1 00:00:00,024 --> 00:00:04,148 Welcome back everybody. Another episode of the Industrial Insights 2 00:00:04,148 --> 00:00:05,028 Podcast. I 3 00:00:05,649 --> 00:00:08,191 have Willie Candler with me today out of Atlanta. 4 00:00:08,291 --> 00:00:12,215 Lee & Associates Principal. It's a good sound that rolls right off 5 00:00:12,215 --> 00:00:15,359 the tongue. he's one of our fast growing partners in our 6 00:00:15,359 --> 00:00:15,860 office. 7 00:00:16,421 --> 00:00:20,256 And Atlanta is a big office with a lot of producers 8 00:00:20,256 --> 00:00:21,837 that are doing a ton of work. 9 00:00:22,078 --> 00:00:24,880 And I'm always impressed to see what you guys have cooking. 10 00:00:25,608 --> 00:00:26,847 And I always 11 00:00:27,418 --> 00:00:31,604 am impressed by your marketing, like yours personally and then your 12 00:00:31,604 --> 00:00:33,947 office. You guys do such a great job of being like 13 00:00:33,947 --> 00:00:37,491 a super professional and putting out fun stuff that's really helpful 14 00:00:37,491 --> 00:00:39,904 and like it helps the brand lift off. 15 00:00:40,504 --> 00:00:41,035 So thanks 16 00:00:40,886 --> 00:00:41,076 Thank 17 00:00:41,035 --> 00:00:41,185 for 18 00:00:41,076 --> 00:00:41,367 you. 19 00:00:41,185 --> 00:00:41,866 joining me, Willie. 20 00:00:42,930 --> 00:00:44,573 Absolutely, Justin. Thanks for having me. 21 00:00:44,573 --> 00:00:46,216 Excited to dive into 22 00:00:46,638 --> 00:00:48,862 to the real estate world and see what's going on. 23 00:00:49,629 --> 00:00:53,156 Yeah, and rumor has it, Hall of Fame quarterback from the 24 00:00:53,156 --> 00:00:54,909 University of West Georgia 25 00:00:55,651 --> 00:00:56,502 with the school's 26 00:00:56,277 --> 00:00:56,542 Thank 27 00:00:56,502 --> 00:00:56,763 all 28 00:00:56,542 --> 00:00:56,655 you. 29 00:00:56,763 --> 00:00:59,028 time leader in passing yards and touchdowns. 30 00:00:59,028 --> 00:00:59,679 Is this true? 31 00:01:00,415 --> 00:01:03,598 You know, I paid the right people during my time there, 32 00:01:03,598 --> 00:01:05,040 so they gave me that award. 33 00:01:05,040 --> 00:01:07,753 But yes, that was true. Had a great career there. 34 00:01:07,753 --> 00:01:10,506 You can see I have the number seven back there. 35 00:01:11,174 --> 00:01:15,286 got to fortunate was to start all four years after redshirting 36 00:01:15,286 --> 00:01:17,740 there and yeah, we had a lot of talent and always 37 00:01:17,740 --> 00:01:20,542 went deep into the playoffs. So it was a great career 38 00:01:20,542 --> 00:01:21,383 and had a lot of fun. 39 00:01:22,523 --> 00:01:24,438 Yeah, that's the best. I love it. 40 00:01:24,438 --> 00:01:26,024 I love a lot of the folks that come out of 41 00:01:26,024 --> 00:01:29,324 sports that get into brokerage. Like it serves you well what 42 00:01:29,324 --> 00:01:30,397 you've learned along the way. 43 00:01:31,123 --> 00:01:34,696 Yeah, no question. Discipline, you know, how to communicate with different 44 00:01:34,696 --> 00:01:37,419 people as far as backgrounds. You know, I was 45 00:01:38,253 --> 00:01:41,015 I'm from Atlanta, heart of Atlanta, and I was, you know, 46 00:01:41,015 --> 00:01:45,382 best friends with people from southern Mississippi, you know, southern Florida, 47 00:01:45,382 --> 00:01:48,645 just different life stories and to come together as a unit 48 00:01:48,705 --> 00:01:49,086 and 49 00:01:49,496 --> 00:01:52,079 you know, have the common goal that we were all looking 50 00:01:52,105 --> 00:01:54,236 to who achieve. It was a great experience. 51 00:01:55,205 --> 00:01:57,938 Yeah, and that's what we do on project work. 52 00:01:58,460 --> 00:01:58,937 That's it. 53 00:01:59,900 --> 00:02:03,067 you guys have you started this research associate, that's something you 54 00:02:03,067 --> 00:02:05,356 guys do that might be a little unique to Atlanta. 55 00:02:05,356 --> 00:02:06,177 What's that all about? 56 00:02:06,700 --> 00:02:10,451 Yeah, so Dave Howard, our president and CEO, he started that 57 00:02:10,451 --> 00:02:13,645 I think he started that in the San Diego office initially 58 00:02:13,665 --> 00:02:17,666 and then he jumped to the Charleston office or no longer 59 00:02:17,666 --> 00:02:19,026 Charleston office, but now 60 00:02:19,427 --> 00:02:22,847 he came from there to Atlanta and I was his first 61 00:02:23,075 --> 00:02:25,495 junior associate hire at the time and that was 62 00:02:26,316 --> 00:02:28,126 when was that? Twenty end of twenty. 63 00:02:28,266 --> 00:02:31,127 And so we started the program together and 64 00:02:31,695 --> 00:02:35,610 yeah, it was just a great foundational layer that was provided 65 00:02:35,610 --> 00:02:38,047 to me at the beginning of my career having no 66 00:02:38,629 --> 00:02:41,728 sales experience and strictly just out of college. 67 00:02:41,728 --> 00:02:43,833 So I majored in real estate but didn't 68 00:02:44,303 --> 00:02:47,025 have much of a you know background in any types of 69 00:02:47,025 --> 00:02:48,395 sales environment. So 70 00:02:48,957 --> 00:02:52,643 learned the research angle, learned all the data to support what 71 00:02:52,643 --> 00:02:55,155 you're talking about, and then got into more of the, 72 00:02:55,556 --> 00:03:00,338 you know, the legal LOI process, negotiation process, cold calling, 73 00:03:00,338 --> 00:03:02,029 client development, all that good stuff. 74 00:03:02,029 --> 00:03:02,249 So 75 00:03:02,652 --> 00:03:04,353 it's been a you know it's been a 76 00:03:04,879 --> 00:03:07,861 great foundation. It's worked really well for me so far in 77 00:03:07,861 --> 00:03:08,612 this young career. 78 00:03:09,675 --> 00:03:13,447 And then like a research in general, like a your office 79 00:03:13,688 --> 00:03:16,134 again does super well in research. 80 00:03:16,575 --> 00:03:16,956 So 81 00:03:16,719 --> 00:03:17,092 Yes. 82 00:03:17,136 --> 00:03:19,097 you guys set the tone on that I would say. 83 00:03:19,728 --> 00:03:22,349 Yeah, we're very fortunate. You know, I think that was certainly 84 00:03:22,413 --> 00:03:25,094 a point of emphasis for him coming over is like we 85 00:03:25,094 --> 00:03:28,540 have to really develop our research into top material that we 86 00:03:28,540 --> 00:03:31,092 can provide us as brokers to go out and win more 87 00:03:31,092 --> 00:03:34,233 business. 'Cause if you have that the data to support what 88 00:03:34,233 --> 00:03:37,143 you're talking about, then you know, it's such a huge advantage. 89 00:03:37,143 --> 00:03:37,513 So 90 00:03:37,914 --> 00:03:41,105 he went over and hired the head of research for CBRE 91 00:03:41,105 --> 00:03:44,987 National, Dan Wagner, and he came over and it was great 92 00:03:44,987 --> 00:03:48,178 that Nadia, his wife, was actually already at our firm and 93 00:03:48,178 --> 00:03:49,239 worked. she's 94 00:03:49,659 --> 00:03:52,521 forgive me, I forget her title, but she is she's the 95 00:03:52,521 --> 00:03:55,292 CEO 2.0, let's call her. So 96 00:03:55,695 --> 00:03:58,011 it was great for him to come over and he's really 97 00:03:58,313 --> 00:04:01,979 reamped our data department and you know we're putting out great 98 00:04:01,979 --> 00:04:05,981 thought leadership pieces and every week and really just getting out 99 00:04:06,141 --> 00:04:09,357 forefront of our clients and providing them with really great intel 100 00:04:09,357 --> 00:04:10,729 and information of what's going on. 101 00:04:11,571 --> 00:04:15,131 Yeah. I had met with Craig Viergever in your office, so 102 00:04:15,131 --> 00:04:17,614 we had a project we were talking about and we went 103 00:04:17,614 --> 00:04:19,606 over some of the data and the 104 00:04:20,147 --> 00:04:24,521 his ability to then help you have more confidence forecasting what 105 00:04:24,521 --> 00:04:26,673 you're about to see, right? That's the biggest 106 00:04:26,363 --> 00:04:26,894 Absolutely. 