Small-Bay Warehouses, E-Commerce, and Industrial Trends in 2026

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This week on Commercial Real
Estate Secrets, we have Chad

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Griffiths.
He is the Market Authority of

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Industrial Real Estate in Canada
and the host of the Industrial

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Real Estate podcast.
Chad, thank you for being on the

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show today.
I am absolutely honored to be

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here.
Thanks so much for having me.

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Love industrial real estate and
anything we can chat about it.

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I love it.
You know, I you look at some of

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these other sectors,
hospitality, retail, they're

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beautiful.
It can be flashy.

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And then you look at a warehouse
and it like, to an untrained

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eye, it could seem kind of like
sloppy and boring.

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And, but it's funny because the
last 20 years of industrial real

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estate, the script has flipped
where industrial went from being

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the ugly duckling to being the
belle of the ball.

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How did you see that and and
what did the timeline look like

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in Canada for that shift that
we're all seeing and

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experiencing?
Yeah.

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And Canada moves pretty much
lockstep with the US So part of

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the my obsession with industrial
real estate is I actually follow

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the US quite actively as well.
And I've got a pretty good

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handle on the major markets in
the US and it's very similar.

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What happens in the US is going
to happen in Canada.

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We're very closely related.
We might be a little bit behind

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on some trends, but it's very
close.

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So I, I would say that the 20
years that have been in

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industrial real estate have
followed ecommerce and the

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growth that's been in there.
And it's funny when 20 years

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ago, when I started, I didn't
understand what industrial real

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estate was, but I still had some
real estate background.

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Nobody that I knew had any idea
what I was doing.

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Like there's, I'd talked to
somebody, my family or friend

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and they're like, I don't know
what Chad does.

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It's like goes into mechanic
shops or something like, no,

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have any idea.
And you're right.

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Fast forward to today and it's
so prevalent.

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Everybody knows what industrial
real estate is.

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The doctor next door wants to
invest in industrial real

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estate.
It's it's on the news now

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anytime there's a supply chain
issue.

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Remember the Suez Canal when the
ever given ship got stuck?

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Everybody was talking about
supply chains.

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So now it's it's become front
and center in people's minds.

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But it's also much more
prominent where you'll see a big

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distribution center on a major
Rd.

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I we won't have bet anyone
listening right now, if they're,

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if they look near their airport,
there's probably an Amazon

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distribution center right
outside the airport or very

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close to it on a major Rd.
Whereas 20 years ago, industrial

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was intentionally pushed back
from the public purview, but

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they designed it to be removed
from major roads.

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So it's gone front and center.
It's much more common to see it

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now.
And I think that that is the,

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the e-commerce trend.
And 20 years ago, if that takes

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us back to 20,005, which is kind
of crazy to even think about,

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but it that that was that was
really the start e-commerce, I

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guess you could say it started
in the.com phase in the late

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90s, but it really didn't start
getting momentum until the early

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2000s.
And we watched that over the

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last 20 years, we watched
accelerate from being very, very

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small to now of a set of
Amazon's one of the top country

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companies in the world.
All the major companies have

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major online presence and that
all leads to massive warehousing

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and distribution need.
So it it is kind of crazy to

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think that over the last 20
years I've sat in the in the

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front seat watching this all
evolve from being that unknown,

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purposely hidden, not a fully
appreciated industry to now

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everybody knows what it is and
it is much more common and much

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more talked about.
So very, very crazy to see that

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happen in the course of 20
years.

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I mean, it's humbling to realize
that like we're not actually in

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control of consumerism and to
see that such a massive shift.

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I mean, I can't even bring the
pandemic into it and what that

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did to office.
But we'll, you know, we'll,

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we'll stick in the industrial
sector, how consumer behavior

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changed because of e-commerce
and the ripple effect that had

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on the product type that we work
in these warehouses.

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It's like it's humbling and it's
unbelievable and it's nothing.

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I don't think, you know, my
family's had warehouses since

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the 80s.
They couldn't have ever even

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anticipated or seen around that
corner.

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Whoa.
And I don't think, I don't know,

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I, I, I don't think there's any
end insight in my opinion, but.

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I, I think as myself, as a
consumer and try to extrapolate

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that and how other people would
think is that I, I order way

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more things online than I
actually do go into stores.

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Because just the whole thought
of having to get in the car and

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drive, drive through traffic,
going to a park, shopping lot,

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parking lot, which I hate more
than anything.

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And then having to go into the
store and find what you want,

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wait in line and then do the
whole thing in reverse.

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Or as I could just go online and
find what I want and it gets

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delivered to my front door for
the same price or less.

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There's just, there's, I don't
see the, the value proposition

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in buying things online unless
it's for the experience that I

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wanted to find something that I
want to try on a suit Jack, a

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blazer for the real estate gala
or something like that.

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Unless it's something very where
the experience matters, I just

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don't see why I would go into a,
a store to, to get something

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that I can have delivered to my
front door.

