1 00:00:00,578 --> 00:00:01,538 would think of 2 00:00:01,538 --> 00:00:02,058 your book of 3 00:00:02,058 --> 00:00:02,578 business, would 4 00:00:02,578 --> 00:00:03,218 you say it's 5 00:00:03,218 --> 00:00:05,318 a half users 6 00:00:05,318 --> 00:00:06,538 and tenants and 7 00:00:06,538 --> 00:00:08,098 half developers 8 00:00:08,098 --> 00:00:09,058 and landlords? 9 00:00:09,058 --> 00:00:09,418 Or what would 10 00:00:09,418 --> 00:00:09,858 you say the 11 00:00:09,858 --> 00:00:10,938 mix is? 12 00:00:11,698 --> 00:00:13,058 hmm i mean 13 00:00:13,058 --> 00:00:13,638 a lot more 14 00:00:13,638 --> 00:00:14,638 developers now 15 00:00:14,638 --> 00:00:16,018 than they're you 16 00:00:16,018 --> 00:00:16,538 know when the 17 00:00:16,538 --> 00:00:17,358 business started 18 00:00:17,358 --> 00:00:18,178 you know the 19 00:00:18,178 --> 00:00:18,618 business is 20 00:00:18,618 --> 00:00:19,418 almost 40 years 21 00:00:19,418 --> 00:00:20,318 old so it 22 00:00:20,318 --> 00:00:20,938 was originally 23 00:00:20,938 --> 00:00:21,958 owner users 24 00:00:21,958 --> 00:00:22,618 because they 25 00:00:22,618 --> 00:00:23,338 could justify 26 00:00:23,338 --> 00:00:24,298 the cost and 27 00:00:24,298 --> 00:00:25,498 everything else. 28 00:00:25,618 --> 00:00:26,798 Now that spread 29 00:00:26,798 --> 00:00:27,898 between now, 30 00:00:27,898 --> 00:00:28,558 obviously the 31 00:00:28,558 --> 00:00:29,718 developers and 32 00:00:29,718 --> 00:00:30,778 the big, you 33 00:00:30,778 --> 00:00:31,318 know, I mean, 34 00:00:31,318 --> 00:00:31,998 the industrial, 35 00:00:31,998 --> 00:00:33,138 a lot of, 36 00:00:33,138 --> 00:00:33,678 you know, your 37 00:00:33,678 --> 00:00:34,618 dad, you know, 38 00:00:34,618 --> 00:00:35,278 might've had a 39 00:00:35,278 --> 00:00:35,678 company 40 00:00:35,678 --> 00:00:36,418 manufactured, 41 00:00:36,418 --> 00:00:37,378 you know, 42 00:00:37,378 --> 00:00:37,958 sponges or 43 00:00:37,958 --> 00:00:38,558 something, you 44 00:00:38,558 --> 00:00:39,538 know, it's got 45 00:00:39,538 --> 00:00:39,878 out of that 46 00:00:39,878 --> 00:00:40,418 business and 47 00:00:40,418 --> 00:00:40,938 still had a 48 00:00:40,938 --> 00:00:41,718 50 ,000 square 49 00:00:41,718 --> 00:00:42,258 foot building 50 00:00:42,258 --> 00:00:43,238 somewhere that 51 00:00:43,238 --> 00:00:43,838 he just kept 52 00:00:43,838 --> 00:00:44,478 in the family 53 00:00:44,478 --> 00:00:45,058 and kept leasing 54 00:00:45,058 --> 00:00:45,518 out. 55 00:00:45,518 --> 00:00:46,078 So it was 56 00:00:46,078 --> 00:00:46,618 a lot, a lot of 57 00:00:46,618 --> 00:00:47,098 opportunities 58 00:00:47,098 --> 00:00:47,838 back then for 59 00:00:47,838 --> 00:00:48,658 one -off owners. 60 00:00:48,658 --> 00:00:49,358 Now, I mean, 61 00:00:49,358 --> 00:00:49,878 some of the 62 00:00:49,878 --> 00:00:50,438 institutions 63 00:00:50,438 --> 00:00:51,178 have really been 64 00:00:51,178 --> 00:00:53,058 buying up, you 65 00:00:53,058 --> 00:00:54,098 know, a lot 66 00:00:54,098 --> 00:00:55,118 of that stuff. 67 00:00:55,118 --> 00:00:56,558 So still a 68 00:00:56,558 --> 00:00:56,998 lot of owner 69 00:00:56,998 --> 00:00:58,738 users, but a 70 00:00:58,738 --> 00:01:00,638 lot more like, 71 00:01:00,638 --> 00:01:01,058 I mean, now 72 00:01:01,058 --> 00:01:01,518 we're dealing 73 00:01:01,518 --> 00:01:01,998 with some of 74 00:01:01,998 --> 00:01:02,558 the largest 75 00:01:02,558 --> 00:01:03,898 industrial 76 00:01:03,898 --> 00:01:05,058 landlords pretty 77 00:01:05,058 --> 00:01:05,558 much in the 78 00:01:05,558 --> 00:01:06,098 country, in the 79 00:01:06,098 --> 00:01:07,278 world that are 80 00:01:07,278 --> 00:01:08,018 really looking 81 00:01:08,018 --> 00:01:08,898 at, you know, 82 00:01:08,898 --> 00:01:09,318 at some of 83 00:01:09,318 --> 00:01:10,678 these buildings 84 00:01:10,678 --> 00:01:11,238 because they've 85 00:01:11,238 --> 00:01:12,178 also acquired a 86 00:01:12,178 --> 00:01:12,978 lot of older 87 00:01:12,978 --> 00:01:14,478 portfolios.