107 00:04:26,673 --> 00:04:29,166 thing that is so difficult for people and to 108 00:04:29,114 --> 00:04:29,754 Absolutely. 109 00:04:29,166 --> 00:04:31,798 have an ability to do that a little bit better or 110 00:04:31,798 --> 00:04:33,691 with a little more nuance is so helpful. 111 00:04:34,630 --> 00:04:35,203 Absolutely. 112 00:04:35,967 --> 00:04:40,092 and then you personally part of your beat is the I-20. 113 00:04:40,973 --> 00:04:44,664 You guys figure out who's walking which beat or it's kind 114 00:04:44,664 --> 00:04:48,018 of just based on everybody's talent or where they come from 115 00:04:48,018 --> 00:04:50,131 or how did you coming from the West, that was a 116 00:04:50,131 --> 00:04:50,802 natural fit? 117 00:04:51,466 --> 00:04:55,102 Yeah, just being such a large market, I think historically our 118 00:04:55,102 --> 00:04:59,043 Lee Atlanta office has been kind of geographically segmented just to 119 00:04:59,203 --> 00:05:01,610 you know, you wanna have a focus area so you're the 120 00:05:01,610 --> 00:05:04,243 expert of that, you know, that designated sub market. 121 00:05:04,243 --> 00:05:04,633 So 122 00:05:05,134 --> 00:05:08,388 I joined Billy Snowden a couple of years into the business 123 00:05:08,528 --> 00:05:11,009 and he was Northwest I-20 West Heavy. 124 00:05:11,409 --> 00:05:11,830 So I 125 00:05:11,737 --> 00:05:12,063 Okay. 126 00:05:11,830 --> 00:05:15,086 joined up with him and which was i the synergy was 127 00:05:15,086 --> 00:05:16,106 great because yes, 128 00:05:16,507 --> 00:05:19,668 my college was out on the west side of Atlanta and 129 00:05:20,383 --> 00:05:23,864 you know, I had experience traveling up seventy five north to 130 00:05:23,864 --> 00:05:26,825 Calhoun, Dalton, just throughout the course of my life. 131 00:05:26,825 --> 00:05:29,005 So it just kinda worked out well that it was a 132 00:05:29,425 --> 00:05:32,916 familiar, comfortable market for me. And you know, we've been 133 00:05:33,377 --> 00:05:35,077 focusing on that area ever since. 134 00:05:35,134 --> 00:05:38,607 we're starting to kind of expand our reaches here as things 135 00:05:39,067 --> 00:05:42,919 change and we have some older brokers starting to slow down 136 00:05:42,919 --> 00:05:45,050 so there's some more opportunity to kind of get out of 137 00:05:45,050 --> 00:05:45,360 that. 138 00:05:46,035 --> 00:05:47,517 you know, that one focus area. 139 00:05:47,517 --> 00:05:50,244 So we're broadening her our horizon a little bit and looking 140 00:05:50,244 --> 00:05:52,566 forward to seeing what else we can kinda tap into here. 141 00:05:52,977 --> 00:05:55,138 Does the port come into play? 142 00:05:55,158 --> 00:05:57,049 You guys hear about it? I generally 143 00:05:56,588 --> 00:05:57,161 At oh 144 00:05:57,049 --> 00:05:57,349 think 145 00:05:57,161 --> 00:05:57,834 yeah. 146 00:05:57,349 --> 00:05:58,748 of like supply 147 00:05:58,629 --> 00:05:59,272 Absolutely. 148 00:05:58,748 --> 00:06:02,150 chain decisions and like there are common places that 149 00:06:02,671 --> 00:06:06,568 like your part of the state and of the country like 150 00:06:06,568 --> 00:06:10,170 lends itself where well for people making certain decisions, much like 151 00:06:10,170 --> 00:06:13,252 in Southern California we may have a big population base, but 152 00:06:13,252 --> 00:06:15,984 then everyone has to play a different part of the region. 153 00:06:15,984 --> 00:06:17,899 So what how's that play into your part? 154 00:06:18,585 --> 00:06:21,317 Yeah, no, I think it certainly has played into the success 155 00:06:21,317 --> 00:06:24,430 that Atlanta has seen all throughout probably twenty nineteen on. 156 00:06:24,430 --> 00:06:28,303 I mean COVID happened and you know, post COVID during the 157 00:06:28,384 --> 00:06:31,927 kind of the slowdown, it relatively Atlanta was not hit that 158 00:06:31,927 --> 00:06:34,209 bad. I think we still kind of churned through and a 159 00:06:34,209 --> 00:06:35,089 lot of that was 160 00:06:35,550 --> 00:06:39,169 I think it was companies also trying to diversify their port 161 00:06:39,169 --> 00:06:41,211 system that they used where they were maybe 162 00:06:41,888 --> 00:06:44,250 West Coast heavy with their ports and they're like, you know, 163 00:06:44,250 --> 00:06:46,392 there were some strikes going on, I believe, and they're like, 164 00:06:46,392 --> 00:06:48,524 well, we don't ever want to be tied up to one 165 00:06:48,824 --> 00:06:52,052 singular port where, you know, if it shuts down or slows 166 00:06:52,052 --> 00:06:54,054 down, our business hurts from that. 167 00:06:54,054 --> 00:06:55,495 So Savannah certainly 168 00:06:56,182 --> 00:06:58,483 benefited from a lot of that and they've done a lot 169 00:06:58,483 --> 00:07:01,766 of great work to, you know, have development go on down 170 00:07:01,766 --> 00:07:03,187 there. I think they at one point 171 00:07:03,668 --> 00:07:05,870 and I can't believe I've been doing this for this long 172 00:07:05,870 --> 00:07:08,372 now, but they deepened and widened the port 173 00:07:08,004 --> 00:07:08,893 You got old man 174 00:07:08,632 --> 00:07:08,852 which 175 00:07:08,893 --> 00:07:10,297 stories, Willie. Yeah. 176 00:07:09,884 --> 00:07:11,465 it yeah, it goes by fast. 177 00:07:11,465 --> 00:07:13,989 I I'm dating myself as I'm a young thirty year old 178 00:07:13,989 --> 00:07:14,510 guy, but 179 00:07:15,150 --> 00:07:17,753 you know, they deepened and widened it, which was great to 180 00:07:17,753 --> 00:07:19,936 just support the capacity of the TEU 181 00:07:20,340 --> 00:07:23,093 coming in and you know, I think our the volume was 182 00:07:23,093 --> 00:07:24,064 at a good steady 183 00:07:24,565 --> 00:07:27,836 number last month, so all signs are in a good stable 184 00:07:28,137 --> 00:07:28,828 place right now. 185 00:07:29,556 --> 00:07:31,553 They got a lot of big boxes if you look on 186 00:07:31,553 --> 00:07:34,662 the map of little white rectangles that weren't there before. 187 00:07:35,028 --> 00:07:38,319 that's a lot and still coming down there, you know, probably 188 00:07:38,319 --> 00:07:41,480 overbuilt for the last couple of years, but I think everyone's 189 00:07:41,480 --> 00:07:45,414 still bullish. maybe, you know, with all the macroeconomics going on, 190 00:07:45,414 --> 00:07:48,916 developers are a little hesitant to start new projects down there, 191 00:07:48,916 --> 00:07:51,006 but until some of that gets absorbed. 192 00:07:51,006 --> 00:07:53,889 But I think, you know, overall on a long term thought 193 00:07:53,889 --> 00:07:57,190 or long term vision, I think still everyone's pretty comfortable with 194 00:07:57,190 --> 00:07:58,391 having a position down there. 195 00:07:59,415 --> 00:07:59,795 Yeah. 196 00:08:00,536 --> 00:08:00,876 And 197 00:08:01,366 --> 00:08:04,548 you'll hear people that if they need to move out of 198 00:08:04,548 --> 00:08:07,965 Atlanta, like to reach their customers better or to get a 199 00:08:07,965 --> 00:08:11,908 bigger box, where else are they most likely to go? 200 00:08:11,908 --> 00:08:13,508 Like for us, we just 201 00:08:13,486 --> 00:08:13,763 Yeah, 202 00:08:13,508 --> 00:08:14,029 go east 203 00:08:13,763 --> 00:08:14,069 that's 204 00:08:14,029 --> 00:08:16,371 'cause we got the ocean. It's pretty simple 205 00:08:16,002 --> 00:08:16,308 Yeah. 206 00:08:16,371 --> 00:08:18,900 math. yours is not quite that way. 207 00:08:19,572 --> 00:08:22,329 Yeah, that's a good question 'cause still to talk about the 208 00:08:22,329 --> 00:08:25,236 ports, we have such a great inland port system now where 209 00:08:25,236 --> 00:08:28,350 we've got a northeast port, we've got a northwest port, so 210 00:08:28,350 --> 00:08:29,872 they can just train up the 211 00:08:30,667 --> 00:08:33,369 the containers now and save on those drayage costs. 