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So I think if, if that trend
continues and more and more

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people start getting things in
the system evolves and the, the

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value chain of the supply chain
continues to evolve to make this

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more and more efficient, then
you're right.

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I, I just, I don't see an end to
this either.

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There'll be some upper limit, of
course, because you only need so

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many warehouses to service
everybody.

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But, but I think, I think we're
a long way from that.

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I think there's still a lot of
growth ahead for the next 5 to

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10 years.
I I agree, but Speaking of

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growth and well, OK, all right.
I was like going for this cool

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Segway and it wasn't good.
But in early 2025 in America, we

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have new tariffs that were
deployed onto international, you

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know, onto our product.
And this had a huge ripple

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effect on industrial leasing in
2025, where every RFP over

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20,000 square feet, every LOI
that was out in January 2025 got

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ripped out and thrown away and
leasing stalled and it was sad

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and ugly.
What have you seen in Canada in

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industrial real estate in 2025?
Were tariffs an issue?

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What?
What's going on in your neck of

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the woods?
Yeah, I, I'd be remiss to say

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that it's, it hasn't had an
impact because it certainly has.

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But I, I would equate it to if
you're 2 separate companies into

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two areas.
And, and this is very

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simplistic, of course, but if
one company has heavy reliance

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on exports, particularly to the
US versus one company that

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doesn't, maybe they're just
making things locally or maybe

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they're shipping it all over the
world and maybe the US is just a

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small segment of it.
But if you look at that,

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there's, there's going to be two
different types of companies. 1

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is going to be heavily dependent
on the US and one is less

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dependent.
The ones that have been heavily

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dependent on the US are are
really feeling the pressure and

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understandably so.
It's just there's

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unpredictability where they're
not sure how how the tariffs are

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going to be affected and not
sure how long they're going to

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be in place.
They're not sure if they're

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going to get repealed or reduced
or increased.

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It's just that uncertainty.
You and I know very well,

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anytime there's uncertainty, it
causes people to just sit on

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their hands and and just wait to
see what happens.

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And I get that I'm not a company
owner, but if I was and then I

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was faced with these uncertain
tariffs and how that could

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impact my business, I would
probably just try to wait.

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And maybe you wait out a
political cycle.

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Maybe you just wait out the
business decision, maybe things

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improve because you're going to
be able to export to other

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countries.
There's all sorts of things that

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you can do, but companies don't
need to make quick decisions

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unless they're forced to.
So lease is coming up or or

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they're just running out of
space, Whatever it is, a lot of

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companies can just say to their
landmark, listen, we just need a

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a year of time.
We're not sure what we're going

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to do.
We might stay, we might leave.

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If you have to pay a little bit
of a overhaul premium, then you

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do just to buy yourself time.
That section unquestionably has

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concerns with the tariffs and,
and you see it and, and they're

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very slow, but it's there's
other companies that are very

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resilient and they're saying,
well, we're not that dependent

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on the on the US or any other
country for that matter.

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And it's just we're going to
continue doing business or

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retool will be sensitive to the
fact that these tariffs could be

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farther reaching, could have
more implications.

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But let's make the best decision
we can with the information we

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have right now.
And that segment has actually

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been doing quite well I'd say
generally in across Canada.

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And if you look at a market like
Toronto, which is the 4th

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largest industrial market in
North America, which most people

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may not fully realize by just
being in Canada, 4th largest

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industrial market.
There's around a billion square

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feet of industrial.
They can see rate right now is

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in the 5 to 6% range, which is
has had some upward pressure.

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But five years ago, four years
ago it was essentially 0%.

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So that that has been a drastic
move.

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Anytime you move from 0% vacancy
to 5% vacancy, that shows in a

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lot of vacant properties.
But 5% is still a very low rate

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when you compare it to other
major markets in North America.

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So there's pressure, there's
undeniably pressure and there's

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concern.
But I think industrial has been

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so slow to add massive amounts
of inventory like other asset

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classes have that even if we do
see a hundred 200 basis point

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increase in vacancy rates, I
think a lot of landlords will

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still be quite, quite fine.
And I think a lot of tenants are

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still going to be fine.
But you're right, I think 2025,

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if anything, has been a year of
inactivity, sales side, leasing

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side, it's and for and I
understand why.

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It's just if, if people don't
know the rules of the game, what

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do you do?
And I think a lot of them are

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just saying, well, let's just
wait.

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It's so funny I have been saying
this all week.

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It is the second week of
November 2025.

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You know, as a broker in the
trenches, everyday we're talking

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to other brokers, we're trying
to kick around deals, get

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something done, and nobody is
sticking.

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Like it's not sticky.
Tenants aren't signing

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somewhere, but not like there's
an overwhelming trend that I'm

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seeing that like brokers are
resurfacing with the same

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requirement and they they have
options because they can see is

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at all time high.
I'll be it right It we're not

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like 50% vacant like office, but
we've gone up a few points in

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terms of vacancy.
Nobody's sticking.

