Industrial Real Estate Leasing from 12 Weeks to 1 Day, with Warehub's Founder James Holbrook

James Holbrook is an industrial real estate entrepreneur and technology innovator, and the founder of Payson Smith Holbrook and Warehub, where he serves as Executive Chairman. Over the past 5+ years, he and his team have led more than $500 million in industrial leasing transactions, representing landlords and tenants across millions of square feet of short-term warehouse space nationwide. Seeing early that industrial real estate was overdue for modernization, he founded Warehub, an AI-enabled platform built to digitize and accelerate the way warehouse space is discovered, leased, and activated. Today, his work focuses on reducing friction in industrial transactions and helping the logistics economy operate more efficiently through smarter use of data and technology.

(02:24) 2,500 transactions and one infrastructure gap
(03:57) What industrial real estate covers
(05:39) Why short-term leasing demand is surging
(07:11) Tariffs and geopolitical uncertainty
(08:42) The hidden cost of vacancy
(10:11) What to standardize vs. negotiate
(11:38) What Warehub is & who it serves
(13:42) Transactions from 12 weeks to one day
(15:50) Early pushback and first transaction reality
(17:03) AI-enabled vs. AI-native
(19:43) The most underestimated force: volatility
(22:22) Columbus, Kansas City, and the inland shift
(24:00) AI-powered supply chain optimization
(25:49) Self-driving trucks & underwriting for optionality
(27:20) Power as the new site selection constraint
(28:11) How the broker's role shifts with AI
(29:59) Collaboration superpower: Aristotle

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-James Holbrook on LinkedIn

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Creators and Guests

Host

Edward Cohen

Host & Executive Producer at Tangent

Guest

James Holbrook

Founder & Executive Chairman

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James Audio Episode
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Edward: [00:00:00] [00:00:01] [00:00:02] I'm Edward [00:00:03] Cohen, and this is [00:00:04] Tangent, a [00:00:05] Commercial Observer [00:00:06] podcast. [00:00:07] [00:00:08] [00:00:09] [00:00:10] [00:00:11] Industrial real estate is [00:00:12] booming. [00:00:13] Prologis [00:00:14] projects net [00:00:15] absorption of roughly two [00:00:16] hundred million square [00:00:17] feet in twenty [00:00:18] twenty-six, running [00:00:19] ahead of new supply. [00:00:20] [00:00:21] E-commerce, [00:00:22] reshoring, and data [00:00:23] center demand driven [00:00:24] by AI are all [00:00:25] pulling at the same [00:00:26] time.[00:00:27]

The asset class has [00:00:28] never been more in [00:00:29] demand. The [00:00:30] leasing process [00:00:31] underneath, however, [00:00:32] has not kept [00:00:33] pace. [00:00:34] [00:00:35] Finding space, [00:00:36] negotiating [00:00:37] terms, activating [00:00:38] suppliers, and [00:00:39] managing flexible [00:00:40] arrangements still runs largely [00:00:41] on phone calls and [00:00:42] PDFs. [00:00:43] In an asset [00:00:44] class moving at the speed [00:00:45] of modern [00:00:46] logistics, that gap is [00:00:47] costing landlords [00:00:48] and tenants every [00:00:49] day, [00:00:50] and we do have, [00:00:51] in fact, the perfect [00:00:52] guest to talk about [00:00:53] this.

Our guest today [00:00:54] is James [00:00:55] Holbrook, founder and [00:00:56] executive chairman of [00:00:57] Warehub. [00:00:58] James, where [00:00:59] does this podcast find [00:01:00] you?

James: We're [00:01:01] out of Boston, [00:01:02] Massachusetts. and thank [00:01:03] you for having us today, [00:01:04] Edward. Appreciate [00:01:05] it

Edward: James, you [00:01:06] spent 17 [00:01:07] years executing [00:01:08] industrial [00:01:09] transactions across [00:01:10] more than [00:01:11] $500 million [00:01:12] in leasing [00:01:13] volume. [00:01:14] So what does the [00:01:15] leasing process [00:01:16] look like from [00:01:17] the inside that most [00:01:18] people on the [00:01:19] outside don't see?[00:01:20]

James: [00:01:21] Sure. so what most [00:01:22] people don't see, [00:01:23] Edward, is really just [00:01:24] how much human [00:01:25] effort sits [00:01:26] behind a relatively [00:01:27] simple, [00:01:28] economic [00:01:29] transaction. So somebody [00:01:30] has space and somebody else [00:01:31] needs it. that's [00:01:32] really the problem that we're trying [00:01:33] to solve in the leasing [00:01:34] process. [00:01:35] but you have brokers [00:01:36] making calls, exchanging [00:01:37] emails, [00:01:38] confirming [00:01:39] availability, trading [00:01:40] documents, drafting [00:01:41] leases, coordinating [00:01:42] with lawyers, [00:01:43] in an effort [00:01:44] to, achieve the simple [00:01:45] goal of [00:01:46] securing [00:01:47] space.

and so [00:01:48] over the past, [00:01:49] you know, almost twenty [00:01:50] years, I've sat inside that [00:01:51] process [00:01:52] working on [00:01:53] twenty-five hundred plus [00:01:54] transactions , [00:01:55] and what really [00:01:56] became obvious to [00:01:57] me was that the [00:01:58] industry didn't h-have a [00:01:59] demand problem [00:02:00] or an asset [00:02:01] problem. it had an [00:02:02] underlying infrastructure [00:02:03] problem. [00:02:04] And so there [00:02:05] was no common [00:02:06] operating layer [00:02:07] connecting the [00:02:08] demand, space, [00:02:09] pricing, [00:02:10] contracting, and [00:02:11] activation within one [00:02:12] environment.

and so that [00:02:13] was ultimately the [00:02:14] problem Warehouse was [00:02:15] built to solve

Edward: [00:02:16] [00:02:17] fascinating. I'm sure you have so [00:02:18] many war [00:02:19] stories and [00:02:20] peacetime [00:02:21] stories from, uh, [00:02:22] 2,500 [00:02:23] transactions.