212 00:08:33,369 --> 00:08:33,750 So 213 00:08:34,352 --> 00:08:34,712 Yeah. 214 00:08:35,128 --> 00:08:37,730 if there's like a one spot, it's hard to say 'cause 215 00:08:38,300 --> 00:08:38,800 you've got 216 00:08:38,603 --> 00:08:38,803 I've 217 00:08:38,800 --> 00:08:39,250 mountains 218 00:08:38,803 --> 00:08:39,313 seen some 219 00:08:39,250 --> 00:08:39,711 north. 220 00:08:39,313 --> 00:08:42,866 automotive that of that like it goes to Alabama and that 221 00:08:42,866 --> 00:08:43,466 was interesting 222 00:08:43,134 --> 00:08:43,579 Yeah. 223 00:08:43,466 --> 00:08:44,066 to learn 224 00:08:44,274 --> 00:08:44,976 Absolutely. 225 00:08:44,387 --> 00:08:47,098 with John DeCouto of like, okay, what do the auto guys 226 00:08:47,098 --> 00:08:47,769 do and 227 00:08:47,823 --> 00:08:48,593 Absolutely. 228 00:08:47,996 --> 00:08:51,562 why would you be in Auburn or why would you cross 229 00:08:51,562 --> 00:08:52,733 that one line and 230 00:08:52,622 --> 00:08:52,904 Yeah. 231 00:08:52,733 --> 00:08:54,594 what's it do to change that decision? 232 00:08:55,385 --> 00:08:57,166 For sure, and we just want a big 233 00:08:57,699 --> 00:09:02,064 manufacturing plant, just announced a big project that's gonna be huge 234 00:09:02,064 --> 00:09:04,415 for it's kinda central south 235 00:09:05,137 --> 00:09:08,044 Georgia, if you will. And that was a huge win for 236 00:09:08,044 --> 00:09:11,141 the state and we're excited to see, you know, I think 237 00:09:11,141 --> 00:09:12,011 they're projecting 238 00:09:12,492 --> 00:09:14,432 over two thousand jobs that's gonna bring. 239 00:09:14,432 --> 00:09:15,993 So that was a huge win for the state. 240 00:09:15,993 --> 00:09:17,334 And we've had we've got Rivian, 241 00:09:17,758 --> 00:09:18,688 I-20 East, 242 00:09:19,108 --> 00:09:22,105 you know, we've got Hyundai and you know, George has been 243 00:09:22,105 --> 00:09:23,067 a huge car 244 00:09:23,840 --> 00:09:26,985 car hub for the last call it eight years now, with 245 00:09:27,006 --> 00:09:29,089 Kemp being kind of in charge of that. 246 00:09:29,089 --> 00:09:30,091 So he's done a good job. 247 00:09:31,340 --> 00:09:31,780 Yeah. 248 00:09:32,549 --> 00:09:36,647 And did you guys what's the total market is I thought 249 00:09:36,647 --> 00:09:39,367 I had read something that was like nine hundred thousand feet 250 00:09:39,367 --> 00:09:41,650 and that seemed larger than I was exp or 251 00:09:41,628 --> 00:09:42,109 Yeah, 252 00:09:41,980 --> 00:09:42,230 nine 253 00:09:42,109 --> 00:09:42,509 so 254 00:09:42,230 --> 00:09:44,473 hundred million. I was like, My goodness. 255 00:09:44,012 --> 00:09:44,322 yeah, 256 00:09:44,723 --> 00:09:47,767 we're definitely probably mid nine hundreds now, nine 257 00:09:47,757 --> 00:09:48,191 Scoot 258 00:09:47,767 --> 00:09:48,508 hundred million. 259 00:09:48,191 --> 00:09:49,887 over Chicago, yeah. 260 00:09:49,770 --> 00:09:51,873 That's right. You know, it got a little 261 00:09:52,532 --> 00:09:55,503 We took some of they reclassified some of the data centers 262 00:09:55,503 --> 00:09:58,597 and pulled out that square footage so it kind of went 263 00:09:58,597 --> 00:10:01,118 down in a way. but if you were to loop in 264 00:10:01,118 --> 00:10:03,851 kind of all the data centers, you'd certainly be climbing up 265 00:10:03,851 --> 00:10:06,373 north towards close to a billion. 266 00:10:06,996 --> 00:10:08,777 so it's a booming place. 267 00:10:09,535 --> 00:10:14,047 I and that's a thing. we missed that boom in 268 00:10:14,229 --> 00:10:17,123 though if you go to adjacent markets you'll see like 269 00:10:17,544 --> 00:10:20,838 ten of them or you'll see them like compete for land 270 00:10:20,838 --> 00:10:24,563 sites that a industrial developer would compete for, would traditionally build 271 00:10:24,563 --> 00:10:24,854 on. 272 00:10:25,712 --> 00:10:26,152 Certainly 273 00:10:25,935 --> 00:10:26,346 would you 274 00:10:26,402 --> 00:10:29,306 skew skew the land value numbers, that's for sure. 275 00:10:29,791 --> 00:10:30,474 Yeah. 276 00:10:30,166 --> 00:10:30,346 A 277 00:10:30,498 --> 00:10:30,792 So 278 00:10:30,746 --> 00:10:34,064 lot of sellers want, you know, 10x what their lands at 279 00:10:34,287 --> 00:10:35,348 or what the market 280 00:10:36,056 --> 00:10:38,617 market says the land should be, just because the you know, 281 00:10:38,617 --> 00:10:39,677 they'll come in and pay 282 00:10:40,298 --> 00:10:41,618 astronomical numbers, 283 00:10:42,055 --> 00:10:44,217 due to the infrastructure and them being able to get the 284 00:10:44,567 --> 00:10:47,870 power capacity to that site. So they'll you know, they'll throw 285 00:10:47,870 --> 00:10:50,012 a very large number at it and outbid everyone 286 00:10:50,533 --> 00:10:53,295 by a long shot. So you get some of those land 287 00:10:53,295 --> 00:10:55,567 sellers that see that and hear about it, they're like, Oh 288 00:10:55,567 --> 00:10:58,101 well my site's great for a data center, but there's a 289 00:10:58,146 --> 00:11:01,349 lot of steps that go into that, absolutely for sure. 290 00:11:02,036 --> 00:11:05,450 Yeah, the number of people that have thought that versus the 291 00:11:05,450 --> 00:11:08,074 number that have executed is like one in a million. 292 00:11:08,465 --> 00:11:10,317 Exactly. it's hard to find. 293 00:11:10,959 --> 00:11:14,872 But now they're telling Willie yesterday's big peak number and that's 294 00:11:14,872 --> 00:11:16,963 a problem for everybody. Yeah. 295 00:11:16,973 --> 00:11:17,991 That's it. Yep. 296 00:11:18,457 --> 00:11:18,859 So 297 00:11:18,924 --> 00:11:20,626 so you've seen him come out of the ground in some 298 00:11:20,626 --> 00:11:24,086 trade and then presumably we are either at the peak of 299 00:11:24,086 --> 00:11:26,828 that or we're in the first inning, depending on who you 300 00:11:26,828 --> 00:11:27,634 ask and where 301 00:11:27,531 --> 00:11:28,121 Yeah, 302 00:11:27,634 --> 00:11:28,174 that goes. 303 00:11:28,121 --> 00:11:32,734 it's without getting too political, Georgia just had our governor's race 304 00:11:32,775 --> 00:11:33,295 where 305 00:11:34,003 --> 00:11:36,744 you know, we had a Republican and now we just selected 306 00:11:36,744 --> 00:11:38,364 a Democrat and one of her 307 00:11:38,764 --> 00:11:43,214 major focuses is going to sign an executive order to halt 308 00:11:43,214 --> 00:11:46,836 all data center projects. So I think that'll be interesting to 309 00:11:46,836 --> 00:11:47,627 see how that 310 00:11:48,067 --> 00:11:50,497 affects because it is a lot of our business right now, 311 00:11:50,497 --> 00:11:53,148 maybe not so much the data centers themselves, but a data 312 00:11:53,148 --> 00:11:56,165 center adjacent companies that's you know, that's 313 00:11:55,984 --> 00:11:56,295 Sure. 314 00:11:56,997 --> 00:11:57,588 In the supply 315 00:11:57,397 --> 00:11:58,137 Suppliers. 316 00:11:57,588 --> 00:11:57,939 chain. 317 00:11:58,217 --> 00:11:59,048 Yeah, exactly. 