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It's very interesting.
And you know, do I think this is

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forever?
No, but it's a fascinating trend

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of today.
And I'm curious, what do you

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think we'll see in 2026?
I personally I'm surprised that

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the tariff situation has gone on
as long as it has because this

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isn't a new topic by any means.
I thought it would have been

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resolved quicker or at least had
some firm guidelines in place

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because I think that's what
people are looking for is if

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there's tariffs.
OK, well then no, the that's the

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new rules of the game.
But when you don't understand

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what's changing, imagine playing
a game of football and all of a

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sudden halfway through the game
they're like, OK, it's now 4

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downs or it it's 20 yards to get
a first down and you're like,

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well, that changes everything.
Like now we got to revamp

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everything.
I think that's what a lot of

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businesses are going through is
they're just saying, well, we

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don't know how long it is to get
a first down.

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So I'm honestly surprised that
it's lasted this long.

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I would hope that as we go into
2026, there'll be some pressure

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or some consumer appetite to
resolve this.

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I know there's Supreme Court
issues at play with this.

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And in terms of the validity of
tariffs, I think that there's an

224
00:12:13,720 --> 00:12:16,960
appetite for countries to
negotiate and get this settled.

225
00:12:17,200 --> 00:12:20,880
There's got to be some public
and corporate push to do this as

226
00:12:20,880 --> 00:12:22,320
well.
So I would hope that it gets

227
00:12:22,320 --> 00:12:26,080
resolved in 2026.
But if anything has taught, if

228
00:12:26,080 --> 00:12:28,400
we've learned anything over the
last five or six years, it's

229
00:12:28,400 --> 00:12:32,640
that everything is in chaos.
Like going back to March of

230
00:12:32,640 --> 00:12:36,560
2020, we've been living through
chaos for five or six years.

231
00:12:36,760 --> 00:12:39,640
So if anything, I think we
should expect more chaos.

232
00:12:39,800 --> 00:12:42,520
I don't think, I don't think
that there's any reason to

233
00:12:42,520 --> 00:12:45,600
believe that all of a sudden
2026 is going to be normal when

234
00:12:45,600 --> 00:12:48,840
we've just lived through five of
the most chaotic years and in a

235
00:12:48,840 --> 00:12:52,000
century.
So I guess there's two parts to

236
00:12:52,000 --> 00:12:54,560
me.
I'd love to see some resolve on

237
00:12:54,560 --> 00:12:57,960
that front, but I'm expecting
more chaos.

238
00:12:58,120 --> 00:13:01,680
That's what I'm expecting.
It's so funny, like when 2020

239
00:13:01,680 --> 00:13:08,120
hit, it was like my old man was
still in work in and it was like

240
00:13:09,160 --> 00:13:12,920
everybody hit the deck.
Like yes, you see it like, you

241
00:13:12,920 --> 00:13:17,720
know, freaking out that it was
going to be this disaster and it

242
00:13:17,720 --> 00:13:23,000
was never it really wasn't this
like disaster, but it never like

243
00:13:23,760 --> 00:13:27,320
peaked in terms of, you know,
like in 2008, it was very

244
00:13:27,440 --> 00:13:32,240
obvious when the bubble popped
in the fallout and the mania

245
00:13:32,240 --> 00:13:35,480
like 2020, I was like hiding
under my desk waiting for it.

246
00:13:35,480 --> 00:13:39,480
And then like everybody was like
wait till 23 and then 23 was

247
00:13:39,480 --> 00:13:42,360
still like, it's weird, but like
it's fine.

248
00:13:42,360 --> 00:13:46,320
And then they were like survive
till 25 and now it's like it's

249
00:13:46,440 --> 00:13:49,880
it's just it's like you said,
it's havoc, absolute havoc.

250
00:13:50,840 --> 00:13:53,640
So, but I, I, yeah.
Go ahead.

251
00:13:53,640 --> 00:13:57,360
My, my, my social media
philosophy facetiously is

252
00:13:57,360 --> 00:14:02,720
engagement bait till 28.
I think by 28 maybe, maybe we're

253
00:14:02,720 --> 00:14:06,560
looking good.
I can see that being a good clip

254
00:14:06,720 --> 00:14:10,720
for social.
And yeah, I mean, it's funny, I

255
00:14:11,840 --> 00:14:14,520
I can't even wrap my mind around
28.

256
00:14:14,520 --> 00:14:16,680
I'm trying to trying to gear up
for 26.

257
00:14:16,680 --> 00:14:20,960
But no, I you're not wrong.
OK, I have a few like speed

258
00:14:20,960 --> 00:14:24,080
round questions.
Just as we're like, you know,

259
00:14:24,080 --> 00:14:27,600
I'm in the presence of another
industrial real estate mega

260
00:14:27,600 --> 00:14:29,520
nerd.
This doesn't always happen.