James: I do. [00:02:24] I do. It's been a [00:02:25] lot of fun over the [00:02:26] years. We've connected with [00:02:27] [00:02:28] tons of [00:02:29] really great [00:02:30] people from [00:02:31] brokers to attorneys [00:02:32] to, [00:02:33] engineers to, [00:02:34] tenants and [00:02:35] landlords. And it's been a [00:02:36] lot of fun working [00:02:37] through, the [00:02:38] obstacles that we've all faced [00:02:39] together to get these [00:02:40] transactions [00:02:41] done

Edward: Industrial [00:02:42] real estate has become [00:02:43] one of the [00:02:44] most [00:02:45] sophisticated [00:02:46] institutionally held [00:02:47] asset classes in the [00:02:48] country. why [00:02:49] do you think [00:02:50] the [00:02:51] transaction process [00:02:52] underneath it has [00:02:53] stayed so [00:02:54] fragmented and [00:02:55] manual until now?[00:02:56]

James: So I think [00:02:57] that's wherein [00:02:58] lies the [00:02:59] paradox. the ownership [00:03:00] became institutional, [00:03:01] capital [00:03:02] became, extremely [00:03:03] sophisticated. [00:03:04] Buildings themselves [00:03:05] have become more [00:03:06] sophisticated, from [00:03:07] a construction [00:03:08] standpoint, [00:03:09] but the transaction [00:03:10] itself never [00:03:11] really became [00:03:12] standardized across the [00:03:13] industry.

and the [00:03:14] part of the reason it's [00:03:15] legitimate is [00:03:16] that real estate is [00:03:17] really diverse. [00:03:18] every building's [00:03:19] different, every tenant [00:03:20] has different [00:03:21] requirements, and some [00:03:22] terms absolutely need to [00:03:23] be [00:03:24] negotiated. but the mistake, I [00:03:25] think, was assuming [00:03:26] that because some [00:03:27] things, can't be [00:03:28] standardized, [00:03:29] nothing [00:03:30] should be [00:03:31] standardized.

we think the [00:03:32] opposite. [00:03:33] standardized [00:03:34] discovery, data, [00:03:35] workflows, contracting [00:03:36] mechanics, [00:03:37] um, [00:03:38] payments and [00:03:39] activation wherever [00:03:40] possible, and then preserve [00:03:41] human judgment for the [00:03:42] things where, [00:03:43] judgment really creates a [00:03:44] lot of value for the [00:03:45] parties

Edward: maybe we, [00:03:46] we could take a [00:03:47] step back here, what [00:03:48] is [00:03:49] industrial real estate? I mean, we [00:03:50] know [00:03:51] there's many [00:03:52] different [00:03:53] subcategories, if you [00:03:54] will, that [00:03:55] encompass [00:03:56] industrial real [00:03:57] estate. but is [00:03:58] that part of also [00:03:59] the problem [00:04:00] that, same parties deal [00:04:01] with different [00:04:02] sizes, different markets, [00:04:03] different types of [00:04:04] buildings, different [00:04:05] uses within [00:04:06] industrial?

[00:04:07] So a quick [00:04:08] summary on what [00:04:09] industrial real estate [00:04:10] is, what type of [00:04:11] properties it encompasses.[00:04:12]

James: Yeah. [00:04:13] So it's gonna encompass [00:04:14] anything from [00:04:15] [00:04:16] manufacturing to, uh, [00:04:17] warehouse [00:04:18] distribution [00:04:19] space to flex [00:04:20] space. [00:04:21] it's not that it really [00:04:22] differentiates [00:04:23] that [00:04:24] much with regards to the [00:04:25] underlying lease [00:04:26] structures. our [00:04:27] main focus, [00:04:28] upon release [00:04:29] in Warehub, we [00:04:30] focus on transactions [00:04:31] one year or [00:04:32] less, is [00:04:33] really warehouse [00:04:34] distribution.

but [00:04:35] covering the broad [00:04:36] spectrum of industrial [00:04:37] real estate, there, [00:04:38] there certainly is [00:04:39] manufacturing [00:04:40] and, other, [00:04:41] uses that are, [00:04:42] incorporated within the [00:04:43] overall environment[00:04:44]

Edward: [00:04:45] Okay. well, data [00:04:46] centers, would you include them [00:04:47] in

James: Sure. [00:04:48] yes, data [00:04:49] centers as well.

Edward: What about [00:04:50] self-storage? [00:04:51] Is that commercial [00:04:52] now

James: Uh, [00:04:53] self-storage, [00:04:54] They are t- [00:04:55] traditionally in industrial [00:04:56] style buildings. [00:04:57] you know, we would look at the [00:04:58] capacity [00:04:59] of [00:05:00] self-storage as [00:05:01] something that certainly [00:05:02] could be traded on our [00:05:03] platform. [00:05:04] somebody could have, [00:05:05] that on the Warehouse [00:05:06] Hub [00:05:07] platform, with the units [00:05:08] predefined, and, [00:05:09] and it could manage all of [00:05:10] their leasing, uh, [00:05:11] for those predefined [00:05:12] units, and [00:05:13] really standardize it and [00:05:14] simplify the entire [00:05:15] process for [00:05:16] them.

it's not our primary [00:05:17] focus, although we [00:05:18] certainly do have [00:05:19] presently in the [00:05:20] platform anything [00:05:21] from, 1,000, [00:05:22] 1,500 square feet [00:05:23] up [00:05:24] to, 1 million, 2 million [00:05:25] plus

Edward: [00:05:26] I see. So [00:05:27] yeah, you're, [00:05:28] you're, pointing out that [00:05:29] there's a gap in the [00:05:30] market, especially [00:05:31] for [00:05:32] flexible and shorter [00:05:33] term [00:05:34] leases. and [00:05:35] tenants do [00:05:36] increasingly want [00:05:37] flexible short-term space to [00:05:38] manage inventory [00:05:39] surges or [00:05:40] enter new markets or, [00:05:41] or scale without [00:05:42] long-term risk [00:05:43] necessarily. [00:05:44] So how big is that [00:05:45] demand today and, how [00:05:46] is the [00:05:47] traditional leasing process [00:05:48] failing to serve [00:05:49] it?[00:05:50]

James: So the traditional [00:05:51] leasing process was [00:05:52] built around [00:05:53] committing to buildings for [00:05:54] years. modern [00:05:55] supply chains don't [00:05:56] necessarily operate [00:05:57] on five and 10-year [00:05:58] planning horizons [00:05:59] anymore. [00:06:00] inventory moves, [00:06:01] geopolitical [00:06:02] policies change, [00:06:03] transportation [00:06:04] costs change, [00:06:05] and companies enter [00:06:06] new markets, [00:06:07] and networks [00:06:08] get [00:06:09] reconfigured.

and so [00:06:10] when something like [00:06:11] demand [00:06:12] spikes, the problem is that the [00:06:13] transaction cost of [00:06:14] leasing a 20,000 [00:06:15] square foot [00:06:16] space for four [00:06:17] months under the [00:06:18] traditional [00:06:19] structure can be [00:06:20] almost as [00:06:21] complicated as leasing it for [00:06:22] five years. [00:06:23] and so it [00:06:24] creates an [00:06:25] economic [00:06:26] mismatch, where the [00:06:27] customer wants the [00:06:28] flexibility, but the [00:06:29] infrastructure makes the [00:06:30] flexibility [00:06:31] expensive and difficult to [00:06:32] execute

Edward: [00:06:33] Correct me if I'm wrong, but it [00:06:34] seems like a lot of [00:06:35] the [00:06:36] macro [00:06:37] risks [00:06:38] impact [00:06:39] the [00:06:40] desire and the [00:06:41] certainty and [00:06:42] how much [00:06:43] risk, manufacturers, [00:06:44] distributors, [00:06:45] tenants and, [00:06:46] and, and landlords [00:06:47] alike are willing to [00:06:48] take on, and, and [00:06:49] also what [00:06:50] kind of [00:06:51] horizons into the future [00:06:52] they, can plan [00:06:53] on. So how [00:06:54] much has the [00:06:55] current [00:06:56] geopolitical [00:06:57] situation as [00:06:58] well as the [00:06:59] tariffs [00:07:00] uncertainty [00:07:01] impact, [00:07:02] what [00:07:03] developers build, [00:07:04] what, tenants look [00:07:05] for, and [00:07:06] everything in between?[00:07:07]

