Industrial Insights

Justin Smith
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Industrial Insights

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.

  1. 12/16/2024

    Warehouse Design and Innovation at Prologis with Parth Pethani

    In this episode of the Industrial Insights podcast, Justin Smith interviews Parth Pethani, the Director of Warehouse Design and Innovation at Prologis. They discuss the evolution of robotics in warehousing, the challenges faced by warehouse operators, and the role of Prologis in providing innovative solutions. Parth shares insights on the maturity curve of warehouse automation, the importance of data analysis, and the emerging trend of Robotics as a Service. The conversation highlights the need for self-education in the industry and the exciting future of warehouse technology.   Key Takeaways Robotics is becoming increasingly important in warehouse design. The concept of 'robot forward warehousing' is gaining traction. Warehouse operations face challenges such as rising rents and labor costs. Every warehouse goes through a maturity curve in automation. Data analysis is crucial for optimizing warehouse operations. Robotics as a Service is a viable business model for many companies. Self-education is essential for successful automation transformations. Prologis aims to be a growth partner for its clients. Emerging technologies are reshaping the future of warehousing. The integration of AI and robotics will enhance warehouse efficiency.   Chapters Introduction to Robotics in Warehousing 05:34 - The Evolution of Warehouse Automation 11:05 - Prologis' Role in Warehouse Solutions 16:22 - The Intersection of Real Estate and Automation 22:56 - The Discovery Process in Automation Solutions 29:29 - Robots as a Service: A New Business Model 35:56 - Future Innovations in Warehouse Management Systems   Episode Resources Connect with Parth Pethani https://www.linkedin.com/in/parthpethani/ Connect with Justin Smith https://smithcre.com/ https://www.lee-associates.com/ jbsmith@leeirvine.com https://www.linkedin.com/in/justinbsmith

    38 min

  2. 12/09/2024

    Understanding Warehouse Picking and Optimization with Rob Jensen

    In this episode of the Industrial Insights Podcast, Justin Smith interviews Rob Jensen, a PhD graduate in supply chain management, about his new venture focused on warehouse optimization. They discuss the importance of reducing overhead costs through efficient picking processes, the role of technology in modern warehouse operations, and the creation of a digital twin for better management. Rob shares insights on the ideal clients for their solutions, the value proposition based on cost savings, and the significance of education and networking in the supply chain industry.   Key Takeaways Rob Jensen has a PhD in supply chain management from the University of Arkansas. His company focuses on warehouse optimization to reduce overhead costs. The picking process in warehouses can be optimized significantly. Heuristics can limit efficiency in warehouse management systems. Creating a digital twin of a warehouse helps in optimizing pick paths. The ideal clients for their solutions are third-party logistics companies. Robotics in warehouses come with challenges that need careful consideration. Their pricing model is based on the savings they provide to clients. Education and networking are crucial in the supply chain industry. E-commerce growth is driving demand for third-party logistics services.   Chapters 05:28 - Understanding Warehouse Picking and Optimization 10:30 - Creating a Digital Twin for Warehouse Optimization 15:37 - Value Proposition and Cost Structure 20:09 - Conclusion and Future Opportunities   Episode Resources Connect with Rob Jensen https://www.linkedin.com/in/robert-f-jensen/ rob@miiplan.com Connect with Justin Smith https://smithcre.com/ https://www.lee-associates.com/ jbsmith@leeirvine.com https://www.linkedin.com/in/justinbsmith

    21 min

  3. 11/19/2024

    Painting Industrial Property with Neal Perry

    In this episode of the Industrial Insights podcast, Justin Smith interviews Neal Perry of Industry Coatings, discussing the intricacies of painting industrial buildings. They explore best practices, the evolution of paint materials, project management in new builds, challenges in color selection, and the importance of preventative maintenance. Neal shares insights on graffiti management, the aesthetic considerations in warehouse painting, and the significance of choosing the right materials for long-term value. The conversation emphasizes the need for due diligence when hiring contractors in the painting industry.     Key Takeaways Every job in painting is unique and requires problem-solving. Paint materials have evolved significantly due to regulations. Project management is crucial in new construction painting. Color selection impacts the longevity of paint jobs. Seasonal weather has minimal impact on painting schedules in Southern California. Repainting requires thorough evaluation and preparation of the building. Graffiti management can involve sacrificial and non-sacrificial coatings. Preventative maintenance can extend the life of paint and prevent damage. Aesthetic improvements in warehouses can enhance tenant appeal. Due diligence is essential when hiring contractors to ensure quality work.     Chapters 02:35 - The Evolution of Paints and Materials 04:54 - Project Management in New Builds 09:42 - Design Considerations and Material Choices 12:00 - Challenges with Color Longevity 13:24 - Seasonal Impacts on Painting Projects 14:32 - Understanding Repaints and Common Issues 18:44 - Evaluating Building Maintenance and Joint Repairs 21:12 - The Importance of Regular Painting and Maintenance 22:05 - Addressing Graffiti: Solutions and Challenges 24:46 - Preventative Maintenance: Keeping Buildings in Shape 27:07 - Aesthetic Considerations in Warehouse Painting 29:20 - Choosing the Right Materials for Property Value 32:44 - Due Diligence in Hiring Contractors     Episode Resources Connect with Neal Perry https://www.linkedin.com/in/neal-perry-655b1839/ Connect with Justin Smith https://smithcre.com/ https://www.lee-associates.com/ jbsmith@leeirvine.com https://www.linkedin.com/in/justinbsmith