261
00:14:29,520 --> 00:14:32,000
Few speed rounds for fun.
Love it.

262
00:14:32,760 --> 00:14:34,960
Craziest tenant you've ever
seen?

263
00:14:35,720 --> 00:14:38,440
I've got a really funny one
actually, that's not necessarily

264
00:14:38,440 --> 00:14:40,720
crazy because it's kind of
normal, but it's a crazy story.

265
00:14:41,000 --> 00:14:44,320
So it was a company leasing a
space and they were a water

266
00:14:44,320 --> 00:14:47,920
bottling company.
So they had customers go and and

267
00:14:47,920 --> 00:14:51,600
refill their water.
And I'm guessing it was, it was

268
00:14:51,600 --> 00:14:55,000
just purified water is what they
were advertising, whatever you'd

269
00:14:55,000 --> 00:14:57,800
get from there.
But what they were doing is they

270
00:14:57,800 --> 00:14:59,880
weren't doing anything.
They were just filling it up

271
00:14:59,880 --> 00:15:04,320
with water from the hose.
But the best part is that the

272
00:15:04,320 --> 00:15:08,640
water was on a house meter so
that it was a multi tenant

273
00:15:08,640 --> 00:15:10,760
industrial building.
So this is water company that's

274
00:15:10,760 --> 00:15:16,040
supposed to be filtering the
water and upgrading this for to

275
00:15:16,040 --> 00:15:19,320
not be tap water and it all that
they were using was tap water on

276
00:15:19,320 --> 00:15:22,480
house meter.
So they were getting free goods

277
00:15:22,560 --> 00:15:25,200
that they're costing goods was
essentially 0 because all the

278
00:15:25,200 --> 00:15:28,120
other tenants were contributing
to their massive water bill.

279
00:15:28,360 --> 00:15:32,600
And then they still failed.
They still, they still defaulted

280
00:15:32,600 --> 00:15:37,480
on their rent even though they
had no, they had free water that

281
00:15:37,480 --> 00:15:40,760
they weren't upgrading at all.
It's just free tap water they're

282
00:15:40,760 --> 00:15:43,680
selling as purified water.
So that's my favorite one.

283
00:15:43,960 --> 00:15:46,880
You're like your product is
literally a part of the Cam

284
00:15:46,920 --> 00:15:49,120
charges.
Like, get your shit together,

285
00:15:49,160 --> 00:15:50,720
yeah.
Like those guys should have been

286
00:15:50,720 --> 00:15:54,360
making making nothing but money,
but they still managed to screw

287
00:15:54,360 --> 00:15:55,280
it up.
Wow.

288
00:15:55,920 --> 00:15:59,800
Well, never a dull moment with
tenant uses.

289
00:15:59,800 --> 00:16:02,600
It's outrageous.
I would say my craziest one, I

290
00:16:02,600 --> 00:16:06,840
rented 7500 square feet to a
woman who sold individual Legos

291
00:16:06,840 --> 00:16:10,720
online.
So she would buy, I'm not

292
00:16:10,720 --> 00:16:13,920
joking, pallets of garbage and
she would sort through the

293
00:16:13,920 --> 00:16:17,440
pallets of garbage.
And then there was like a large

294
00:16:17,440 --> 00:16:20,720
office component in this unit.
And when you went into the

295
00:16:20,720 --> 00:16:27,360
office lined with like thousands
of mini drawers, drawers this

296
00:16:27,360 --> 00:16:31,120
big, just 10s of thousands of
mini drawers, and she would sell

297
00:16:31,120 --> 00:16:35,320
individual Lego pieces.
She'd skip the Legos out of the

298
00:16:35,320 --> 00:16:38,400
trash, sort them and sell them
individually online.

299
00:16:38,800 --> 00:16:42,160
So did she do?
Well did the 7500 square feet,

300
00:16:42,160 --> 00:16:44,640
that's a decent size operation
she did.

301
00:16:44,720 --> 00:16:52,640
She did, but then, you know, she
personal stuff is how that story

302
00:16:52,640 --> 00:16:57,360
ended it, but I digress.
I suppose another one would be

303
00:16:57,360 --> 00:17:01,040
the security company that was a
front for a gambling ring and a

304
00:17:01,040 --> 00:17:03,000
sex club that didn't move well
either.

305
00:17:03,440 --> 00:17:05,079
Yeah.
Yeah, that can only.

306
00:17:05,079 --> 00:17:08,240
Last so long before someone
connects the dots, yeah?

307
00:17:08,400 --> 00:17:09,839
Oopsies.
At least that was on our

308
00:17:09,839 --> 00:17:12,400
building, so like the fuck up
was ours.