James: Yeah. So I [00:07:08] think that, if I look [00:07:09] at something like [00:07:10] tariffs, [00:07:11] Warehub provides a great [00:07:12] system, [00:07:13] for, [00:07:14] importers, three [00:07:15] PLs to [00:07:16] manage, uh, [00:07:17] tariff risk, And [00:07:18] so, it [00:07:19] allows them to, [00:07:20] fix what [00:07:21] their costs would [00:07:22] be, in the short [00:07:23] run, from an economic [00:07:24] perspective, [00:07:25] rather than trying to [00:07:26] project it over the long [00:07:27] run, which is what the [00:07:28] traditional market [00:07:29] is, is [00:07:30] established for.

[00:07:31] Warehub is, really [00:07:32] asking, [00:07:33] what happens [00:07:34] when warehouse space [00:07:35] stops being [00:07:36] fixed infrastructure [00:07:37] and becomes [00:07:38] variable [00:07:39] resource? A company can [00:07:40] expand, [00:07:41] contract, [00:07:42] reposition [00:07:43] as supply [00:07:44] chains or, [00:07:45] change or [00:07:46] geopolitical, [00:07:47] policies change. [00:07:48] And I think that [00:07:49] the answer is [00:07:50] that instead of [00:07:51] deciding on how much [00:07:52] space they might [00:07:53] need, five or ten years [00:07:54] from now, and then [00:07:55] locking themselves into [00:07:56] it based on [00:07:57] uncertainty [00:07:58] today, they can add [00:07:59] capacity when demand [00:08:00] increases, reduce [00:08:01] it when demand [00:08:02] falls, and then [00:08:03] reposition it when their supply [00:08:04] chain [00:08:05] changes.

and that changes [00:08:06] the economics of the [00:08:07] entire [00:08:08] market. the company can [00:08:09] put inventory [00:08:10] closer to [00:08:11] customers when it needs [00:08:12] to or respond to a [00:08:13] seasonal surge or [00:08:14] enter a new [00:08:15] market or carry [00:08:16] additional safety stock [00:08:17] without making [00:08:18] every operational [00:08:19] decision a [00:08:20] long-term real estate [00:08:21] decision. [00:08:22] And on the other [00:08:23] side, [00:08:24] landlords gain the ability to [00:08:25] monetize periods of [00:08:26] vacancy that [00:08:27] historically produce [00:08:28] nothing.

[00:08:29] And so you're taking [00:08:30] something that has [00:08:31] traditionally been [00:08:32] fixed on both sides of [00:08:33] the transaction, [00:08:34] and you're introducing the [00:08:35] flexibility. [00:08:36] So while the building [00:08:37] itself is still a [00:08:38] fixed, [00:08:39] commodity, the commitment [00:08:40] doesn't necessarily [00:08:41] have to be

Edward: [00:08:42] Yeah, so much to [00:08:43] navigate, so much [00:08:44] uncertainty. [00:08:45] now in terms [00:08:46] of, the [00:08:47] cost that the [00:08:48] landlord [00:08:49] incurs when [00:08:50] they're holding [00:08:51] out for like a [00:08:52] long-term lease or like a [00:08:53] unicorn tenant. I [00:08:54] mean, what, does that [00:08:55] vacancy cost [00:08:56] the landlord [00:08:57] beyond , the lost rent?[00:08:58]

James: Yeah, so it's [00:08:59] not just loss run, [00:09:00] even though that's the most [00:09:01] visible cost that [00:09:02] you'd see on your pro [00:09:03] forma. [00:09:04] vacancy also [00:09:05] means your [00:09:06] operating [00:09:07] expenses, that don't have [00:09:08] corresponding revenue tied [00:09:09] to them. The [00:09:10] carrying costs, [00:09:11] the brokerage and marketing [00:09:12] [00:09:13] expenses that get [00:09:14] faced, management's [00:09:15] attention, [00:09:16] uncertainty around [00:09:17] future cash [00:09:18] flows, and it, [00:09:19] ultimately, [00:09:20] potential pressure [00:09:21] on the asset [00:09:22] value, which can have [00:09:23] substantial [00:09:24] impacts, if you look at it [00:09:25] portfolio wide.[00:09:26]

And [00:09:27] so, there is, an [00:09:28] additional cost that's really [00:09:29] hard to see, and [00:09:30] that cost is [00:09:31] time. every day [00:09:32] that usable [00:09:33] space sits vacant, [00:09:34] it's [00:09:35] perishable inventory. [00:09:36] you can't go back [00:09:37] and sell [00:09:38] yesterday's warehouse space [00:09:39] tomorrow. and so [00:09:40] that's why we think that [00:09:41] industrial vacancy [00:09:42] should increasingly [00:09:43] be treated as [00:09:44] inventory [00:09:45] rather than simply [00:09:46] a leasing [00:09:47] statistic.

Edward: [00:09:48] you mentioned [00:09:49] that standardizing the [00:09:50] parts of the [00:09:51] transaction, , that [00:09:52] can be [00:09:53] standardized, preserves [00:09:54] and improves the [00:09:55] negotiations that [00:09:56] ultimately create value.[00:09:57]

So where [00:09:58] do you [00:09:59] draw the line [00:10:00] between what should be [00:10:01] standardized, in [00:10:02] the [00:10:03] value creation cycle, you [00:10:04] know, from [00:10:05] vacancy to [00:10:06] leasing?

James: The [00:10:07] line is between [00:10:08] structure and economic [00:10:09] choice. what [00:10:10] Warehub is trying to create [00:10:11] is a transparent [00:10:12] structured leasing [00:10:13] environment. [00:10:14] Today, industrial [00:10:15] leasing is highly [00:10:16] opaque. the [00:10:17] parties often spend [00:10:18] enormous amounts of time [00:10:19] negotiating not only [00:10:20] the economics but [00:10:21] also navigating different [00:10:22] processes, different [00:10:23] documents, [00:10:24] incomplete [00:10:25] information, and different [00:10:26] ways of describing [00:10:27] essentially the same [00:10:28] thing.

