Honored to be joined by Doug Kiersey again as we jump into

Doug provides insights on current valuation trends, interest rates, and market dynamics. He notes that although interest rates have stabilized around 4.25%, the spread between industrial cap rates and treasury yields remains narrow, compelling investors to rely on rent growth rather than appreciation for returns. Doug anticipates moderate rent growth in 2025, driven by constrained supply due to significantly reduced development activity. We also cover challenges in the industrial sector, including overbuilt big-box warehouses in certain markets and potential pressures on vacancy rates. Doug emphasizes investing in high-quality, infill assets with sustainable competitive advantages. They also explore challenges such as power capacity constraints, the rise of automation, and political opposition to industrial developments.

About Doug:

Douglas A. Kiersey, Jr., is CEO and President of Dermody and oversees all of the company’s operations and strategic initiatives including capital formation, acquisition, development, and investment management activities. He is a member of the Dermody Properties Advisory Board and chairs the company’s Executive and Investment Committees. Since Mr. Kiersey joined the company in 2011, Dermody has developed and acquired industrial logistics assets with an aggregate value in excess of $10 billion.

Mr. Kiersey has more than 35 years of experience in logistics properties in major U.S. markets. Prior to joining Dermody, he spent 17 years at Prologis in various senior roles. Prior to joining Prologis, Mr. Kiersey worked at Cushman & Wakefield for 11 years.

Mr. Kiersey earned his Bachelor of Science degree in business administration from Oregon State University, and an M.B.A. from the J.L. Kellogg Graduate School of Management at Northwestern University where he is an occasional guest lecturer and a member of the Kellogg Real Estate Advisory Council. He is also a member of the Urban Land Institute (ULI) and the Society of Industrial and Office Realtors (SIOR). Among other distinctions, Mr. Kiersey was elected Captain of the Palisades Elementary School Safety Patrol where he learned early lessons in risk management.

Dermody website: https://dermody.com/

News!

Dermody Properties—a diversified private equity investment management company focused exclusively on the national logistics real estate sector—is pleased to announce it has adopted a concise new name, Dermody. The streamlined name better reflects how the company is commonly recognized in the industry, and positions Dermody for continued growth, expansion and innovation.

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I was pleased to be joined by the illustrious Dr. Peter Linneman to get his thoughts on the economy, tariffs and the industrial real estate market!

In the interview Dr. Peter Linneman shares his perspective on current events in the industrial real estate market, emphasizing the importance of cutting through the noise to focus on fundamental economic indicators such as job growth, GDP trends, and capital flows. He uses an analogy of trying to predict the Super Bowl winner 10 years from now to illustrate the futility of long-term market forecasts based on short-term events. Linneman discusses the state of various real estate sectors, noting that office spaces have bottomed out and are starting to recover, while industrial warehouses, particularly big-box facilities, have experienced overbuilding but are expected to absorb excess supply due to steady demand growth. He also addresses reshoring and manufacturing, stating it will remain limited due to higher labor costs in the U.S., and emphasizes America’s economic strength due to robust capital markets and innovation. Linneman remains optimistic about the resilience and long-term strength of the U.S. economy despite ongoing challenges.

About Dr. Linneman:

For nearly 45 years, Dr. Peter Linneman's unique blend of scholarly rigor and practical business insight has won him accolades from around the world, including PREA's prestigious Graaskamp Award for Real Estate Research, Wharton's Zell-Lurie Real Estate Center's Lifetime Achievement Award, Realty Stock Magazine's Special Achievement Award, being named "One of the 25 Most Influential People in Real Estate" by Realtor Magazine and inclusion in The New York Observer's "100 Most Powerful People in New York Real Estate".

After receiving both his Masters and Doctorate in Economics under the tutelage of Nobel Prize winners Milton Friedman, Gary Becker, George Stigler, Ted Schultz and Jim Heckman, Peter had a distinguished academic career at both The University of Chicago and the Wharton School of Business at the University of Pennsylvania. For 35 years, he was a leading member of Wharton's faculty, serving as the Albert Sussman Professor of Real Estate, Finance and Public Policy as well as the Founding Chairman of the Real Estate Department and Director of the prestigious Zell-Lurie Real Estate Center. During this time, he was co-editor of The Wharton Real Estate Review. He has published over 100 scholarly articles, eight editions of the acclaimed book Real Estate Finance and Investments: Risks and Opportunities, and the widely read Linneman Letter quarterly report. He is also the co-creator of the popular, and highly regarded, Real Estate Finance and Investment Certification course, REFAI. Most recently, he co-authored (with Dr. Michael Roizen and Albert Ratner) the best-selling book "The Great Age Reboot: Cracking the Longevity Code for a Younger Tomorrow."