318 00:11:58,654 --> 00:11:58,954 yeah. 319 00:11:59,402 --> 00:12:01,434 pipe supply, HVAC, electrical, all that. 320 00:12:01,434 --> 00:12:03,796 They're there are a lot of the tenants in the market 321 00:12:03,796 --> 00:12:06,873 right now. So we'll see kind of how that affects twenty 322 00:12:06,873 --> 00:12:07,934 seven as we head in there. 323 00:12:07,934 --> 00:12:09,159 'Cause they've been busy. 324 00:12:10,280 --> 00:12:13,417 Yeah, that's we don't want we want the show to go 325 00:12:13,477 --> 00:12:13,797 on. 326 00:12:14,376 --> 00:12:15,257 As an industrial 327 00:12:14,779 --> 00:12:15,159 Yeah. 328 00:12:15,257 --> 00:12:16,408 broker, I sure do. 329 00:12:16,641 --> 00:12:18,993 We're searching for growth, yeah, and more 330 00:12:18,861 --> 00:12:19,152 That's 331 00:12:18,993 --> 00:12:19,895 leasing demand. 332 00:12:20,694 --> 00:12:20,904 it. 333 00:12:21,607 --> 00:12:24,642 leasing demand is what you need to go spec. 334 00:12:24,642 --> 00:12:27,992 What's the pipeline Like did we stop building or did we 335 00:12:27,992 --> 00:12:28,973 just slow it down? 336 00:12:29,507 --> 00:12:32,678 Yeah, I think it was slow for the last eighteen months, 337 00:12:32,678 --> 00:12:36,200 but you know, we've had our bulk market be absorbed big 338 00:12:36,200 --> 00:12:39,594 time this year. I think there's only four existing facilities now 339 00:12:39,594 --> 00:12:43,057 around a million feet. And we've got another full four under 340 00:12:43,057 --> 00:12:45,850 construction, so we could call it eight million footers around the 341 00:12:45,850 --> 00:12:46,611 metro now. 342 00:12:47,424 --> 00:12:50,647 you know, we had in it's in just this past quarter, 343 00:12:50,647 --> 00:12:52,529 I think Nike, TikTok and Google 344 00:12:53,049 --> 00:12:56,644 each sign for a million feet and Google is going bonkers, 345 00:12:56,644 --> 00:12:59,106 they're still out for looking for space and that's all data 346 00:12:59,106 --> 00:12:59,947 center related. 347 00:13:00,362 --> 00:13:02,624 so, you know, that's really good to see 'cause the bulk 348 00:13:02,624 --> 00:13:05,166 market has been pretty slow in the last couple of years. 349 00:13:05,166 --> 00:13:06,136 So it's certainly 350 00:13:06,657 --> 00:13:09,389 the driver of the size range right now. 351 00:13:10,377 --> 00:13:12,574 Have you done one of these deals yet, Willie? 352 00:13:12,574 --> 00:13:13,577 I'm an aspiring 353 00:13:12,978 --> 00:13:13,749 I don't know if I'd 354 00:13:13,577 --> 00:13:14,058 million 355 00:13:13,749 --> 00:13:14,200 be here 356 00:13:14,058 --> 00:13:14,339 square 357 00:13:14,200 --> 00:13:14,440 right 358 00:13:14,339 --> 00:13:14,901 footer, 359 00:13:14,440 --> 00:13:14,930 now if I 360 00:13:14,901 --> 00:13:15,422 yeah. 361 00:13:14,930 --> 00:13:17,187 did one of those. I might be on vacation. 362 00:13:17,187 --> 00:13:19,961 No, I have not. I'm looking to get my hands on 363 00:13:19,961 --> 00:13:20,612 one, but 364 00:13:21,221 --> 00:13:22,483 you know, those are some 365 00:13:23,251 --> 00:13:26,645 great hard accounts to find. So just gotta keep knocking on 366 00:13:26,645 --> 00:13:27,076 the door. 367 00:13:27,756 --> 00:13:30,371 No doubt. Yeah. Well you got the product, so they got 368 00:13:30,371 --> 00:13:32,204 a place to land. That's half the battle. 369 00:13:32,608 --> 00:13:34,495 That's it. Absolutely. 370 00:13:35,059 --> 00:13:38,370 doing some work for a national client in Atlanta that needed 371 00:13:38,370 --> 00:13:40,971 trailer storage. We're in the northeast. 372 00:13:41,391 --> 00:13:43,872 They're in like a fifty or a sixty 373 00:13:44,309 --> 00:13:46,604 and could they could move. 374 00:13:47,080 --> 00:13:50,638 their landlord was gonna sell to an institution and 375 00:13:50,410 --> 00:13:50,720 Yeah. 376 00:13:50,638 --> 00:13:53,161 then we tried to find buildings with 377 00:13:53,781 --> 00:13:57,372 trailer parking and room for a dozen trailers or two dozen 378 00:13:57,372 --> 00:13:58,443 trailers and it was 379 00:13:58,324 --> 00:13:58,740 Yeah. 380 00:13:59,183 --> 00:14:02,774 super difficult. Like one out of ten maybe. 381 00:14:03,216 --> 00:14:06,032 And that one didn't look like it was gonna work for 382 00:14:06,032 --> 00:14:06,332 us. 383 00:14:06,628 --> 00:14:07,071 Yeah, 384 00:14:06,773 --> 00:14:07,274 So 385 00:14:07,296 --> 00:14:07,860 I believe it. 386 00:14:07,835 --> 00:14:10,128 I could see like we don't build those, right? 387 00:14:10,128 --> 00:14:12,613 We only build the two hundreds and up or something like 388 00:14:12,613 --> 00:14:12,864 that. 389 00:14:13,537 --> 00:14:16,197 Yeah, I would say, you know, really and it's funny when 390 00:14:16,197 --> 00:14:19,451 a when an a developer who's not as in experienced or 391 00:14:19,451 --> 00:14:22,132 doesn't have a whole lot of experience in Atlanta comes and 392 00:14:22,132 --> 00:14:24,223 says, you know, I'd love for an infill site and I 393 00:14:24,223 --> 00:14:26,783 go, Well, those don't exist anymore, right? 394 00:14:26,783 --> 00:14:30,294 So that goes to kind of the type of building product 395 00:14:30,294 --> 00:14:33,195 that you're talking about, whereas infill is pretty old these days 396 00:14:33,195 --> 00:14:35,985 around the metro. So the further you get is where you 397 00:14:35,985 --> 00:14:36,266 can 398 00:14:36,686 --> 00:14:40,491 tap into more of the newer construction, higher clear, larger truck 399 00:14:40,491 --> 00:14:41,957 courts, all of that. So 400 00:14:42,696 --> 00:14:44,877 you know, it's hard I had similar story. 401 00:14:44,877 --> 00:14:46,949 I was working with a client who was looking for a 402 00:14:46,949 --> 00:14:49,141 certain depth on their truck court and it just 403 00:14:49,542 --> 00:14:51,934 didn't exist close by where they wanted to be. 404 00:14:51,934 --> 00:14:55,260 You know, we needed to go up past Buford, which is 405 00:14:55,641 --> 00:14:59,484 thirty, forty-five minutes, no traffic outside of the city. 406 00:14:59,564 --> 00:15:00,025 So 407 00:15:00,793 --> 00:15:04,957 you know, it's certainly the circle around the metro is continuing 408 00:15:04,957 --> 00:15:05,337 to 409 00:15:06,058 --> 00:15:07,399 expand year after year. 410 00:15:08,572 --> 00:15:09,960 Is that where they ended up landing? 411 00:15:10,700 --> 00:15:11,530 We're at lease 412 00:15:12,131 --> 00:15:15,313 and we had to have the hard conversation that 413 00:15:15,753 --> 00:15:19,315 we're not gonna find what they wanna find if we wanna 414 00:15:19,315 --> 00:15:21,656 go if we if they wanna be where they wanna be. 415 00:15:21,696 --> 00:15:22,657 So we were able to 416 00:15:22,628 --> 00:15:22,854 Yes. 417 00:15:22,657 --> 00:15:23,717 kind of meet in the middle 418 00:15:24,558 --> 00:15:27,692 and you know, I sometimes as a broker you well know 419 00:15:27,692 --> 00:15:31,035 this, you just need to set the expectation from the get 420 00:15:31,035 --> 00:15:32,105 go and say, Hey guys, 421 00:15:32,666 --> 00:15:35,347 you know, this doesn't really exist, so here are our options. 422 00:15:36,048 --> 00:15:36,508 So 423 00:15:36,417 --> 00:15:36,887 Yeah. 424 00:15:37,229 --> 00:15:37,639 fingers 425 00:15:37,248 --> 00:15:37,548 It 426 00:15:37,639 --> 00:15:38,069 crossed. 427 00:15:38,810 --> 00:15:42,413 yeah, what's the best basket of goods that you can put 428 00:15:42,413 --> 00:15:44,085 together for their situation? 