, And so we don't [00:10:29] think [00:10:30] standardization means [00:10:31] eliminating [00:10:32] negotiation. We think [00:10:33] it means creating a [00:10:34] common structure [00:10:35] where better negotiation [00:10:36] can occur. the [00:10:37] availability of the [00:10:38] space, its [00:10:39] characteristics, the transaction [00:10:40] process, [00:10:41] payments and operating [00:10:42] workflows can all [00:10:43] be more [00:10:44] transparent and standardized.[00:10:45]

Once you [00:10:46] establish that common [00:10:47] framework, the [00:10:48] landlord and tenant can [00:10:49] focus on their negotiation [00:10:50] on things that actually [00:10:51] determine economic [00:10:52] value, [00:10:53] price, duration, [00:10:54] quantity, [00:10:55] risk. and I think that it [00:10:56] creates an important [00:10:57] distinction. we're [00:10:58] not [00:10:59] trying to tell the [00:11:00] market what a [00:11:01] warehouse is worth.[00:11:02]

[00:11:03] We're trying to [00:11:04] give the market a better [00:11:05] mechanism for [00:11:06] discovering what it's [00:11:07] worth.

Edward: [00:11:08] Ühm.

James: [00:11:09] And transparency [00:11:10] becomes particularly [00:11:11] powerful as the [00:11:12] network grows. [00:11:13] When there's more supply and [00:11:14] more demand [00:11:15] interact [00:11:16] inside the same structured [00:11:17] environment, [00:11:18] both sides get better [00:11:19] information about [00:11:20] availability, pricing, [00:11:21] and overall market [00:11:22] behavior.

, [00:11:23] And so the objective [00:11:24] isn't to [00:11:25] eliminate, [00:11:26] negotiation. almost [00:11:27] the opposite. It's [00:11:28] to standardize the [00:11:29] transaction so that the [00:11:30] negotiation becomes [00:11:31] more economically [00:11:32] meaningful for the [00:11:33] parties

Edward: I [00:11:34] see. so walk us [00:11:35] through what Wherehub [00:11:36] is And who it's [00:11:37] built for[00:11:38]

James: Sure. [00:11:39] so [00:11:40] Warehub is the [00:11:41] operating structure for, [00:11:42] industrial real [00:11:43] estate. at its [00:11:44] simplest, we're [00:11:45] making warehouse space [00:11:46] easier to discover, [00:11:47] transact, [00:11:48] activate, and [00:11:49] manage. a tenant brings [00:11:50] us a requirement, [00:11:51] we, [00:11:52] identify matching [00:11:53] supply, activate [00:11:54] the inventory, [00:11:55] establish [00:11:56] pricing, across the [00:11:57] market, and then [00:11:58] execute the transaction [00:11:59] digitally.

[00:12:00] And [00:12:01] after it's executed [00:12:02] digitally, manage the [00:12:03] operational [00:12:04] relationship after [00:12:05] occupancy. and [00:12:06] we're building it [00:12:07] for the entire [00:12:08] ecosystem: tenants, [00:12:09] landlords, [00:12:10] brokers, service [00:12:11] providers, who are [00:12:12] all interested [00:12:13] parties [00:12:14] required to activate and [00:12:15] operate the space. [00:12:16] And so the [00:12:17] long-term vision is really [00:12:18] straightforward.

[00:12:19] Warehouse space should [00:12:20] be, accessible [00:12:21] and [00:12:22] transactable as [00:12:23] any other modern [00:12:24] asset or service. [00:12:25] And, and that's [00:12:26] what we're looking to [00:12:27] create.

Edward: [00:12:28] ambitious vision and I, [00:12:29] I [00:12:30] love it how [00:12:31] all-encompassing it is. [00:12:32] so you [00:12:33] have a, a [00:12:34] marketplace [00:12:35] component to it for the [00:12:36] leasing part, [00:12:37] is that correct?[00:12:38]

James: There is, except [00:12:39] for the structure of the [00:12:40] environment [00:12:41] doesn't lend towards [00:12:42] the marketplace [00:12:43] itself. It's a [00:12:44] component of the [00:12:45] overall operating [00:12:46] system, and it [00:12:47] doesn't work [00:12:48] independently of the overall [00:12:49] operating [00:12:50] system. [00:12:51] the, [00:12:52] marketplace is part [00:12:53] of the [00:12:54] overall, [00:12:55] architecture of the system, [00:12:56] uh, where you need to be [00:12:57] able to have your [00:12:58] requirements, [00:12:59] find your [00:13:00] requirements, within the [00:13:01] market, make your [00:13:02] buying decision, [00:13:03] execute your [00:13:04] lease, [00:13:05] and then continue to [00:13:06] operate through the [00:13:07] full term of the [00:13:08] lease.

but it's all [00:13:09] maintained within [00:13:10] transparent environment [00:13:11] that works [00:13:12] seamlessly end to [00:13:13] end. And that's [00:13:14] what makes it so [00:13:15] that it's a [00:13:16] standardized, [00:13:17] repeatable, [00:13:18] efficient [00:13:19] process for [00:13:20] security in [00:13:21] space

Edward: So, [00:13:22] I mean, you're combining [00:13:23] so many functions [00:13:24] here, right? The, [00:13:25] pricing, digital [00:13:26] contracting, [00:13:27] I presume [00:13:28] insurance or supplier [00:13:29] onboarding all in [00:13:30] one platform. So how does [00:13:31] combining all [00:13:32] these [00:13:33] functions, change the, the [00:13:34] timeline, [00:13:35] that it takes to [00:13:36] lease a vacant [00:13:37] space?[00:13:38]

James: Yeah. So, [00:13:39] from [00:13:40] a, tenant [00:13:41] demand side, [00:13:42] which is how I would view [00:13:43] that, [00:13:44] question is, [00:13:45] typically you're looking at a [00:13:46] 12-week lead [00:13:47] time for sourcing [00:13:48] space from the time [00:13:49] I'm given a [00:13:50] requirement, to the time that [00:13:51] we execute a [00:13:52] lease a- and [00:13:53] that's including, [00:13:54] every step along the [00:13:55] way.

that [00:13:56] same process can be done in [00:13:57] one day [00:13:58] and involves a [00:13:59] total of, [00:14:00] even under [00:14:01] complex corporate [00:14:02] governance, on [00:14:03] both sides of the [00:14:04] transaction, [00:14:05] seven clicks[00:14:06]

Edward: Wow. [00:14:07] So just to [00:14:08] clarify [00:14:09] that it's from [00:14:10] four months down to [00:14:11] one [00:14:12] day

James: yeah, three to [00:14:13] four months down to one day[00:14:14]

Edward: [00:14:15] Wow. [00:14:16] Fascinating. [00:14:17] So how are you doing [00:14:18] this?

James: we're doing it [00:14:19] pretty efficiently and [00:14:20] effectively [00:14:21] actually, Edward. we've gone [00:14:22] to market. we've [00:14:23] onboarded about [00:14:24] 52 million plus [00:14:25] square feet as of [00:14:26] today. so supply is [00:14:27] active and ready [00:14:28] for [00:14:29] activation of tenant [00:14:30] demand. we've [00:14:31] onboarded about 40 [00:14:32] requirements, [00:14:33] to be completed this [00:14:34] month, and we're [00:14:35] already [00:14:36] about 35% [00:14:37] of the way through, [00:14:38] getting those [00:14:39] requirements completed [00:14:40] for the [00:14:41] tenants.

we're up to [00:14:42] 200 [00:14:43] plus users, [00:14:44] and [00:14:45] our, 368 [00:14:46] suites in the [00:14:47] marketplace [00:14:48] presently. and [00:14:49] so, we're really [00:14:50] seeing that, it's [00:14:51] not as much the [00:14:52] 52.4 [00:14:53] million square [00:14:54] feet, but [00:14:55] it's the supply [00:14:56] side of the market's willing [00:14:57] part- to [00:14:58] participate when real demand [00:14:59] is presenting [00:15:00] through, a more [00:15:01] efficient [00:15:02] infrastructure.

we're really [00:15:03] excited to see the [00:15:04] progress in such a [00:15:05] short, period of time [00:15:06] and how it's accelerating [00:15:07] across [00:15:08] basically 40 [00:15:09] markets to that[00:15:10]

Edward: Wow, [00:15:11] tremendous. 40 [00:15:12] markets all in the [00:15:13] US?

