Industrial Insights

Jeff Janda on Chicago Industrial, Client Trust, and Building Lee

With Jeff Janda, SIOR · Principal, Lee & Associates of Illinois
Hosted by Justin Smith, SIOR · 40:31

Jeff Janda, SIOR, Principal at Lee & Associates of Illinois, joins Justin Smith, SIOR, on Industrial Insights to talk about the Chicago industrial market and the relationships that have shaped his career.

Jeff helped build Lee’s Chicago office and brings an owner’s perspective to his work with clients. In this conversation, we discuss how the office operates, what a broker from another market needs to understand about Chicago, and the lessons Jeff carries forward from his mentor and longtime partner, Jim Planey.

Building a firm and working with the right people

Jeff looks back on helping establish Lee in Chicago and the partnerships behind the office. He describes an executive committee whose members share finance and other responsibilities while continuing their brokerage work. On client assignments, he brings in colleagues with the right local knowledge instead of trying to be the expert in every neighborhood.

Understanding Chicago beyond the rent quote

Chicago’s industrial market covers a wide range of locations and buildings. Jeff discusses how geography affects the alternatives available to a tenant, including the differences between space around O’Hare and properties farther from the airport. He explains why a rent comparison needs the building type, location, and occupancy costs behind the number.

We also discuss the differences a California broker encounters in Chicago, including annual versus monthly rent quotations and gross versus net lease structures. Jeff explains why property taxes belong in the occupancy-cost conversation and why an incentive’s remaining term can matter when a tenant is considering a lease.

Giving clients straight advice

Jeff’s recollections of Jim Planey bring the conversation back to reputation. He describes the importance of telling clients what they need to hear, including when that advice may cost the broker an assignment. When the conversation turns to renewals, Jeff explains how he considers the landlord’s incentives, the building, and the tenant’s alternatives.

What ownership teaches a broker

Jeff owns interests in buildings with partners and is careful about competing with his brokerage clients. As an owner, he considers tenant retention, fair treatment, preventive maintenance, and reserves for future repairs. We talk about how those responsibilities influence the way he evaluates a renewal and the value of maintaining a good tenant relationship over time.

Making time for the next generation

Jeff closes with advice for younger brokers and the people mentoring them. A mentor needs to invest time and resources, help an associate learn how to serve clients, and eventually give that person room to take responsibility. Technology can help with the work, but Jeff still values making time to see clients in person.

Guest: Jeff Janda, SIOR, Principal, Lee & Associates of Illinois. Host: Justin Smith, SIOR.

Rent examples and market observations reflect the interview and the specific property context discussed. Tax-incentive eligibility and lease obligations depend on the property and applicable documents.

Episode chapters

1. 00:00 Jeff Janda and the Chicago office
2. 00:47 Building Lee in Chicago
3. 03:45 Running a broker owned office
4. 05:30 Chicago industrial geography
5. 10:10 Serving clients across the market
6. 14:17 Lessons from Jim Planey
7. 15:59 Chicago and California lease structures
8. 17:10 Cook County taxes and incentives
9. 22:22 Institutional ownership
10. 24:43 Rents, land, and redevelopment
11. 28:25 Renewal negotiations
12. 33:06 Data centers and industrial demand
13. 34:58 Owning industrial property
14. 38:02 Mentoring the next generation
15. 39:34 Technology and personal relationships

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