429 00:15:44,622 --> 00:15:47,085 Say hey, I hit on, you know, three out of five 430 00:15:47,306 --> 00:15:49,278 big points of emphasis for you. 431 00:15:49,278 --> 00:15:51,770 I'll give you a nice bottle of scotch like Justin and 432 00:15:51,770 --> 00:15:52,501 we'll be good to go. 433 00:15:53,226 --> 00:15:53,806 Yes, sir. 434 00:15:54,327 --> 00:15:56,895 And then we the other Atlanta one we got was a 435 00:15:56,895 --> 00:16:00,006 food producer. We'd done a deal with Troy Wisse in New Jersey 436 00:16:00,006 --> 00:16:03,213 buying a building and that was such a great experience. 437 00:16:03,213 --> 00:16:05,584 And then it was time to buy here again in the 438 00:16:05,584 --> 00:16:06,585 northeast 439 00:16:07,025 --> 00:16:08,833 and trying to buy 440 00:16:09,622 --> 00:16:13,904 also short on supply, also tough to find, reasonable priced 441 00:16:14,164 --> 00:16:15,875 older buildings, and that 442 00:16:15,767 --> 00:16:16,172 Yeah. 443 00:16:15,875 --> 00:16:18,938 was kind of its own unique challenge of having someone who's 444 00:16:19,178 --> 00:16:22,200 well established, well capitalized, and then 445 00:16:23,274 --> 00:16:27,636 not yet willing to make the Buford jump or the 446 00:16:27,636 --> 00:16:30,188 proverbial Buford jump of 447 00:16:30,174 --> 00:16:30,515 Yeah, 448 00:16:30,188 --> 00:16:31,317 like not 449 00:16:31,219 --> 00:16:31,439 it's 450 00:16:31,317 --> 00:16:31,618 having 451 00:16:31,439 --> 00:16:32,061 a challenge. 452 00:16:31,618 --> 00:16:36,041 that flexibility or not mentally being prepared to pay the location 453 00:16:36,041 --> 00:16:37,221 price along with 454 00:16:37,146 --> 00:16:37,726 Think 455 00:16:37,221 --> 00:16:38,212 the dollars and cents. 456 00:16:38,628 --> 00:16:41,290 that's right. I mean, even you know, if you were gonna 457 00:16:41,290 --> 00:16:44,043 buy an institutional building, you might be able to get, you 458 00:16:44,043 --> 00:16:46,857 know, just through the daily networking that we do with these 459 00:16:46,857 --> 00:16:49,750 institutional groups, they might say, Yeah, we'll sell, but it's gonna 460 00:16:49,750 --> 00:16:51,542 be for a premium, right? So it's 461 00:16:52,202 --> 00:16:54,555 that's a challenge as a broker to be able to find 462 00:16:54,555 --> 00:16:57,328 your client what they need and find it within a their 463 00:16:57,328 --> 00:16:59,349 price point basically, you know. So 464 00:17:00,064 --> 00:17:00,435 Yeah. 465 00:17:00,836 --> 00:17:04,150 If we so that's the challenge that's out there. 466 00:17:04,973 --> 00:17:06,428 Like with your 467 00:17:06,157 --> 00:17:06,438 Not an 468 00:17:06,428 --> 00:17:06,799 press 469 00:17:06,438 --> 00:17:09,330 easy business. Whoever said it was easy they didn't do a 470 00:17:09,330 --> 00:17:10,022 lot of deals. 471 00:17:10,806 --> 00:17:13,638 Oh, that's after fighting super hard to go get those clients 472 00:17:13,638 --> 00:17:14,529 in the first place. 473 00:17:14,742 --> 00:17:15,544 That's right. 474 00:17:15,986 --> 00:17:16,317 Beating 475 00:17:16,270 --> 00:17:16,651 Yeah. 476 00:17:16,317 --> 00:17:17,089 your head in the wall. 477 00:17:18,032 --> 00:17:22,705 Yeah. So you have gone from aspirational 478 00:17:22,705 --> 00:17:26,403 to you've hit the reality of being successful in the market 479 00:17:26,403 --> 00:17:29,065 and then now it's time to continue to grow and set 480 00:17:29,065 --> 00:17:29,976 your sites higher. 481 00:17:30,416 --> 00:17:30,777 So 482 00:17:30,698 --> 00:17:31,056 Right. 483 00:17:31,745 --> 00:17:34,767 What things where are you at mentally and like what does 484 00:17:34,767 --> 00:17:38,445 it take to grow these days and perhaps also more importantly, 485 00:17:38,445 --> 00:17:40,688 like what do you need to stop doing in order to 486 00:17:40,688 --> 00:17:41,589 achieve that growth? 487 00:17:42,111 --> 00:17:44,126 Yeah, that's a great question. Many 488 00:17:43,863 --> 00:17:44,424 Golf 489 00:17:44,126 --> 00:17:44,528 layers 490 00:17:44,424 --> 00:17:46,871 is we're not gonna make you stop golfing, that's okay. 491 00:17:47,478 --> 00:17:50,530 Yeah, many layers to that. I would say now, you know, 492 00:17:50,530 --> 00:17:54,093 I I've really started to understand what my time is worth 493 00:17:54,153 --> 00:17:56,686 and the type of deals that I want to focus on 494 00:17:56,686 --> 00:17:57,326 because 495 00:17:57,927 --> 00:18:00,388 what the you know, the payout and what they pay you. 496 00:18:00,529 --> 00:18:03,691 And I think sometimes the smaller deals take longer than the 497 00:18:03,691 --> 00:18:07,111 larger deals and you're getting, you know, nowhere near the value 498 00:18:07,111 --> 00:18:08,879 or the check at the end of the day, which you 499 00:18:08,879 --> 00:18:10,857 know, this is what we do for bit you know, to 500 00:18:11,017 --> 00:18:12,788 our livelihood, so that's important. 501 00:18:13,201 --> 00:18:16,015 so I I've started to hone in on kinda deals that 502 00:18:16,335 --> 00:18:19,996 I think are worth my time, respectfully worth my time and 503 00:18:20,545 --> 00:18:23,956 you know, being able to kind of vet a deal early 504 00:18:23,956 --> 00:18:26,796 on and understanding if it's it does have a life or 505 00:18:26,796 --> 00:18:27,237 if it's 506 00:18:27,657 --> 00:18:30,888 just somebody who's kinda tire kicking and not you know, not 507 00:18:30,888 --> 00:18:31,538 gonna be able 508 00:18:32,088 --> 00:18:34,809 to you know, execute at the end of the day. 509 00:18:34,869 --> 00:18:37,799 So that's certainly one thing that I've I'm still 510 00:18:38,213 --> 00:18:40,109 learning but getting a lot better at. 511 00:18:40,350 --> 00:18:40,716 And 512 00:18:41,195 --> 00:18:41,415 you 513 00:18:41,259 --> 00:18:41,490 It's like 514 00:18:41,415 --> 00:18:41,616 know, 515 00:18:41,490 --> 00:18:41,620 a 516 00:18:41,616 --> 00:18:41,716 I 517 00:18:41,620 --> 00:18:42,041 sixth 518 00:18:41,716 --> 00:18:42,017 think 519 00:18:42,041 --> 00:18:43,565 sense that you develop where 520 00:18:43,524 --> 00:18:43,884 absol 521 00:18:43,565 --> 00:18:46,513 you're like, okay, this doesn't feel right, or you're like, this 522 00:18:46,514 --> 00:18:46,854 is 523 00:18:46,982 --> 00:18:47,892 Yeah. And 524 00:18:47,777 --> 00:18:48,258 worth 525 00:18:47,892 --> 00:18:48,312 there are 526 00:18:48,299 --> 00:18:48,569 the 527 00:18:48,312 --> 00:18:49,073 surprises. 528 00:18:48,569 --> 00:18:49,381 risk or worth the 529 00:18:49,313 --> 00:18:49,813 There 530 00:18:49,381 --> 00:18:49,873 investment. 531 00:18:50,133 --> 00:18:52,984 Yeah, I still get surprises where I'm like, this deal has 532 00:18:52,984 --> 00:18:55,248 no legs and then all of a sudden, you know, it 533 00:18:55,248 --> 00:18:56,929 comes out of nowhere and we're at least. 534 00:18:56,929 --> 00:18:59,630 So, you know, it doesn't mean I know it everything or 535 00:18:59,630 --> 00:19:02,545 I'm wrong, I'll admit it. But you start to get better 536 00:19:02,545 --> 00:19:03,456 at it for sure. 537 00:19:04,149 --> 00:19:05,890 and I think, you know, kinda 538 00:19:06,490 --> 00:19:09,521 second part of your question, I think it's really easy to 539 00:19:09,521 --> 00:19:13,202 get busy and to just say, Hey, I'm really busy, but 540 00:19:13,202 --> 00:19:17,043 if you know, if you're not continuously backfilling, you know, you're 541 00:19:17,043 --> 00:19:18,293 gonna hit a period where 542 00:19:18,794 --> 00:19:21,296 you're like, oh, you know, it's time to get back on 543 00:19:21,296 --> 00:19:23,636 the phone or get back on the horn and really starting 544 00:19:23,636 --> 00:19:25,117 to kind of build back your pipeline. 