James: [00:15:14] Correct

Edward: just [00:15:15] curious, what's been [00:15:16] like an [00:15:17] early [00:15:18] pushback [00:15:19] that then [00:15:20] once they understand how [00:15:21] Warehub does it, [00:15:22] a, a [00:15:23] tenant or a [00:15:24] landlord [00:15:25] understands or even a [00:15:26] broker [00:15:27] understands once they realize? [00:15:28] 'Cause I'm sure they've [00:15:29] been pitched in the [00:15:30] past different [00:15:31] solutions or, point [00:15:32] solutions and [00:15:33] individual solutions that help [00:15:34] with, uh, one part of [00:15:35] the process but not the [00:15:36] whole process.[00:15:37]

So what's been [00:15:38] some, early [00:15:39] pushback that you faced [00:15:40] that once they [00:15:41] see what [00:15:42] Warehub can do [00:15:43] they, they [00:15:44] become confident [00:15:45] in adopting it?[00:15:46]

James: So I, [00:15:47] I think that the [00:15:48] overall structure, of [00:15:49] the transaction [00:15:50] has been, not [00:15:51] necessarily a pushback [00:15:52] but a question because [00:15:53] it's

[00:15:54] different. the structure of the [00:15:55] transaction [00:15:56] is, a [00:15:57] tri-party, uh, [00:15:58] system [00:15:59] administrator, [00:16:00] relationship, and I [00:16:01] think that that has [00:16:02] just raised [00:16:03] the question as to how it [00:16:04] works.

we have [00:16:05] yet to find, [00:16:06] any [00:16:07] landlords, or [00:16:08] tenants which when [00:16:09] presented with a [00:16:10] lease to [00:16:11] execute have felt [00:16:12] uncomfortable with it. And [00:16:13] so, we're [00:16:14] transacting, we're [00:16:15] closing, we're receiving [00:16:16] market adoption [00:16:17] on both sides of [00:16:18] the [00:16:19] transaction. and after it's [00:16:20] [00:16:21] completed, there's been the [00:16:22] realization of how [00:16:23] easy that [00:16:24] was.

when you [00:16:25] eliminate all of the [00:16:26] complexities, and you [00:16:27] make it, as [00:16:28] simple as, [00:16:29] you know, [00:16:30] ordering something [00:16:31] online, there's [00:16:32] a, broad [00:16:33] appreciation for the [00:16:34] process. [00:16:35] and so while [00:16:36] we've seen [00:16:37] questions [00:16:38] because it's [00:16:39] different from how it's been [00:16:40] operated in the [00:16:41] past, we've [00:16:42] seen, a lot [00:16:43] of incredible [00:16:44] feedback and [00:16:45] appreciation for the design of [00:16:46] the platform[00:16:47]

Edward: [00:16:48] Amazing. [00:16:49] so W-Warehouse was [00:16:50] built [00:16:51] AI-enabled rather than [00:16:52] AI native. [00:16:53] Curious, what is [00:16:54] the distinction and, [00:16:55] and why does it [00:16:56] matter for how the [00:16:57] platform performs in [00:16:58] production?

James: [00:16:59] So [00:17:00] for us, [00:17:01] AI is a [00:17:02] capability [00:17:03] inside the [00:17:04] infrastructure. it [00:17:05] isn't the infrastructure [00:17:06] itself, [00:17:07] and I [00:17:08] think it's a, a [00:17:09] really important [00:17:10] distinction. industrial [00:17:11] transaction [00:17:12] involve [00:17:13] contracting payments, [00:17:14] property rights, [00:17:15] real world [00:17:16] operational [00:17:17] obligations. [00:17:18] Those things require [00:17:19] deterministic [00:17:20] systems, [00:17:21] permissions, [00:17:22] structured data, and auditable [00:17:23] [00:17:24] workflows.

we're [00:17:25] implementing [00:17:26] AI where AI is [00:17:27] extremely [00:17:28] powerful, which is [00:17:29] interpreting [00:17:30] information, accelerating [00:17:31] workflows, [00:17:32] identifying [00:17:33] patterns, and helping [00:17:34] users make [00:17:35] better buying [00:17:36] decisions. but the [00:17:37] underlying transaction [00:17:38] system needs to work [00:17:39] whether the AI [00:17:40] model is right or [00:17:41] not. and [00:17:42] so we're [00:17:43] enabled, uh, [00:17:44] AI-enabled by [00:17:45] design, rather [00:17:46] than building the [00:17:47] business around the [00:17:48] assumption that an AI model [00:17:49] should control every [00:17:50] [00:17:51] transaction

Edward: [00:17:52] Fascinating, how to [00:17:53] frame AI [00:17:54] in the [00:17:55] age of [00:17:56] everything about leasing and, [00:17:57] and managing is so [00:17:58] [00:17:59] human-dependent, and it will [00:18:00] probably continue [00:18:01] to be for, [00:18:02] for a while. [00:18:03] but [00:18:04] have you [00:18:05] find that, that i- the [00:18:06] AI framing there [00:18:07] helps with, brokers [00:18:08] being more [00:18:09] comfortable?

James: [00:18:10] So [00:18:11] yes, I think [00:18:12] that one, [00:18:13] one critical, [00:18:14] Application of [00:18:15] AI, [00:18:16] is, [00:18:17] reviewing, [00:18:18] large scale [00:18:19] documentation for [00:18:20] compliance purposes, [00:18:21] that's a good [00:18:22] application of AI. [00:18:23] [00:18:24] developing, pricing [00:18:25] comparisons across the [00:18:26] broad scope of the [00:18:27] market [00:18:28] and, based on, [00:18:29] transaction closing [00:18:30] costs [00:18:31] versus, [00:18:32] qualities of buildings, [00:18:33] and looking at [00:18:34] the, the complete [00:18:35] data set as [00:18:36] opposed to [00:18:37] just the market pricing [00:18:38] in square foot.[00:18:39]