Peter's long and ongoing business career is highlighted by his roles as Founding Principal of Linneman Associates, LLC, a leading real estate advisory firm, and its affiliates. For more than 40 years, he has advised leading corporations and served on over 20 public and private boards, including serving as Chairman of Rockefeller Center Properties, where he led the successful restructuring and sale of Rockefeller Center in the mid-1990s.

Although retired from Wharton's faculty, Dr. Linneman continues his commitment to education through his SAM Elimu educational charity for orphans and children of extreme poverty in rural Kenya. He has been married for nearly 50 years and remains an exercise enthusiast.

Connect with Dr. Linneman:

Website: https://www.linnemanassociates.com/

LinkedIn: https://www.linkedin.com/in/peterlinneman/

SAM Elimu charity: https://www.samelimucharity.org/

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I don't mince words when I say this:

Bob Knakal is the Greatest of All Time.

An amazing broker and an even better person, I was honored to be joined by him again where we did a deep dive into how he has built a legendary career on the foundation of prospecting for new clients.

About Bob:

Bob Knakal also known as "BK" has been a broker in NYC since 1984. Over that time, he has brokered the sale of over 2,341  buildings having a market value of approximately $22 billion.

For 26 years of those years (1988-2014), he owned and ran Massey Knakal Realty Services, which sold more than 3x the number of properties as the #2 firm in NYC from 2001-2014. Running the firm with a Servant Leadership management style, focusing on empowering everyone on the team, intensely training them, and building their self-esteem, led to this overwhelmingly dominant platform. The firm was sold to Cushman & Wakefield in 2014 for $100 million.

The Massey Knakal Legacy is illustrated by the fact that today in the New York City investment sales market, there are 30 companies, or divisions of companies, that are either owned by, or run by, folks who learned the business at Massey Knakal. 

Bob is a prominent thought leader in the commercial real estate business, frequently writing about the market, lecturing on the market, and appearing on podcasts and national television shows on networks like Fox, CNBC and MSNBC.

Connect with Bob:

Website: https://www.bkrea.com/

LinkedIn: https://www.linkedin.com/in/bobknakal

X: https://twitter.com/BobKnakal

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Also pleased to note that I will be collaborating with Terrakotta.ai on a number of future videos. I've been using their system for the past several months and enthusiastically recommend them.

It's a web-phone that uses personalized AI voicemails to double the number of contacts you can engage over the phone. Voicemails left using Terrakotta are personalized to every contact and generate more callbacks than generic scripts.

Check them out here: https://www.terrakotta.ai/

Was honored to be joined by Justin Horowitz from Cooper Horowitz to do a deep dive into Industrial Outdoor Storage!

About Justin:

Justin Horowitz works at Cooper Horowitz, a family-owned capital markets advisory firm, where he specializes in debt and equity placement throughout the country. Prior to Cooper Horowitz, Horowitz worked at Savills Studley on the New York investment sales team, and worked at Brickman where he focused on the management and leasing of their New York office portfolio.

Connect with Justin:

LinkedIn: https://www.linkedin.com/in/justin-horowitz-a62a2a64

Website: https://www.cooper-horowitz.com/

IOS List: https://ioslist.com/?utm_source=news.ioslist.com&utm_medium=newsletter&utm_campaign=ios-weekender-february-22-2025&_bhlid=78e90dfa33e764b1dc1d879ddac9620ed159337e

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In this week's episode of the Industrial Real Estate Podcast I was pleased to be joined by David Hoffman, a veteran supply chain expert and real estate investor.We chatted about a number of fascinating topics that should be on your radar in 2025!Connect with David:Website: https://hoffmansupplychainadvisors.com/