545 00:19:25,117 --> 00:19:26,347 So if you could be really 546 00:19:26,807 --> 00:19:30,028 consistent throughout that process, whether you have a lot going on 547 00:19:30,028 --> 00:19:32,689 or not, I think it's you know, you will just have 548 00:19:32,689 --> 00:19:35,062 a steady book of business. And it's hard. 549 00:19:35,062 --> 00:19:37,262 I mean I there's a periods where I wanna go play 550 00:19:37,262 --> 00:19:39,713 golf and just say, I'm tired today, I'm out. 551 00:19:39,823 --> 00:19:42,326 But I think if you can, you know, find a middle 552 00:19:42,326 --> 00:19:45,200 ground and push through some of those days and, you know, 553 00:19:45,200 --> 00:19:47,933 make those extra couple of calls or check in with so 554 00:19:47,933 --> 00:19:50,227 and so that you haven't checked in with in a while 555 00:19:50,227 --> 00:19:52,549 with a while, you know, it's only gonna bode well for 556 00:19:52,549 --> 00:19:53,150 your business. 557 00:19:54,166 --> 00:19:57,726 Yeah, I would imagine as you look to expand the area 558 00:19:57,726 --> 00:20:01,587 you work to, that'll make you have to make more decisions 559 00:20:01,587 --> 00:20:02,089 like that. 560 00:20:03,078 --> 00:20:05,744 Absolutely. And you know, I've got a great team. 561 00:20:05,744 --> 00:20:08,495 I've got Billy Snowden and then we hired a junior on 562 00:20:08,495 --> 00:20:10,075 our team this year, and 563 00:20:10,485 --> 00:20:12,367 that's been a great resource for us. 564 00:20:12,367 --> 00:20:13,047 He's really 565 00:20:13,747 --> 00:20:16,788 taken a lot off our plate and especially mine. 566 00:20:16,980 --> 00:20:19,586 I think you know I was doing a lot of reporting 567 00:20:19,586 --> 00:20:21,657 with all of our leasing calls that we had to do 568 00:20:21,700 --> 00:20:25,191 and rate tracking and everything that goes into, you know, those 569 00:20:25,191 --> 00:20:27,571 reports that ownerships want to have when you hop on the 570 00:20:27,571 --> 00:20:29,812 call, and he's been able to take a lot of that. 571 00:20:30,352 --> 00:20:32,794 off my plate, which has really freed me up. 572 00:20:32,794 --> 00:20:35,536 So you know, there's a lot of truth into building your 573 00:20:35,536 --> 00:20:39,209 team and understanding that yes, you know, you might be splitting 574 00:20:39,209 --> 00:20:42,001 your commission three ways, but at the end of the day 575 00:20:42,001 --> 00:20:45,033 you're also retaining or winning more business so it 576 00:20:45,498 --> 00:20:47,139 pays for itself. So that's been a 577 00:20:47,646 --> 00:20:50,323 great asset, tool, resource for us this year. 578 00:20:51,340 --> 00:20:53,514 Did you know you wanted to do that and you were 579 00:20:53,514 --> 00:20:56,484 ready, or was it the right person came along and you 580 00:20:56,484 --> 00:20:57,806 were like, Well, let's make room. 581 00:20:58,509 --> 00:21:00,961 Yeah, I would say both. I think I was certainly ready 582 00:21:00,961 --> 00:21:04,534 to hand over the reporting duty because I am a client 583 00:21:04,534 --> 00:21:06,946 facing person. I am not a guy who wants to sit 584 00:21:06,854 --> 00:21:07,235 Yes. 585 00:21:06,946 --> 00:21:08,467 behind the computer and 586 00:21:08,239 --> 00:21:08,700 Get this 587 00:21:08,667 --> 00:21:09,148 crunch 588 00:21:08,700 --> 00:21:09,298 face in front 589 00:21:09,148 --> 00:21:09,408 up 590 00:21:09,298 --> 00:21:10,064 of more people. 591 00:21:10,008 --> 00:21:10,369 Yeah. 592 00:21:10,125 --> 00:21:10,565 Yeah. 593 00:21:10,369 --> 00:21:12,831 I wanna go yeah, I wanna go, you know, talk shop 594 00:21:12,831 --> 00:21:13,892 and get out of the office. 595 00:21:13,892 --> 00:21:17,374 Whereas he's very good with data entry and reporting and he's 596 00:21:17,875 --> 00:21:21,648 super talented with Excel and formulas and all of our tracking. 597 00:21:21,648 --> 00:21:24,953 So that he's you know, he actually interned with us over 598 00:21:24,953 --> 00:21:28,136 the summer, maybe two summers ago. 599 00:21:28,136 --> 00:21:29,956 So we kinda had our eye on him, 600 00:21:30,416 --> 00:21:32,917 from the get go 'cause he caught on really quickly and 601 00:21:32,917 --> 00:21:35,740 was you know, we could see him as being a valuable 602 00:21:35,740 --> 00:21:36,671 resource for us. 603 00:21:37,393 --> 00:21:38,714 Yeah. I went from 604 00:21:39,409 --> 00:21:42,681 me to me and an assistant and then to hiring on a 605 00:21:42,681 --> 00:21:43,221 junior. 606 00:21:43,682 --> 00:21:46,931 And then me junior became more of a senior 607 00:21:47,332 --> 00:21:50,363 and then it was time to hire or not or figure 608 00:21:50,363 --> 00:21:52,474 out what we're going to do and we ended up hiring 609 00:21:52,474 --> 00:21:56,181 a third person. So it was one admin, three producers. 610 00:21:56,622 --> 00:22:00,487 And it is interesting when you take the pie analogy and 611 00:22:00,557 --> 00:22:02,828 you make a nice line down the middle of your pie 612 00:22:02,828 --> 00:22:04,859 and then once the pie's been cut then you're like 613 00:22:05,861 --> 00:22:09,963 Okay. What would this look like with three and with 614 00:22:09,551 --> 00:22:09,834 Yeah. 615 00:22:10,248 --> 00:22:12,479 seniors and juniors and mid level producers? 616 00:22:12,920 --> 00:22:16,065 And that's all something we were able to figure out and 617 00:22:16,065 --> 00:22:18,866 then adjust annually, which has been a great way of doing 618 00:22:18,866 --> 00:22:20,978 it following Craig Coppola's advice in 619 00:22:21,162 --> 00:22:21,694 Mm-hmm. 620 00:22:21,198 --> 00:22:22,178 our Phoenix office, 621 00:22:22,519 --> 00:22:22,859 Yeah. 622 00:22:23,172 --> 00:22:26,051 who's a great mentor and like has gone as far down 623 00:22:26,051 --> 00:22:28,823 the rabbit hole as it gets with teams and splits 624 00:22:28,548 --> 00:22:28,990 Yeah, hard to 625 00:22:28,943 --> 00:22:29,173 and 626 00:22:28,990 --> 00:22:29,211 beat 627 00:22:29,173 --> 00:22:29,703 thoughts. 628 00:22:29,211 --> 00:22:29,593 him. 629 00:22:30,344 --> 00:22:30,874 Yeah. 630 00:22:30,378 --> 00:22:30,689 Yeah. 631 00:22:31,472 --> 00:22:34,992 So such a tremendous resource. And then of course now is 632 00:22:34,992 --> 00:22:35,422 like 633 00:22:35,848 --> 00:22:38,595 gosh, what if you tripped and fell on someone that was 634 00:22:38,595 --> 00:22:40,827 super talented? Is there room for four? 635 00:22:40,827 --> 00:22:45,013 Is four crazy? Like it's hard to imagine, but surely there's 636 00:22:45,013 --> 00:22:48,728 a way. And so we're in the mental like each round 637 00:22:48,728 --> 00:22:51,370 of growth like comes with its own things to take into 638 00:22:51,370 --> 00:22:51,720 account. 639 00:22:52,318 --> 00:22:55,712 For sure. Yeah, it's as Dave Howard says, It's your business 640 00:22:55,712 --> 00:22:58,094 Inc., you're the CEO, so you've got to 641 00:22:58,615 --> 00:23:01,839 make those decisions on, you know, how you can best grow 642 00:23:01,839 --> 00:23:04,221 and support your yourself and your team. 643 00:23:04,221 --> 00:23:04,491 So 644 00:23:05,150 --> 00:23:06,405 it's Always ever changing. 645 00:23:07,413 --> 00:23:11,292 Yeah. And book of business wise, you said you do you 646 00:23:11,292 --> 00:23:13,611 got some institutional work that you do with Billy. 647 00:23:13,685 --> 00:23:17,089 would you say you're fifty in terms of the square feet 648 00:23:17,089 --> 00:23:19,431 or the number of deals or the total dollars? 