309
00:17:13,839 --> 00:17:19,640
But anyway, OK, that was fun.
Next one if you could only

310
00:17:19,880 --> 00:17:24,200
invest in one industrial real
estate REIT for the rest of your

311
00:17:24,200 --> 00:17:28,720
life, which would it be?
Prologis easy choice for me.

312
00:17:28,720 --> 00:17:31,960
I'm I follow pro and I am
invested in Prologis.

313
00:17:31,960 --> 00:17:35,680
They're the bellwether of the
industry, 1.2 billion square

314
00:17:35,680 --> 00:17:38,640
feet in their portfolio, all the
major markets.

315
00:17:38,880 --> 00:17:42,200
They understand industrial real
estate better than anybody.

316
00:17:42,320 --> 00:17:46,080
They're they are the goats of
industrial real estate in my

317
00:17:46,080 --> 00:17:47,920
mind.
So easy choice.

318
00:17:47,920 --> 00:17:51,120
Prologis they have a.
Amazing footprint here in

319
00:17:51,120 --> 00:17:55,800
Denver.
And I did a deal with them and

320
00:17:55,800 --> 00:18:01,160
their lease was 9 pages.
And I was like, yeah, it was

321
00:18:01,160 --> 00:18:06,640
like I did like a, you know, 90
page lease with another REIT and

322
00:18:06,640 --> 00:18:09,320
then Prologic.
I was like, where's the other

323
00:18:09,320 --> 00:18:10,840
part of the lease?
They were like, this is our

324
00:18:10,840 --> 00:18:12,480
lease.
I was like, Oh my God.

325
00:18:12,840 --> 00:18:16,800
So that's cool.
They're ahead of everything in

326
00:18:16,800 --> 00:18:19,200
the trends.
Like it's they are trendsetters

327
00:18:19,200 --> 00:18:22,760
for that's why I follow them so
much is if anything that

328
00:18:22,760 --> 00:18:25,480
Prologis does is going to come
to the rest of the industry

329
00:18:25,480 --> 00:18:29,480
because they're just so big and
influential that they're the

330
00:18:29,480 --> 00:18:32,120
bellwether.
If they're, if anyone in the

331
00:18:32,120 --> 00:18:35,600
industry should be following
Prologis to get advanced

332
00:18:35,840 --> 00:18:38,000
notification of what's coming to
the rest of the market.

333
00:18:38,720 --> 00:18:40,400
Wow.
That's cool.

334
00:18:40,840 --> 00:18:44,280
That's interesting.
OK, last speed round question.

335
00:18:45,720 --> 00:18:48,560
Tell me the specs.
If you were to design your

336
00:18:48,600 --> 00:18:54,600
absolute perfect warehouse on
the ownership side, I would.

337
00:18:54,600 --> 00:18:59,240
Do a multi tenant small Bay
industrial building on three

338
00:18:59,240 --> 00:19:02,920
acres so try to keep relatively
low side coverage.

339
00:19:02,920 --> 00:19:08,000
So an acres 43,560 square feet
so call it 150 for ease.

340
00:19:08,360 --> 00:19:12,000
I'd probably try to keep 1/3 of
site coverage just to have

341
00:19:13,080 --> 00:19:16,640
landscaping and maneuvering, a
little bit of outdoor storage.

342
00:19:16,840 --> 00:19:21,280
so-called a 50,000 square foot
building with two to 4000 square

343
00:19:21,280 --> 00:19:25,480
foot bays with the ability to
combine them if necessary so

344
00:19:25,480 --> 00:19:29,000
that if a tenant needed ten
15,000 square feet I could do it

345
00:19:29,000 --> 00:19:32,320
without having to make major
internal modifications.

346
00:19:32,560 --> 00:19:35,680
But also the ability to take
those down to 2 to 2 to 4000

347
00:19:35,680 --> 00:19:37,600
square feet.
That's exactly what I'd build.

348
00:19:37,920 --> 00:19:41,400
Grade loading, decent enough
marshalling area at the back, 24

349
00:19:41,400 --> 00:19:45,240
foot ceilings at the Max, maybe
not even that high, and very

350
00:19:45,240 --> 00:19:48,600
simple.
Not not extravagant, just a

351
00:19:48,840 --> 00:19:51,520
decent curb appeal so that
people would be proud to show up

352
00:19:51,520 --> 00:19:53,480
to it.
Nothing crazy to keep.

353
00:19:53,720 --> 00:19:57,120
Keep rents competitive and you
have 50,000 square foot multi

354
00:19:57,120 --> 00:19:59,440
tenant building on three acres.
That's what I'd.

355
00:19:59,920 --> 00:20:03,320
That's what I'd build.
Sounds like a beautiful building

356
00:20:03,320 --> 00:20:04,760
to me.
Would.

357
00:20:04,760 --> 00:20:08,440
You build what's yours You are
your owners too, so let's how

358
00:20:08,440 --> 00:20:09,280
does that compare?
What?