David's Youtube: https://www.youtube.com/@SupplyChainandLogisticsHub-q7d

LinkedIn: https://www.linkedin.com/company/hoffman-supply-chain-advisorsAbout David:David Hoffman is a seasoned supply chain veteran focusing on transportation & logistics practices. He started his career at C.H. Robinson (CHRW) and worked with companies and private equity firms in various industries on multiple freight initiatives. Many of these projects focused on complete outsourcing of transportation functions, vendor management, KPI development, annual procurement exercises, cross-border solutions, and reverse logistics.After success on the transportation side, David moved over to the shipper side and worked for Puratos Corporation, a global food ingredient manufacturer. During his time David oversaw and implemented a full transportation outsource of all 3rd party freight within the US, developed industry standard KPI’s that were adopted by the company’s C-suite and board members, crafted new freight contracts and bill of ladings to meet industry standards, oversaw multiple RFP cycles, developed a claims mitigation process recouping hundreds of thousands of dollars, and introduced optimization & modal conversion practices that yielded millions in savings over the course of his career.Today, David is taking his knowledge and is focusing on working with small businesses and private equity firms. The objective is to assist these companies in making sense of their supply chains by streamlining processes and creating efficiencies to keep them competitive and profitable. With a hands-on approach and a deep understanding of industry challenges, David is committed to delivering tailored solutions that drive sustainable growth. His expertise ensures that businesses can navigate complex supply chain dynamics with confidence and achieve long-term success.

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I had the honor of interviewing James Randel, author of Confessions of a Real Estate Entrepreneur today.Jim's book has become my most recommended book to others and I've read it 4 - 5 times myself.We had a great discussion that was unfortunately cut short due to a poor internet connection, but even in the time we had it was a masterclass in how to approach CRE investing.Plus Jim dropped some fantastic news during the interview!--

Link to James' Book

https://a.co/d/aS42lzI

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Honored to be joined by Trey Pennington on this week's episode of the Industrial Real Estate Show.

In addition to being a top producing broker with the prestigious SIOR designation, Trey has a law degree, international Masters of Business Administration and 3 (!!) bachelor degrees.

Trey and I chatted about a number of topics, including the state of South Carolina's industrial market, challenges found in big box warehousing, and the healthy demand for small bay industrial.

About Trey:

Trey joined CBRE in April 2007, from KPMG where he advised multinational corporations in international tax compliance and valuation of corporate assets for business combinations. Prior to working with KPMG, Trey worked for COPA Airlines in Panama as a process management consultant. While earning his post graduate degrees in both International Business and Law, Trey had the opportunity to work at two Columbia, South Carolina law firms performing real estate legal analysis and at the SC Department of Commerce assisting in tax incentive consulting.

Connect with Trey:

CBRE Profile: https://www.cbre.com/people/trey-pennington

LinkedIn: https://www.linkedin.com/in/trey-pennington-jd-imba-a4418910

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An honor to co-host this episode of the Industrial Real Estate Podcast alongside Matt Carroll and the iconic supply chain thought leader, Dr. Jim Tompkins. This episode dives into key issues shaping global supply chains and industrial real estate, offering insights you won’t want to miss: • Election Impact: How the current political landscape—and a potential new Trump era—could reshape global supply chains. • The Power of Optionality: Strategies for navigating uncertainty and staying agile in a fast-changing world. • Industrial Real Estate Trends: How shifts in trade, manufacturing, and policy are influencing warehouse locations. • 3PLs in the Spotlight: Why third-party logistics providers are uniquely positioned to thrive amid these changes. • Macroeconomic Implications: Broader trends affecting manufacturing, logistics, and industrial sectors. This was an insightful and dynamic conversation packed with valuable takeaways. Whether you’re in supply chain, industrial real estate, or just trying to stay ahead of the curve, this episode will have something for you! Connect with Matt: https://www.linkedin.com/in/matthewcarroll1/ Connect with Jim: https://www.linkedin.com/in/jimtompkins1/ About Jim: Dr. James A. Tompkins is an international authority on designing and implementing end-to-end supply chains. Jim is an entrepreneur who has started 15 businesses that have done over $2 billion in revenue, worldwide, during his 50-year career. Jim is known for his ability to make the complex, simple and turning chaos into order. His passion is to help people and help organizations achieve their goals. In April 2020, he founded Tompkins Ventures, a global hands-on solutions network that helps executive teams turn Entrepreneurship, Facilities, Leadership, Logistics, and Technology problems and opportunities into competitive advantage. He founded Tompkins Leadership in 2022, focusing on Leadership Development, Organizational Transformation, Strategy & Innovation. He previously built Tompkins International from a backyard startup into an international consulting and implementation firm. Jim also recently became Chairman of Task4Pros, a digital platform that connects warehouse service jobs with a base of registered professionals. About Matt: Driven leader with fifteen years of international business experience in Logistics and Supply Chain. I am multilingual, speak fluently in Spanish and German, while having an in-depth understanding of the complex dynamics of supply chain management, contract negotiations and thought leadership after spending more than a decade managing operations in China, Europe, Australia, Canada, and the USA. My understanding of global business environments, monetary impacts, and rules of engagement for real estate integration for successful business results, benefit the clients I work with. --

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