You know, those are [00:18:40] great [00:18:41] applications of AI [00:18:42] that I think that [00:18:43] within [00:18:44] our infrastructure [00:18:45] creates value [00:18:46] for, the [00:18:47] brokers, in [00:18:48] not only [00:18:49] using the [00:18:50] platform for their [00:18:51] transactions one year or [00:18:52] less, but [00:18:53] for their market [00:18:54] research as [00:18:55] well. And [00:18:56] so, I think [00:18:57] that they have, [00:18:58] viewed, [00:18:59] what we're building [00:19:00] and how we're building it and [00:19:01] how we are [00:19:02] working at [00:19:03] enabling, uh, AI [00:19:04] across the platform, [00:19:05] very, very [00:19:06] [00:19:07] positively

Edward: [00:19:08] Awesome. let's talk [00:19:09] about where [00:19:10] the [00:19:11] industrial real estate [00:19:12] industry will be in the [00:19:13] next few [00:19:14] years. so as [00:19:15] we said before, [00:19:16] Prologis [00:19:17] projects net [00:19:18] absorption of roughly 200 [00:19:19] million square feet [00:19:20] this year. [00:19:21] That's running ahead of [00:19:22] the 180 [00:19:23] million square [00:19:24] feet, of new [00:19:25] deliveries. uses [00:19:26] like e-commerce and [00:19:27] reshoring, [00:19:28] manufacturing, and data [00:19:29] centers are all [00:19:30] pulling at the [00:19:31] same time.

[00:19:32] So which of those [00:19:33] three forces do you [00:19:34] think is, is most [00:19:35] underestimated [00:19:36] by the market right now? [00:19:37] Or do you think there are any [00:19:38] other forces that will [00:19:39] be, [00:19:40] providing tailwinds to [00:19:41] the industry in years to [00:19:42] come?

James: [00:19:43] Sure. So I think that the [00:19:44] broader, uh, [00:19:45] thing being underestimated [00:19:46] is actually [00:19:47] volatility itself[00:19:48]

Edward: [00:19:49] Ühm.

James: it's tempting to [00:19:50] ask which single [00:19:51] demand driver [00:19:52] wins. but industrial [00:19:53] infrastructure [00:19:54] increasingly has to respond to [00:19:55] multiple forces [00:19:56] simultaneously. [00:19:57] So [00:19:58] e-commerce, [00:19:59] manufacturing, AI [00:20:00] infrastructure, [00:20:01] trade [00:20:02] policy, and [00:20:03] changing transportation [00:20:04] economics, that [00:20:05] makes optionality [00:20:06] increasingly [00:20:07] valuable.

and so the [00:20:08] industrial network that [00:20:09] wins isn't necessarily [00:20:10] the one that's [00:20:11] perfectly predicting [00:20:12] demand five years from [00:20:13] now. It's the one [00:20:14] that's capable of [00:20:15] adapting faster when [00:20:16] those predictions are [00:20:17] wrong

Edward: [00:20:18] I think that's such a fascinating insight and ultimately that's what's [00:20:19] happening across [00:20:20] all of our lives and [00:20:21] all [00:20:22] commercial real estate asset [00:20:23] classes. I mean, [00:20:24] [00:20:25] increasingly renting an [00:20:26] apartment or a [00:20:27] home is more [00:20:28] preferable, not [00:20:29] just because it's what [00:20:30] a lot of people... [00:20:31] is the only thing they can [00:20:32] afford, but also because of [00:20:33] the optionality, [00:20:34] because you [00:20:35] don't know where you're gonna be in [00:20:36] five, 10 years.

[00:20:37] same with office, [00:20:38] right? I mean, COVID [00:20:39] was a big disruptor [00:20:40] for that, but now, [00:20:41] uh, [00:20:42] companies increasingly [00:20:43] don't wanna sign [00:20:44] long-term [00:20:45] leases, you know, five, [00:20:46] 10, even 15-year [00:20:47] leases that large [00:20:48] corporations used to [00:20:49] sign for their offices. [00:20:50] So, seems like [00:20:51] industrial, which [00:20:52] now is at the [00:20:53] forefront of this [00:20:54] volatility, driven [00:20:55] by, all the things [00:20:56] you said, not at the [00:20:57] least the, uh, [00:20:58] trade policy, is [00:20:59] also increasing [00:21:00] towards [00:21:01] flexibility and responding [00:21:02] fast to [00:21:03] changes that we [00:21:04] have no control over.[00:21:05]

James: [00:21:06] 100%. [00:21:07] uncertainty is [00:21:08] one of the greatest [00:21:09] drivers, that [00:21:10] determines, [00:21:11] how people, uh, [00:21:12] respond to [00:21:13] risk. and I think [00:21:14] that the [00:21:15] market [00:21:16] volatility and, [00:21:17] uncertainty, [00:21:18] increases, [00:21:19] we will [00:21:20] find that [00:21:21] people will [00:21:22] drive towards [00:21:23] flexibility. and I think [00:21:24] that that's where [00:21:25] Warehub [00:21:26] sits distinctly, [00:21:27] uh, in the [00:21:28] environment, [00:21:29] allowing for the [00:21:30] option [00:21:31] for, that [00:21:32] flexibility [00:21:33] so that there's quicker [00:21:34] response [00:21:35] times, to [00:21:36] these, volatile [00:21:37] times, that [00:21:38] allow [00:21:39] for, [00:21:40] still making quick [00:21:41] decisions [00:21:42] rather than [00:21:43] having a lack of [00:21:44] decision-making.

[00:21:45] and allows for [00:21:46] operational [00:21:47] efficiency not to [00:21:48] stall because [00:21:49] of uncertainty, [00:21:50] but [00:21:51] to continue [00:21:52] moving forward, [00:21:53] with [00:21:54] progress

Edward: [00:21:55] Interesting. in terms of [00:21:56] [00:21:57] the [00:21:58] geographic [00:21:59] preferences and, and [00:22:00] momentum, [00:22:01] across the US, [00:22:02] how are you seeing [00:22:03] that geographic [00:22:04] shift [00:22:05] change from, [00:22:06] like, the real [00:22:07] opportunity sets for landlords [00:22:08] and developers? [00:22:09] I mean, we've seen [00:22:10] shifts, for [00:22:11] demand, you know, moving [00:22:12] inland towards [00:22:13] Columbus [00:22:14] and Kansas City [00:22:15] and places like [00:22:16] Dallas.

so yeah. How does [00:22:17] that geographic shift [00:22:18] change where the real [00:22:19] opportunity sits for [00:22:20] landlords and developers [00:22:21] of industrial [00:22:22] real estate?

James: [00:22:23] Columbus [00:22:24] provides access to a very [00:22:25] large share of US [00:22:26] population [00:22:27] within a one-day trucking [00:22:28] radius, and [00:22:29] functions [00:22:30] well as an [00:22:31] eastern Midwestern [00:22:32] distribution point. [00:22:33] If you're looking at Kansas [00:22:34] City, it's centrally [00:22:35] positioned with major [00:22:36] interstates and rail [00:22:37] connectivity, [00:22:38] making it really [00:22:39] useful for distributing [00:22:40] inventory across multiple [00:22:41] regions rather than [00:22:42] tying inventory [00:22:43] to a coastal [00:22:44] gateway.