649 00:23:19,811 --> 00:23:20,152 Or how 650 00:23:20,112 --> 00:23:20,452 Yeah, 651 00:23:20,152 --> 00:23:20,692 would ya 652 00:23:20,452 --> 00:23:20,742 I would 653 00:23:20,832 --> 00:23:21,313 make sense 654 00:23:21,183 --> 00:23:21,733 yeah, 655 00:23:21,313 --> 00:23:21,583 of that? 656 00:23:21,733 --> 00:23:25,666 so I would say our business is about fifty percent landlord 657 00:23:25,666 --> 00:23:27,867 work to fifty percent tenant rep. 658 00:23:27,867 --> 00:23:29,228 I might be even more 659 00:23:29,668 --> 00:23:31,409 heavier on the landlord side, 660 00:23:32,253 --> 00:23:34,084 maybe sixty forty, let's call it. 661 00:23:34,853 --> 00:23:38,255 so he had some pretty good portfolio when I first started 662 00:23:38,255 --> 00:23:40,476 working with him and then we've been able to grow that 663 00:23:40,476 --> 00:23:44,117 as well and we're around or over five million feet right 664 00:23:44,117 --> 00:23:47,074 now of portfolio work, so that's been great and we're trying 665 00:23:47,074 --> 00:23:49,631 to Of course add to that and find you know, the 666 00:23:49,631 --> 00:23:52,695 really in Atlanta you really have to find a site, bring 667 00:23:52,695 --> 00:23:55,071 it to a developer and they'll award you the listing. 668 00:23:55,304 --> 00:23:57,995 you know, yes, you can go pitch for product when, you 669 00:23:57,995 --> 00:24:01,416 know, it trades hands, but it's just especially lately there's not 670 00:24:01,416 --> 00:24:02,867 a whole lot of buildings that have traded. 671 00:24:02,995 --> 00:24:05,196 so you those opportunities are not as 672 00:24:05,945 --> 00:24:07,006 not as, you know, 673 00:24:07,735 --> 00:24:10,997 rampant as others. So so yeah, we do you know, we've 674 00:24:10,997 --> 00:24:11,777 got a pretty good 675 00:24:12,251 --> 00:24:14,782 portfolio on the landlord side and then tenant rep, you know, 676 00:24:14,782 --> 00:24:16,263 always trying to grow and find 677 00:24:16,664 --> 00:24:18,745 clients that are repeat clients, right? 678 00:24:18,745 --> 00:24:20,936 I think he's got a great a couple of groups that 679 00:24:20,936 --> 00:24:24,108 he works with more on a national side and I've been 680 00:24:24,108 --> 00:24:27,368 able to get hot this year with an IOS group that's 681 00:24:27,368 --> 00:24:30,693 been rampant and growing on the kind of the southeast. 682 00:24:30,693 --> 00:24:31,723 So we've been really 683 00:24:32,184 --> 00:24:35,535 I've been really fortunate to do a handful of deals with 684 00:24:35,535 --> 00:24:38,662 them this year. So it's been a good scenario for sure. 685 00:24:39,306 --> 00:24:41,718 Love that. There's nothing better than 686 00:24:41,688 --> 00:24:42,089 Yeah. 687 00:24:41,859 --> 00:24:44,815 picking one up and then getting to do a lot of 688 00:24:44,815 --> 00:24:47,698 work with people that you get to know real well and 689 00:24:47,698 --> 00:24:47,929 that 690 00:24:47,737 --> 00:24:48,004 That's 691 00:24:47,929 --> 00:24:48,179 like 692 00:24:48,004 --> 00:24:48,249 it. 693 00:24:48,179 --> 00:24:51,753 you can really speak on their behalf like and make a 694 00:24:51,753 --> 00:24:55,521 positive impact for them like over and with different teams and 695 00:24:55,521 --> 00:24:57,223 different locales. That's pretty cool stuff. 696 00:24:57,701 --> 00:24:59,503 Yeah, and I love I've been able to work with some 697 00:24:59,503 --> 00:25:01,554 other Lee offices this year, which has been great. 698 00:25:01,554 --> 00:25:04,852 You know, I love kinda checking out different markets and just 699 00:25:04,873 --> 00:25:08,184 seeing how they do business and been able to really use 700 00:25:08,184 --> 00:25:10,026 the Lee network and it's been great. 701 00:25:10,772 --> 00:25:12,292 You guys got a strong 702 00:25:12,820 --> 00:25:16,781 group around you. Ours we have one every twenty miles in 703 00:25:16,781 --> 00:25:18,081 Southern California just to 704 00:25:18,024 --> 00:25:18,325 Yeah, 705 00:25:18,081 --> 00:25:18,500 make sure 706 00:25:18,325 --> 00:25:18,546 I'm 707 00:25:18,500 --> 00:25:18,701 like 708 00:25:18,546 --> 00:25:18,908 not 709 00:25:18,701 --> 00:25:20,341 we really got it on lock. 710 00:25:20,618 --> 00:25:21,060 that's 711 00:25:20,682 --> 00:25:21,112 Where 712 00:25:21,060 --> 00:25:21,280 it. 713 00:25:21,322 --> 00:25:24,436 you guys gotta go across a state or across a couple 714 00:25:24,436 --> 00:25:24,976 cities. 715 00:25:25,361 --> 00:25:25,863 That's it. 716 00:25:26,836 --> 00:25:27,396 Yeah. 717 00:25:28,437 --> 00:25:32,091 Love that. shallow bay, small bay, that's a thing. 718 00:25:32,091 --> 00:25:34,185 Is that hot? Are people trying to get it? 719 00:25:34,185 --> 00:25:36,989 Is it all picked over now or what's the state of 720 00:25:37,301 --> 00:25:37,572 You 721 00:25:37,565 --> 00:25:38,075 Yeah. 722 00:25:37,572 --> 00:25:40,123 and I make all these commissions, we gotta go get some 723 00:25:40,123 --> 00:25:40,886 shallow bay. 724 00:25:41,341 --> 00:25:43,012 That's right. They pay the bills, right? 725 00:25:43,012 --> 00:25:44,963 We talk about singles and maybe doubles. 726 00:25:44,963 --> 00:25:47,954 So those are great a little assets to have or spaces 727 00:25:47,954 --> 00:25:50,745 to have. I think that's a really good 728 00:25:51,246 --> 00:25:54,047 question you bring up. I would say it was probably one 729 00:25:54,047 --> 00:25:57,019 of the hottest asset classes from twenty to twenty two. 730 00:25:57,268 --> 00:26:00,109 I think, you know, with the move out of the office 731 00:26:00,109 --> 00:26:02,956 environment, I think you saw a lot of industries start to 732 00:26:02,956 --> 00:26:07,493 move into more flex, shallow bay type buildings to house 733 00:26:07,493 --> 00:26:08,203 both needs. 734 00:26:08,707 --> 00:26:11,169 Now because costs have gotten so high, 735 00:26:11,737 --> 00:26:14,499 a lot of those smaller tenants have such pressure now with 736 00:26:14,499 --> 00:26:15,140 their rent 737 00:26:15,580 --> 00:26:19,643 that you know, I think they're it's certainly weighing heavier on 738 00:26:19,643 --> 00:26:20,444 them and 739 00:26:21,194 --> 00:26:25,361 you know, it's it's interesting. I think we're seeing some vacancy 740 00:26:25,361 --> 00:26:28,523 levels starting to tick up in that so smaller size range. 741 00:26:29,223 --> 00:26:32,118 And you know, like I said, bulk's been certainly more of 742 00:26:32,118 --> 00:26:35,650 the market driver right now for space that's being absorbed and 743 00:26:36,408 --> 00:26:38,970 Not as much space is being taken down on the smaller 744 00:26:38,970 --> 00:26:41,301 suites and it's because they're having so much pressure on the 745 00:26:41,301 --> 00:26:41,751 rent. 746 00:26:42,360 --> 00:26:45,001 and it's we're tracking it. It'll be interesting to see if 747 00:26:45,001 --> 00:26:47,853 it you know, if rates continue to climb, have we outpaced 748 00:26:48,214 --> 00:26:51,276 has rent outpaced what people can afford or small businesses? 749 00:26:51,936 --> 00:26:54,086 And you know, it's certainly a hot topic 750 00:26:53,891 --> 00:26:54,112 It's 751 00:26:54,086 --> 00:26:54,396 issue 752 00:26:54,112 --> 00:26:54,494 always 753 00:26:54,396 --> 00:26:54,556 right 754 00:26:54,494 --> 00:26:54,825 yes. 755 00:26:54,556 --> 00:26:54,816 now. 756 00:26:54,825 --> 00:26:56,221 Or 757 00:26:55,857 --> 00:26:57,078 Yeah, right. Yeah. 758 00:26:56,824 --> 00:26:57,326 to some 759 00:26:57,078 --> 00:26:57,568 Oh yeah, 760 00:26:57,326 --> 00:26:57,798 extent 761 00:26:57,568 --> 00:26:58,098 any tense, 762 00:26:57,798 --> 00:26:58,521 it's as much 763 00:26:58,359 --> 00:26:58,849 always. 