[Intro – Host: Team Jensen]
Host: teaching you the art of industrial real estate this is on air with Team Jensen all right hello listeners welcome to episode 11 of on air with Team Jensen this is our holiday episode we are excited to get you on here and just kind of talk about our year we’ve had and just talk about where things are headed in Kansas City.
Stuart: we appreciate all the support we’ve gotten… we have six followers now that’s like you know there’s a ton of people listening out there.
[Reflecting on the 2023 Industrial Market]
Host: it’s been a slower Year from a transaction standpoint… with just the way rates have been headed for the last 12 months plus now… there’s certainly a lot more opportunity out there for tenants and buyers but we don’t think there’s going to be a fire sale or anything like that coming up soon.
Dan: our industry is a long lead-time industry things we’re working on now are things that will come to fruition and be productive and profitable three to five years … a lot of 23 was completing things that were going on in 21 and 22… the pipeline for 24 isn’t as full as we’d like it to be.
[Relationship-Driven Real Estate]
Dan: we make Revenue through transactions but we’re really not transactional driven we’re really relationship driven we’re really more in it for the Long Haul.
Stuart: it is very typical for us to work with a client for 12 to 24 months to find what’s right for them… people are a little guarded and they think you want something out of them real quick.
Kurt: one of the things I’ve enjoyed most… I focus more on being able to work with like-minded people and clients that are more enjoyable and fun to work with… people like to work with people they like.
[Successes: The Cargo Largo Project]
Dan: the Cargo Largo project had plenty of challenges but having that pretty wrapped up now and they’re operating fully… we’ve created a close family relationship with them and it’s awesome just seeing how excited they are… we go all the way back to 2007 talking about his desires.
[Goals for 2024: AI and Discipline]
Dan: we hear an awful lot about AI… we’re trying to figure out the right way to try and harness and make use of AI… I really think that it is a game changer and a field leveler.
Kurt: one of mine is just to be try and be a little bit more regimented in my week to week… have a little bit more of a plan of action… get out once a day a week out amongst the industrial pockets.
Dan: every week sitting down… I still use a daytimer just to sit down I think it’s positive to write things out.
[Market Trends: Subleases and Vacancy]
Kurt: there is a lot more sublease opportunity on the market… if you’re someone that truly is trying to sublease your space today I think it’d be wise to be a more aggressive dealmaker and beat the influx.
Dan: subleases were generally a red flag that there was a bargain opportunity… market rates were going up so aggressively and so fast in the last 18 months… we’re about a 325 million square foot market and we still have gone from a three and a half to maybe a four and a half percent vacancy.
[Family and Holiday Fun]
Host: we are going to Las Vegas… Kurt turns 30 next year in January… we’re going to the Sphere.
Dan: we had a nice time over Thanksgiving… went out to Napa to visit my favorite son to work [Charlie]… turning 88 today is Grammy, and we took her up in a hot air balloon.
[Wrap-Up]
Dan: 23 has been a good year… I’m blessed to get to work with two of my sons… I look forward to working with you for many more years. Host: thanks to everyone here at kessinger Hunter for another great year and looking forward to another great year in 2024.