[00:22:45] Dallas, also [00:22:46] central [00:22:47] geography with enormous [00:22:48] population [00:22:49] growth, [00:22:50] consumption, transportation [00:22:51] infrastructure, [00:22:52] and connects [00:22:53] really well [00:22:54] between US and [00:22:55] Mexican supply [00:22:56] chains. but for decades, [00:22:57] we optimized [00:22:58] supply chains primarily [00:22:59] around [00:23:00] efficiency. Increasingly, [00:23:01] companies are also [00:23:02] optimizing [00:23:03] around [00:23:04] resilience.

and that changes [00:23:05] the value [00:23:06] proposition for industrial real [00:23:07] estate. a warehouse [00:23:08] isn't simply a [00:23:09] cost per [00:23:10] square foot [00:23:11] anymore. Its [00:23:12] location affects [00:23:13] transportation expense, [00:23:14] inventory [00:23:15] availability, service [00:23:16] levels, and the [00:23:17] resilience of the [00:23:18] entire network. [00:23:19] And so as [00:23:20] companies reconsider where [00:23:21] inventory should [00:23:22] sit, flexible [00:23:23] infrastructure becomes [00:23:24] particularly [00:23:25] valuable, because they can [00:23:26] test and modify [00:23:27] networks without [00:23:28] making [00:23:29] every decision a [00:23:30] decade-long real estate [00:23:31] commitment, that's [00:23:32] where Warehub falls [00:23:33] right into [00:23:34] place

Edward: [00:23:35] Fascinating how [00:23:36] really being in the center [00:23:37] of the country now is the [00:23:38] most strategic thing [00:23:39] for truck [00:23:40] drivers, the [00:23:41] self-driving [00:23:42] trucks, and [00:23:43] everyone that is, [00:23:44] interested in dispatching to [00:23:45] both coasts. So [00:23:46] I guess the, [00:23:47] the [00:23:48] coastal bias, [00:23:49] the East Coast [00:23:50] bias, and, [00:23:51] is now [00:23:52] driving that [00:23:53] demand in the [00:23:54] middle of the country[00:23:55]

James: Yeah. [00:23:56] And so one of, one of [00:23:57] the great [00:23:58] AI, [00:23:59] enabled, [00:24:00] tools, that we're working on [00:24:01] developing, [00:24:02] uh, within the Warehouse [00:24:03] platform [00:24:04] it will [00:24:05] very quickly be able [00:24:06] to analyze, [00:24:07] uh, network [00:24:08] optimization design, [00:24:09] across existing [00:24:10] supply, based [00:24:11] on your demand [00:24:12] requirements and your [00:24:13] inventory needs.

And [00:24:14] so, by having [00:24:15] the infrastructure that's [00:24:16] able to do [00:24:17] that, we'll start to really see [00:24:18] the power of [00:24:19] AI, help, [00:24:20] determine what the op- [00:24:21] most optimal network is [00:24:22] across your supply chain.[00:24:23]

Edward: [00:24:24] Wow. So you're, [00:24:25] you'll be able to [00:24:26] tell, "Okay, actually [00:24:27] you should put [00:24:28] 10 warehouses [00:24:29] in [00:24:30] Cincinnati instead of [00:24:31] five in Columbus [00:24:32] and five in Kansas [00:24:33] because [00:24:34] that's just [00:24:35] faster and better for the [00:24:36] bottom line."

James: [00:24:37] It might be five in each [00:24:38] of those, [00:24:39] uh, with your [00:24:40] one central [00:24:41] distribution hub creates [00:24:42] the, the greatest [00:24:43] reduction in transportation [00:24:44] cost, uh, [00:24:45] when considering [00:24:46] multimodal [00:24:47] reanalysis. And I think that [00:24:48] that's [00:24:49] gonna really be one of the [00:24:50] driving forces [00:24:51] because [00:24:52] transportation costs are 50 to [00:24:53] 70%, of [00:24:54] your supply [00:24:55] chain overall [00:24:56] operation.

And so, when [00:24:57] we can look at [00:24:58] real estate [00:24:59] as, uh, an [00:25:00] adaptive flexible [00:25:01] design of your [00:25:02] overall supply chain [00:25:03] rather than these [00:25:04] fixed [00:25:05] commitments, you're able [00:25:06] to create, a [00:25:07] model within [00:25:08] your supply chain [00:25:09] that, that [00:25:10] functions more like, [00:25:11] modern portfolio [00:25:12] theory would, [00:25:13] uh, and allows for better [00:25:14] diversification [00:25:15] across the [00:25:16] markets

Edward: Talking [00:25:17] about, [00:25:18] network design [00:25:19] and, your point about [00:25:20] transportation costs. I [00:25:21] mean, we, [00:25:22] we live in the era of [00:25:23] self-driving [00:25:24] cars, although they [00:25:25] were promised to us [00:25:26] eight years ago, [00:25:27] and we're obviously waiting for [00:25:28] them. but, you know, [00:25:29] self-driving trucks are [00:25:30] coming. [00:25:31] Robotics are already [00:25:32] inside some of [00:25:33] Amazon's and other [00:25:34] warehouses.

So [00:25:35] how do you [00:25:36] see self-driving [00:25:37] trucks and robotics, [00:25:38] uh, reshaping [00:25:39] where [00:25:40] industrial demand [00:25:41] concentrates? And [00:25:42] more importantly, how should [00:25:43] operators [00:25:44] be [00:25:45] underwriting [00:25:46] for that [00:25:47] today or planning [00:25:48] accordingly?

James: [00:25:49] So [00:25:50] I, I, [00:25:51] think that there's, [00:25:52] an issue with an [00:25:53] adoption curve. I [00:25:54] think that [00:25:55] I would [00:25:56] underwrite it as [00:25:57] optionality. if [00:25:58] autonomous transportation [00:25:59] changes [00:26:00] driver hour constraints, [00:26:01] if robotics changes [00:26:02] labor [00:26:03] requirements, and [00:26:04] if power becomes [00:26:05] more important, some of [00:26:06] the assumptions underlying [00:26:07] today's optimal w- [00:26:08] warehouse [00:26:09] location may [00:26:10] change.

but that [00:26:11] makes flexible [00:26:12] network and, [00:26:13] uh, better asset [00:26:14] level data [00:26:15] increasingly more [00:26:16] important as [00:26:17] well. I'm still, still [00:26:18] waiting to see those [00:26:19] things come to fruition [00:26:20] as well[00:26:21]

Edward: Right. Yeah, I mean, I [00:26:22] saw a video the other day of [00:26:23] a drone that [00:26:24] I don't know, I think [00:26:25] Amazon got an [00:26:26] approval to test, [00:26:27] you know, certain [00:26:28] area drone [00:26:29] delivery, and [00:26:30] I understand that's the [00:26:31] last mile, right? [00:26:32] Not, Not the part of [00:26:33] the [00:26:34] value creation cycle where [00:26:35] you guys play. [00:26:36] that's up to your [00:26:37] users.

But I guess you [00:26:38] always just got to [00:26:39] plan for flexibility and [00:26:40] optionality.

