discuss. She dives into the rightsizing happening today; draws parallels between the office sector’s current uncertainty and retail (remember brick-and-mortar’s predicted demise?); shares her advice for big cities facing the dreaded urban doom loop; and explains why building owners should always explore what her colleague calls “the $100,000 solution.” Recorded on Aug. 31, 2023.
Mark, meet Marc. Mark Rose, chair and CEO of Avison Young, joins Marc on the podcast for a discussion about building a workplace culture that matters; what his experience tells him about challenges in the current economic climate; the rumor he’s heard about the Fed; and why he “couldn’t be more optimistic” about the office sector. Mark shares recent data about longer-term leases that may surprise you, talks about actively mentoring 14 professionals, and why he believes office space will return to the days where it was a key part of a company brand. Recorded on August 2, 2023.
Marc sits down with Richard Branch, chief economist at Dodge Construction Network, a leading source of data analytics and insights on the commercial construction industry. Branch has us time-travel to the peak of the office market in 1985 (when the tax code allowed for extended depreciation); shares the latest data from Dodge on office renovation projects; and explores the link between the office market and popular culture, from “Mad Men” to “Office Space” to the end of the corner office. He discusses the hotel industry’s “aggressive rebound” post-economic crises; makes the case for why the office sector is here to stay; and shares the opportunities he sees for adaptive reuse in big cities and build-to-suit office space made for the hybrid work environment. Recorded on June 14, 2023.
Dana Peterson, chief economist and center leader for economy, strategy and finance at The Conference Board, joined our guest host Christopher Ware, NAIOP’s vice president for business development and strategic initiatives. Peterson – who delivered keynote remarks at I.CON East this year – paints a broad macroeconomic picture, discussing the implications of the recent regional bank failures; deglobalization and the manufacturing renaissance; and why the tight labor market isn’t going away. Peterson also explains the Fed’s recent “hawkish skip” in interest-rate increases; the state of global monetary policy; and two positive forces impacting the industrial CRE sector that may help it weather the next recession. Recorded on June 16, 2023.
The exceptionally upbeat Rhonda Payne, workforce equity advisor and DEI educator, founder and CEO of Flock Theory, talks to Marc about avoiding “the ostrich approach” to measuring workforce diversity, offers straightforward explanations of equity and equality, and shares the philosophies that often guide DEI initiatives (for better or worse). Payne acknowledges how difficult it can be for companies to shake the systems they’ve inherited, and why a seat at the table doesn’t count for much unless power is also shared. She talks candidly about establishing a true talent strategy that sticks, shares a CRE association success story, and explains why DEI is a long game. And as Marc pointed out, commercial real estate leaders know a little something about playing the long game.
Recorded on Feb. 1, 2023.
Amid a volatile economy where recession predictions abound, Marc talks with Rebecca Rockey, economist and global head of economic analysis and forecasting at Cushman & Wakefield. Rockey shares her outlook for the next 6-12 months, with lows (“warning signs are going off”), highs (industrial’s supercharged returns), and in between (the trifurcated office market). Rockey addresses whether the Fed’s goal of a soft landing is possible, explains the longer-term issues faced by the U.S. and other global economies, and lays out the serious challenge coming soon to the industrial sector. Come for the economic forecast and stay for Rockey’s hurricane analogy at the end of the episode.
Recorded on March 21, 2023.
A conversation on the state of the global economy is bound to cover a lot of ground. Marc talks with Reva Goujon, a geopolitical strategist and director at Rhodium Group, about current inflationary drivers, shifting trade partnerships, increased tech regulation, and China’s structural slowdown, which will have worldwide impact. She offers insights for the commercial real estate industry, including resilient supply chain strategies, addressing the tight labor market, and how to “separate the cyclical from the structural.”
Recorded on January 31, 2023.
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