359
00:20:09,280 --> 00:20:11,440
What would you build now,
knowing what you already have?

360
00:20:12,280 --> 00:20:14,360
I.
Mean it would not be far off of

361
00:20:14,720 --> 00:20:19,880
exactly what you're describing.
I think we're coming into a let

362
00:20:19,880 --> 00:20:24,360
me just tell you my experience
high level five years ago I used

363
00:20:24,360 --> 00:20:28,000
to get calls every single day.
We want to buy small day multi

364
00:20:28,000 --> 00:20:31,480
tenant off market industrial
real estate all day.

365
00:20:31,920 --> 00:20:35,520
This this was the phone call.
OK, you know, well, OK, what I

366
00:20:35,680 --> 00:20:38,920
am whatever.
Five years down the road I'm

367
00:20:38,920 --> 00:20:44,000
getting the same calls, but it
is for iOS, the phone calls are

368
00:20:44,360 --> 00:20:49,000
I want heavy industrial, off
market, low coverage sites,

369
00:20:49,000 --> 00:20:51,840
heavy zoning and I am obsessed
with trends, right.

370
00:20:51,840 --> 00:20:57,080
So seeing that trend,
understanding logistically as a

371
00:20:57,080 --> 00:21:00,800
society how we consume, it's
like, I wouldn't say the

372
00:21:00,800 --> 00:21:05,680
building you described was far
off of what I would pursue.

373
00:21:05,920 --> 00:21:09,320
I think oversized drive in doors
are like one of the most premium

374
00:21:09,320 --> 00:21:15,120
feature of a unit, specifically
multiple yard, right?

375
00:21:15,120 --> 00:21:18,600
And it doesn't make any sense to
have a industrial property with

376
00:21:18,600 --> 00:21:22,400
no parking because the whole
point of an industrial property

377
00:21:22,400 --> 00:21:27,720
is logistics.
So I would say pretty damn close

378
00:21:27,720 --> 00:21:31,560
to the building you described.
You know, the very first

379
00:21:31,560 --> 00:21:36,320
building my dad ever syndicated
in 1999, we still only

380
00:21:36,320 --> 00:21:41,520
submantage it to this day is
30,000 square feet, 18 tenants,

381
00:21:41,840 --> 00:21:44,960
9 on each side.
I would say it's a there.

382
00:21:44,960 --> 00:21:50,880
It is heavy in terms of
management when you have 18-16

383
00:21:50,880 --> 00:21:54,160
hundred square foot tenants or
you know some tenants take up

384
00:21:54,160 --> 00:21:57,080
two units.
So you know, it is a lot, I

385
00:21:57,080 --> 00:22:03,600
would prefer to hang out in 4000
square foot to like 8000 square

386
00:22:03,600 --> 00:22:08,000
foot size range.
But from a risk factor, from a

387
00:22:08,000 --> 00:22:15,120
tenant demand factor, those 1600
square foot units sure stay

388
00:22:15,120 --> 00:22:20,200
full, right, Sure pays the bills
and it's incredibly risk

389
00:22:20,200 --> 00:22:23,760
adverse.
So we have the same building,

390
00:22:24,080 --> 00:22:29,560
it's just a little different.
Yeah, I, I, I'm with you on

391
00:22:29,560 --> 00:22:30,920
that, though.
In 20 years I've been doing

392
00:22:30,920 --> 00:22:33,560
this, those small bays are
always full.

393
00:22:34,000 --> 00:22:38,200
No matter what UPS, downs, Great
Recession, anything, they're

394
00:22:38,200 --> 00:22:40,240
always full.
There's always tenants for it.

395
00:22:40,400 --> 00:22:42,800
So until it gets to the point
where there's too much of it,

396
00:22:42,800 --> 00:22:45,400
more where there's too many guys
like me with that are saying,

397
00:22:45,400 --> 00:22:47,360
oh, we should build this and
let's, let's go and do it.

398
00:22:47,360 --> 00:22:49,120
And then all of a sudden 20 of
them go up.

399
00:22:49,960 --> 00:22:53,120
Until that happens, I think that
there is way more demand than

400
00:22:53,120 --> 00:22:56,280
supply.
So I I'm very rosy on my outlook

401
00:22:56,280 --> 00:22:59,920
for Small Bay industrial.
Hell yeah.

402
00:23:01,080 --> 00:23:04,440
This is a crazy story.
One time we had a tenant like

403
00:23:04,760 --> 00:23:08,720
who was a cichlidarium.
A cichlidarium means they bread

404
00:23:09,240 --> 00:23:13,520
fish cichlids and we had to
evict them.

405
00:23:14,280 --> 00:23:18,520
So we had to evict these tanks
of fish.

406
00:23:18,520 --> 00:23:21,160
It's a ridiculous story, but
anyway, I have.

407
00:23:21,160 --> 00:23:23,680
Never even heard that term
before the fish.