764 00:26:58,521 --> 00:26:59,314 as it can be. 765 00:26:59,809 --> 00:27:02,999 That's right. So it'll be we'll see how it affects twenty 766 00:27:02,999 --> 00:27:06,267 seven 'cause that vacancy number's starting to climb for sure. 767 00:27:07,175 --> 00:27:09,959 Yeah. Did you guys level off or go down? 768 00:27:10,119 --> 00:27:13,772 Like for us peak to trough was like thirty five to 769 00:27:13,772 --> 00:27:16,612 forty percent. and then if you go to some markets that 770 00:27:16,612 --> 00:27:19,105 are booming, like it didn't go down. 771 00:27:19,145 --> 00:27:20,066 It just stopped 772 00:27:19,703 --> 00:27:20,153 Yeah. 773 00:27:20,066 --> 00:27:21,248 going up so much. 774 00:27:21,635 --> 00:27:25,688 Yeah, I would say I don't necess it maybe some sub 775 00:27:25,688 --> 00:27:27,380 markets or some areas went down. 776 00:27:27,762 --> 00:27:29,074 I think generally though, 777 00:27:29,474 --> 00:27:32,657 everything was steady and might even maybe some of the hot 778 00:27:32,657 --> 00:27:35,760 markets might have climbed, but I think now we're certainly at 779 00:27:35,760 --> 00:27:38,102 the plea the peak. You know, I think the only way 780 00:27:38,102 --> 00:27:39,343 to go is down from here. 781 00:27:39,345 --> 00:27:39,814 So 782 00:27:40,527 --> 00:27:41,258 Oh no. 783 00:27:41,781 --> 00:27:42,423 Yeah. 784 00:27:43,165 --> 00:27:43,746 We'll see. 785 00:27:44,360 --> 00:27:44,961 Yeah. 786 00:27:46,062 --> 00:27:49,062 It's hard to know. And then tell me about investing. 787 00:27:49,062 --> 00:27:52,276 You're younger, maybe it's a little too soon or have you 788 00:27:52,276 --> 00:27:54,074 gotten your first one or 789 00:27:54,138 --> 00:27:55,138 Yeah, so 790 00:27:54,728 --> 00:27:55,388 what do you 791 00:27:55,318 --> 00:27:55,498 I 792 00:27:55,388 --> 00:27:55,918 envision 793 00:27:55,498 --> 00:27:55,798 have 794 00:27:55,918 --> 00:27:56,990 for that for yourself? 795 00:27:57,439 --> 00:28:00,476 Yeah, that's definitely on the mindset, the forefront. 796 00:28:00,476 --> 00:28:02,867 I have looked into a couple of things but have not 797 00:28:02,867 --> 00:28:03,667 pulled the trigger. 798 00:28:04,242 --> 00:28:07,513 fortunately I am on the docket for partnership at the end 799 00:28:07,513 --> 00:28:09,544 of the year here, which is a big milestone. 800 00:28:09,544 --> 00:28:09,804 Thank 801 00:28:09,591 --> 00:28:10,277 Yeah, 802 00:28:09,804 --> 00:28:10,584 you. Yes. 803 00:28:10,277 --> 00:28:11,205 congratulations. 804 00:28:11,684 --> 00:28:14,665 So, you know, that is a large investment in itself. 805 00:28:15,127 --> 00:28:18,988 so that is probably where my vision is right now or 806 00:28:18,988 --> 00:28:22,174 where kind of focused on, but Yeah, would love to start 807 00:28:22,174 --> 00:28:25,235 putting in to deals and, you know, building up a portfolio. 808 00:28:25,235 --> 00:28:27,607 I know it's you know, we've talked about it a lot 809 00:28:27,607 --> 00:28:31,414 in the Lee brand nationally and you know, that's certainly something 810 00:28:31,414 --> 00:28:31,694 that 811 00:28:32,095 --> 00:28:34,866 I wanna get involved in. So, you know, you gotta kinda 812 00:28:35,307 --> 00:28:37,128 map out where you wanna focus. 813 00:28:37,128 --> 00:28:40,290 Can't do everything at once, but it's certainly on the forefront. 814 00:28:41,478 --> 00:28:43,979 Love it. That'll be exciting to see what you get into. 815 00:28:44,075 --> 00:28:47,306 it's of course different for everybody at their stretch of time 816 00:28:47,306 --> 00:28:49,227 when it's their turn to do it and where you're at 817 00:28:49,227 --> 00:28:51,968 in the market and what's available and what looks interesting. 818 00:28:52,348 --> 00:28:55,249 For me it was a single families for a period of 819 00:28:55,249 --> 00:28:55,789 time 820 00:28:56,209 --> 00:28:59,695 and then triplex, like a small a multi unit apartment to 821 00:28:59,695 --> 00:29:02,211 live in was like oh man, that didn't sound like a 822 00:29:02,211 --> 00:29:05,292 great idea. Let's get married and move into a small apartment. 823 00:29:05,752 --> 00:29:06,092 But 824 00:29:05,906 --> 00:29:07,452 Trust me, honey, I know what I'm doing. 825 00:29:08,131 --> 00:29:10,932 Yeah, but then we cleaned it up, we rented it out, 826 00:29:10,932 --> 00:29:13,442 we ended up selling it on the upswing and then it 827 00:29:13,442 --> 00:29:15,663 turned into our first multi tenant property. 828 00:29:15,943 --> 00:29:18,274 And so it was pretty cool to just like a climb 829 00:29:18,274 --> 00:29:22,174 the ladder in the asset sense and then do my first 830 00:29:22,254 --> 00:29:26,465 1031 exchange and then actually have a pile of equity to 831 00:29:26,465 --> 00:29:27,775 roll into something. 832 00:29:28,235 --> 00:29:31,151 And a lot of that was by virtue of the cycle 833 00:29:31,828 --> 00:29:32,328 Mm-hmm. 834 00:29:32,011 --> 00:29:32,611 where 835 00:29:33,031 --> 00:29:35,492 who I bought that triplex from 836 00:29:36,120 --> 00:29:39,022 He sold it for what he had bought it for and 837 00:29:39,022 --> 00:29:40,964 he had an interest only loan. 838 00:29:41,184 --> 00:29:44,747 So presumably he was getting the cash flow, but he wasn't 839 00:29:44,747 --> 00:29:46,429 paying down principal. So to 840 00:29:46,421 --> 00:29:46,710 Yeah. 841 00:29:46,429 --> 00:29:50,102 then have me five years later own it for five years 842 00:29:50,102 --> 00:29:53,104 and then walk out of that with five hundred grand and 843 00:29:53,088 --> 00:29:53,352 Yeah. 844 00:29:53,104 --> 00:29:55,516 think of like, wow, that's the difference of being mindful of 845 00:29:55,516 --> 00:29:59,570 the cycle or like of timing working out in your favor. 846 00:29:59,730 --> 00:29:59,990 So 847 00:30:00,178 --> 00:30:00,599 For sure. 848 00:30:00,351 --> 00:30:00,701 same 849 00:30:00,599 --> 00:30:00,838 No, 850 00:30:00,701 --> 00:30:01,241 asset, 851 00:30:00,923 --> 00:30:01,455 that's also. 852 00:30:01,241 --> 00:30:04,244 same market, same dynamic, same neighborhood. 853 00:30:04,732 --> 00:30:06,530 Just all timing. Yeah, that's awesome. 854 00:30:07,178 --> 00:30:07,638 Yeah. 855 00:30:08,039 --> 00:30:09,640 So excited to see you do that. 856 00:30:10,476 --> 00:30:12,778 well cool. I think that's all I got for you, Willie. 857 00:30:12,778 --> 00:30:15,894 Yeah, and on a high note with you getting promoted and 858 00:30:15,990 --> 00:30:18,126 that's a big deal. That's a big deal 859 00:30:18,081 --> 00:30:18,377 thank 860 00:30:18,126 --> 00:30:18,636 for everyone 861 00:30:18,377 --> 00:30:18,560 you. 862 00:30:18,636 --> 00:30:21,359 when they make it to that part in the company 'cause 863 00:30:21,359 --> 00:30:21,779 now 864 00:30:22,300 --> 00:30:25,416 growing a team, partner in the firm, it's a great time 865 00:30:25,416 --> 00:30:27,788 to like take your leadership skills and take 'em to the 866 00:30:27,788 --> 00:30:29,089 next level and grow the business. 867 00:30:29,751 --> 00:30:32,684 Well thank you. Yes, looking forward to you know, it's the 868 00:30:32,684 --> 00:30:35,807 pressure's on now, right? You gotta continue to build the business 869 00:30:35,807 --> 00:30:37,875 and have a you know, my goal is to be better 870 00:30:37,922 --> 00:30:39,664 the next year than I was in the previous. 871 00:30:39,664 --> 00:30:40,064 So that's 872 00:30:40,623 --> 00:30:43,408 the mindset headed into twenty seven and it's you know, it's 873 00:30:43,408 --> 00:30:45,913 been a great twenty six and you know, just looking to 874 00:30:45,913 --> 00:30:47,521 continue to grow in the business. 875 00:30:48,451 --> 00:30:50,792 Yeah. Love it. Well I wish you well, Willie. 876 00:30:50,792 --> 00:30:51,876 Thanks for joining me today. 877 00:30:52,459 --> 00:30:53,738 Thanks, Justin. Great to see ya.