James: [00:26:41] Correct. I, I [00:26:42] think that there are, [00:26:43] getting br- broad [00:26:44] scale adoption of [00:26:45] that across [00:26:46] regulatory [00:26:47] environments is, going [00:26:48] to be s- [00:26:49] slower [00:26:50] than we would like to [00:26:51] anticipate. and [00:26:52] so, address [00:26:53] that further, [00:26:54] as it comes

Edward: [00:26:55] another [00:26:56] component of, [00:26:57] of industrial real [00:26:58] estate is [00:26:59] power and how [00:27:00] power is becoming a [00:27:01] primary constraint [00:27:02] on not only site [00:27:03] selection, but [00:27:04] also [00:27:05] if the business [00:27:06] is even viable. [00:27:07] and this is ahead of [00:27:08] transportation and labor in [00:27:09] many cases. So [00:27:10] how far [00:27:11] along [00:27:12] is that shift and, [00:27:13] and what does it mean [00:27:14] for the value of [00:27:15] existing industrial [00:27:16] assets that weren't [00:27:17] built with [00:27:18] power capacity in [00:27:19] mind?

James: [00:27:20] So [00:27:21] it, changes [00:27:22] what we mean by [00:27:23] location. [00:27:24] historically, industrial [00:27:25] location was [00:27:26] largely discussed through [00:27:27] transportation, [00:27:28] labor, [00:27:29] proximity to [00:27:30] customers, with, [00:27:31] available [00:27:32] power as [00:27:33] infrastructure becoming [00:27:34] increasingly more [00:27:35] important. two [00:27:36] otherwise similar [00:27:37] buildings may [00:27:38] have radically [00:27:39] different economic [00:27:40] utility, [00:27:41] depending upon the power [00:27:42] available to them and the [00:27:43] time required, [00:27:44] uh, to increase [00:27:45] it.

and so that means [00:27:46] that owners need [00:27:47] much better data [00:27:48] about the physical [00:27:49] capabilities of their [00:27:50] assets. square footage and [00:27:51] clear height, aren't [00:27:52] gonna be enough [00:27:53] anymore

Edward: [00:27:54] Last but not least, [00:27:55] something you touched on [00:27:56] briefly earlier about the, [00:27:57] the broker's [00:27:58] role in, in [00:27:59] industrial [00:28:00] leasing, as more [00:28:01] of the transaction gets [00:28:02] digitized. [00:28:03] how do you foresee the [00:28:04] broker's role [00:28:05] evolving in the next [00:28:06] few years, and [00:28:07] how will the role [00:28:08] shrink or [00:28:09] shift or even [00:28:10] grow?

James: [00:28:11] Yep. so I think [00:28:12] that the broker [00:28:13] is going to become [00:28:14] more valuable, [00:28:15] not less [00:28:16] valuable. , But I think [00:28:17] that their value [00:28:18] proposition [00:28:19] shifts. [00:28:20] So [00:28:21] if your value [00:28:22] is transmitting [00:28:23] information from one [00:28:24] party to another, [00:28:25] technology is gonna [00:28:26] compress that. but if [00:28:27] your value is [00:28:28] understanding your [00:28:29] customer's business, [00:28:30] identifying [00:28:31] opportunities, [00:28:32] structuring transactions, [00:28:33] negotiating economics, [00:28:34] and truly advising [00:28:35] your clients, [00:28:36] technology [00:28:37] makes you much more [00:28:38] productive.

Warehub [00:28:39] isn't designed to [00:28:40] eliminate brokers. [00:28:41] It was built for [00:28:42] brokers. It was [00:28:43] built by brokers, [00:28:44] and it's designed [00:28:45] to eliminate the [00:28:46] administrative [00:28:47] work, preventing [00:28:48] brokers from capitalizing [00:28:49] fully on their [00:28:50] advisory [00:28:51] potential

Edward: [00:28:52] Collaboration [00:28:53] superpower. If you could partner [00:28:54] with one person, [00:28:55] historic or [00:28:56] living, real or [00:28:57] fictional, who would it [00:28:58] be?

James: [00:28:59] Ühüm. [00:29:00] That is a [00:29:01] great one, [00:29:02] Edward. I [00:29:03] think [00:29:04] Uh, I would have [00:29:05] to draw [00:29:06] back onto [00:29:07] my, one of my, [00:29:08] underlying [00:29:09] completely separate [00:29:10] from work, [00:29:11] passions is, is [00:29:12] actually reading, like, [00:29:13] old philosophy. [00:29:14] And [00:29:15] so, my [00:29:16] superpower would [00:29:17] probably be, [00:29:18] creating, the [00:29:19] alignment that [00:29:20] causes, a [00:29:21] perfect flourishing [00:29:22] environment. And so [00:29:23] I would, I would have to [00:29:24] draw back [00:29:25] to, the old [00:29:26] principles of [00:29:27] Aristotle with human [00:29:28] flourishing.

Not the [00:29:29] traditional [00:29:30] superpower, but the super- [00:29:31] superpower of [00:29:32] developing an [00:29:33] intelligent, well-functioning [00:29:34] [00:29:35] environment

Edward: Love that. So [00:29:36] you would, [00:29:37] collaborate with, uh, [00:29:38] Aristotle. I think that's the [00:29:39] first

James: that would, I think that would [00:29:40] be my first[00:29:41]

Edward: That's the first [00:29:42] one. Wonderful. I'm [00:29:43] sure Aristotle will [00:29:44] be a [00:29:45] big fan [00:29:46] of [00:29:47] streamlining [00:29:48] industrial leasing [00:29:49] and [00:29:50] management.

James: Yes, [00:29:51] 100%.

Edward: [00:29:52] James, where [00:29:53] can Tangent [00:29:54] listeners and industrial [00:29:55] real estate [00:29:56] owners, operators, [00:29:57] and tenants [00:29:58] learn more about [00:29:59] Warehub and connect with [00:30:00] you?

James: feel [00:30:01] free to email me direct [00:30:02] at any time at [00:30:03] [00:30:04] [00:30:05] [e-mail]. and [00:30:06] visit us at [00:30:07] warehub.com. There's [00:30:08] also a, uh,, [00:30:09] contact form there. [00:30:10] and there's, the [00:30:11] ability just to sign up [00:30:12] there as well.

Edward: [00:30:13] [00:30:14] James, thank you so much for [00:30:15] coming to Tangent.[00:30:16]

James: Edward, thank you so [00:30:17] much. Appreciate you [00:30:18] today [00:30:19] [00:30:20] [00:30:21] [00:30:22]

Edward: Muchas [00:30:23] gracias. If [00:30:24] you learn something [00:30:25] new or enjoy the [00:30:26] conversation. [00:30:27] Text a friend the link [00:30:28] to this episode right [00:30:29] now.

[00:30:30] You [00:30:31] can find links, [00:30:32] resources, and [00:30:33] ways to connect with us [00:30:34] in the show [00:30:35] notes [00:30:36] [00:30:37] [00:30:38]