408
00:23:23,720 --> 00:23:25,800
Eviction.
So the great.

409
00:23:25,800 --> 00:23:29,280
Fish eviction of 2023.
That could be a story on itself,

410
00:23:30,240 --> 00:23:32,960
I know.
If only I walked around with a

411
00:23:32,960 --> 00:23:35,440
camera and.
But.

412
00:23:35,960 --> 00:23:41,160
Anyway, Chad, before I let you
go, and I don't want to let you

413
00:23:41,160 --> 00:23:45,400
go, but such is life, what is
your commercial real estate

414
00:23:45,400 --> 00:23:49,440
secret?
A good final question, I would

415
00:23:49,440 --> 00:23:53,960
say people want to talk to you.
That's generally speaking, if

416
00:23:53,960 --> 00:23:56,400
somebody's in the industry,
whether it's a tenant, whether

417
00:23:56,400 --> 00:23:59,880
it's a landlord, an investor,
appraiser, banker, whoever it

418
00:23:59,880 --> 00:24:03,280
is, people want to talk to you
because they should.

419
00:24:03,320 --> 00:24:05,320
If they're not, they're missing
out an opportunity to learn

420
00:24:05,320 --> 00:24:07,880
something about the industry.
The key, though, is that you

421
00:24:07,880 --> 00:24:09,600
have to have something to talk
to them about.

422
00:24:09,920 --> 00:24:13,280
It can't just be calling and
saying, hey, I'm Chad, I work in

423
00:24:13,280 --> 00:24:15,920
the industry.
I want to represent you on your

424
00:24:15,920 --> 00:24:17,640
next deal.
That's in it.

425
00:24:17,640 --> 00:24:19,720
That's a nuisance.
But if I call them and say, hey,

426
00:24:19,720 --> 00:24:22,160
a building across the street
from you just sold, wasn't sure

427
00:24:22,160 --> 00:24:24,200
if you're aware of it, but I'd
love to give you some details on

428
00:24:24,200 --> 00:24:25,840
it.
They're going to take your call.

429
00:24:26,080 --> 00:24:30,000
So talk to more people with the
mindset that you have something

430
00:24:30,000 --> 00:24:32,800
to talk to them about and just
do it at scale.

431
00:24:32,800 --> 00:24:35,360
That is the secret to this
business and in my humble

432
00:24:35,360 --> 00:24:39,240
opinion, yeah.
I couldn't agree more.

433
00:24:40,120 --> 00:24:44,280
I love schmoozing for a living.
So we do, we wear out shoes and,

434
00:24:44,640 --> 00:24:48,040
and and our voices are sore at
the end of the day and and our

435
00:24:48,040 --> 00:24:49,960
spouses are like, you didn't
have a hard day.

436
00:24:49,960 --> 00:24:51,920
You were at the office drinking
coffee all day.

437
00:24:52,320 --> 00:24:55,280
I sure feel tired though,
mentally.

438
00:24:55,360 --> 00:25:01,280
It was strenuous, Chad, for the
listeners and I forgot to

439
00:25:01,280 --> 00:25:05,560
mention your book or can they
listen to the podcast?

440
00:25:06,040 --> 00:25:09,360
I know, but you have a book
about I want I want you to tell

441
00:25:09,360 --> 00:25:11,360
everybody about the book and
then where they can find you,

442
00:25:11,360 --> 00:25:14,000
follow you, listen to the
podcast content, do etcetera.

443
00:25:14,440 --> 00:25:17,000
Yeah, thanks.
Industrial Real Estate Podcast

444
00:25:17,000 --> 00:25:20,560
is a very tough name.
We brainstormed that for a long

445
00:25:20,560 --> 00:25:23,400
time on coming up with a name
for an industrial real estate

446
00:25:23,400 --> 00:25:26,080
podcast by calling it the
Industrial Real Estate Podcast.

447
00:25:26,480 --> 00:25:29,120
But it's memorable.
It's memorable five years we've

448
00:25:29,120 --> 00:25:30,920
been doing it.
Now I've got a producer that's

449
00:25:30,960 --> 00:25:32,440
that I brought on three years
ago.

450
00:25:32,440 --> 00:25:34,000
That helps me with a lot of it
now too.

451
00:25:34,000 --> 00:25:37,200
So that's why I say we.
But yeah, it's on Spotify,

452
00:25:37,200 --> 00:25:40,240
Apple, We just moved it over on
YouTube to a new channel.