    35 min

  4. 11/12/2024

    Electrifying Industrial Property with John Gaglio

    Justin Smith and John Gaglio explore various aspects of real estate investment and development. They discuss the importance of having an investor mindset, the unique challenges and opportunities in different markets, and the significance of collaboration in achieving successful projects. The dialogue emphasizes the need for adaptability and strategic thinking in the ever-evolving landscape of real estate.     Key Takeaways The investor mindset is crucial for success in real estate. Understanding local markets is key to effective investment. Collaboration can lead to innovative solutions in development. Global perspectives can enhance investment strategies. Adaptability is essential in the changing real estate landscape. Effective communication fosters better partnerships. Preparation is vital for navigating investment challenges. Different markets require tailored approaches. Continuous learning is important for investors. Building relationships is fundamental in real estate   Chapters 02:39 - Understanding Power Demand in Modern Buildings 05:34 - The State of the Power Grid in Southern California 08:36 - Utility Rules and Regulations Explained 11:18 - Navigating Electrical Upgrades for Buildings 14:24 - The Importance of Upstream Capacity 16:58 - Transformers: The Gatekeepers of Power 23:43 - Understanding Electrical Load and Utility Coordination 28:38 - Cost Dynamics in Electrical Upgrades 35:08 - Navigating Utility Relationships for Successful Projects 42:41 - The Importance of Communication and Relationships   Episode Resources Connect with John Gaglio https://linkedin.com/in/john-gaglio-569b46236/ Connect with Justin Smith https://smithcre.com/ https://www.lee-associates.com/ jbsmith@leeirvine.com https://www.linkedin.com/in/justinbsmith

    46 min

  5. 10/25/2024

    Trends in Subleasing with Chris Vassilian

    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

    9 min

  6. 10/23/2024

    Maximizing Economic Incentives with David Hickey

    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 Expectations 05:25 - Navigating Incentives: The Role of Brokers 08:18 - The Importance of Compliance in Incentive Programs 11:28 - California Competes Tax Credit: A Competitive Process 14:25 - Utility Incentives and Economic Development 23:07 - Utility Partnerships and Performance Targets 24:57 - The Role of Utilities in Site Selection 27:29 - Community Engagement and Power Demand 30:38 - The Semiconductor Boom and Infrastructure Needs 34:25 - Incentives and Economic Development Trends 37:09 - Navigating the Fiscal Cliff of Incentives 42:03 - 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.com https://www.linkedin.com/in/justinbsmith

    44 min

  7. 10/16/2024

    Industrial Acquisition & Development Market Update with Justin Rappel

    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 Principal 05:27 - Acquisitions and Development at Pacific Industrial 08:24 - Market Insights: Salt Lake and Vegas 11:10 - Navigating the Southern California Market 13:52 - Current Development Projects 16:49 - Legislative Impacts on Development 19:45 - Underwriting Strategies and Market Dynamics 22:23 - Building Features and Design Considerations 28:12 - 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.com https://www.linkedin.com/in/justinbsmith

    35 min

  8. 10/08/2024

    Supply Chain Design & Optimization Part 2 with Ralph Asher

    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 Management 05:25 - The Role of Automation in Supply Chains 08:51 - Understanding Client Needs and Demand 10:31 - Data Collection and Analysis in Supply Chain 13:22 - Exploring 3PL Options and Cost Structures 15:48 - Warehouse Automation and Its Implications 18:17 - Modeling Techniques and Best Practices 21:00 - The Future of AI in Supply Chain Modeling 22:43 - Trends in Data Utilization and Analytics 27:37 - Nearshoring and Its Impact on Supply Chains 30:12 - Lessons from Experience in Major Corporations 33:55 - The Importance of Collaboration and Problem Solving 35:57 - 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.com https://www.linkedin.com/in/justinbsmith

    39 min
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Ratings & Reviews

5
out of 5
5 Ratings

About

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.

Information

  • Creator
    Justin Smith
  • Years Active
    2021 - 2024
  • Episodes
    98
  • Rating
    Clean
  • Copyright
    © Copyright 2024
  • Show Website
    Industrial Insights

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