453
00:25:40,720 --> 00:25:43,040
So it's just called the
industrial real estate podcast,

454
00:25:43,080 --> 00:25:46,360
making it easier to find.
And then last this year

455
00:25:46,360 --> 00:25:49,840
actually, I guess I wrote a book
industrialized, the Insider's

456
00:25:49,840 --> 00:25:53,240
Guide to Industrial Real estate.
And just reflecting on me being

457
00:25:53,240 --> 00:25:55,880
a big industrial real estate
nerd, I just wanted to put out a

458
00:25:56,320 --> 00:25:59,920
resource or a guide for people
that either one to learn about

459
00:25:59,920 --> 00:26:03,680
the industry from the bare
basics all the way up to getting

460
00:26:03,680 --> 00:26:08,240
nerdy about racking systems and
sprinklers and everything that

461
00:26:08,240 --> 00:26:09,920
you need to know about
industrial real estate.

462
00:26:10,000 --> 00:26:12,320
And yeah, that's been a, that's
been a fun journey as well.

463
00:26:12,320 --> 00:26:15,840
Available on Amazon and all the
other major booksellers too.

464
00:26:17,000 --> 00:26:21,440
If people want to I I am not
blowing smoke when I say you put

465
00:26:21,440 --> 00:26:24,880
out the best social media
content on warehousing.

466
00:26:25,640 --> 00:26:29,080
If people want to find you or
follow you on the social

467
00:26:29,080 --> 00:26:30,680
channels where what are they
looking up?

468
00:26:31,480 --> 00:26:35,080
Yeah, Linkedin's just my name,
Chad Griffiths, and Twitter's

469
00:26:35,080 --> 00:26:39,080
this X got to stop calling it.
Twitter X is the same, just Chad

470
00:26:39,080 --> 00:26:42,200
Griffiths.
And I don't post all the time

471
00:26:42,200 --> 00:26:44,360
because I don't.
I try not to just post for the

472
00:26:44,360 --> 00:26:46,600
sake of posting.
I try to only post when I have

473
00:26:46,600 --> 00:26:51,160
something insightful to say.
And sometimes that's not very

474
00:26:51,160 --> 00:26:53,160
often at all.
I could go several weeks before

475
00:26:53,160 --> 00:26:56,160
I post something on Twitter
because or on LinkedIn.

476
00:26:56,160 --> 00:26:58,080
Sorry because I just have
nothing to say.

477
00:26:58,520 --> 00:27:01,320
But when I do have something to
say, I'd hope that it is at

478
00:27:01,320 --> 00:27:05,200
least somewhat valuable for
someone to to read it.

479
00:27:05,200 --> 00:27:08,200
Is 100%.
So thank you for all your

480
00:27:08,200 --> 00:27:13,280
contributions to the industrial
real estate World Wide Web that

481
00:27:13,800 --> 00:27:16,400
connected us faithfully a few
years ago.

482
00:27:16,880 --> 00:27:19,120
Well, likewise.
To you, a big kudos to you.

483
00:27:19,120 --> 00:27:21,760
That's the reason I reached out
to you that first time to to be

484
00:27:21,760 --> 00:27:25,920
guest in the on my podcast was
your influence in the space and

485
00:27:25,920 --> 00:27:29,040
you are a absolute rock star in
this and everything that you've

486
00:27:29,040 --> 00:27:32,080
done and the value that you've
created for for people out there

487
00:27:32,080 --> 00:27:33,440
on this podcast and social
media.

488
00:27:33,440 --> 00:27:35,200
I couldn't sing your praises
enough.

489
00:27:35,480 --> 00:27:37,680
And I, I do whenever I have an
opportunity.

490
00:27:37,680 --> 00:27:41,160
I what I you should almost make
a theme song like the Viva Las

491
00:27:41,160 --> 00:27:43,480
Vegas.
I was thinking this a Viva Las

492
00:27:43,480 --> 00:27:47,240
Vegas and you might need to hire
a singer that could be your

493
00:27:47,240 --> 00:27:50,320
opening Aviva Las Vegas.
It's pretty good.

494
00:27:50,320 --> 00:27:51,920
Good.
But yeah, you're awesome.

495
00:27:51,920 --> 00:27:54,080
It's I am a big fan of
everything that you do and it's

496
00:27:54,200 --> 00:27:56,280
it was an honor coming on your
podcast as well.

497
00:27:56,960 --> 00:27:58,280
The.
Feeling is mutual.

498
00:27:59,120 --> 00:28:01,400
Everybody go pick up the book.
Listen to the Industrial Real

499
00:28:01,400 --> 00:28:06,120
Estate Podcast and for everybody
listening, we'll see you next

500
00:28:06,120 --> 00:28:11,720
week.
That's a wrap for this week on

501
00:28:11,720 --> 00:28:15,600
commercial real estate secrets.
If you found value, do us a

502
00:28:15,600 --> 00:28:19,520
favor and subscribe, leave a
review and share it with a

503
00:28:19,520 --> 00:28:21,800
fellow commercial real estate
lover.

504
00:28:22,480 --> 00:28:25,040
For brokerage services or to
connect, visit

505
00:28:25,040 --> 00:28:27,720
warehousehotline.com.
I'm Aviva.

506
00:28:28,080 --> 00:28:29,320
We'll see you next week.