Preliminary Agenda Topics

The industrial real estate cycle is entering a new era defined by sticky inflation, higher interest rates, and capital market dislocation. For IOS—still maturing as an institutional asset class—investors are rethinking acquisition strategies, pricing models, and risk tolerances. Broader economic conditions are influencing IOS deal flow, underwriting assumptions, and portfolio positioning amid market uncertainty.

• How have interest rates affected cap rate expectations and target IRRs for IOS?

• What macro indicators are most relevant when evaluating future IOS demand?

• How are buyers and sellers bridging valuation gaps in the current market?

• What creative financing structures are gaining traction for IOS acquisitions?

• How is inflation affecting construction, site prep, and leasing strategies?

• Are banks and debt providers viewing IOS as a safer asset class or higher risk?

• What historical parallels can help forecast IOS performance through future cycles?

As North American companies bring production closer to home, reshoring and nearshoring are reshaping logistics footprints. This trend has triggered heightened demand for IOS assets strategically located near manufacturing zones, inland ports, and secondary distribution hubs. Investors and operators must evaluate how these geopolitical and macroeconomic shifts are creating new value corridors while redefining traditional industrial geographies. Understanding the downstream impacts on site selection, tenant demand, and infrastructure investment is critical.

• Which industries are driving the most IOS demand through reshoring and nearshoring?

• What markets are emerging as logistics winners from global supply chain realignment?

• How should IOS operators adapt site functionality for new manufacturing-oriented tenants?

• What are the infrastructure constraints limiting growth in these new demand corridors?

• How are public incentives (e.g., CHIPS Act, IRA) influencing IOS development?

• How can IOS investors track and anticipate geopolitical disruptions to supply chains?

• What role do trade agreements (e.g., USMCA) play in shaping IOS demand?

The evolving landscape of U.S. trade policy—including renewed tariffs on Chinese goods, steel, electric vehicles, and other strategic imports—is reshaping freight flows, port activity, and near-port industrial outdoor storage demand. As tariffs distort global sourcing decisions and create volatility in inventory cycles, ports and surrounding IOS assets are becoming critical shock absorbers in the logistics chain. Understanding how protectionist policies affect cargo volumes, dwell times, and real estate values is increasingly important for investors and operators with exposure to coastal and inland port markets.

• How are the latest U.S. tariffs affecting shipping volumes through major U.S. ports?

• What near-term and long-term effects do tariffs have on IOS leasing demand near ports?

• Are importers shifting to alternative ports (e.g., Gulf Coast) to mitigate geopolitical risk?

• How does tariff volatility influence tenant inventory strategies and outdoor storage needs?

• What are the implications of retaliatory tariffs for U.S.-based IOS assets?

• How are IOS operators adapting to cyclical swings in container throughput caused by trade policy?

• In what ways should IOS investors monitor trade policy developments to guide site selection and portfolio strategy?
  
  

As IOS matures into a recognized real estate subsector, regional differences in rent growth, land pricing, entitlement timelines, tenant mix, and capital liquidity are becoming more pronounced. Investors and operators must navigate a patchwork of fragmented markets—ranging from infill urban yards in Los Angeles to port-adjacent sites in Savannah to energy-adjacent IOS in Texas. Understanding how market fundamentals vary—and how capital should be deployed across geographies—is key to underwriting risk, scale, and growth. Comparative performance, emerging hotspots, and the strategic trade-offs between core, secondary, and frontier IOS markets are shaping investment decisions and portfolio strategies.

• Which U.S. markets are showing the strongest rent growth and land appreciation in IOS?

• How do zoning and entitlement barriers vary across key regions?

• What role does tenant mix play in IOS performance between coastal, inland, and rural markets?

• How are investors balancing infill urban IOS with higher-yield suburban and exurban plays?

• What secondary or “frontier” markets are emerging as the next IOS hotspots?

• How does access to capital and debt financing vary by region for IOS deals?

What metrics should be prioritized when comparing IOS market potential across regions?

Texas has rapidly emerged as a logistics superhub due to its central geography, robust highway and rail infrastructure, multiple inland ports, and growing maritime trade via the Gulf Coast. The state’s expanding population and industrial base—coupled with increased freight volumes from Mexico and port congestion on the coasts—are fueling demand for IOS across key metros like Houston, Dallas–Fort Worth, San Antonio, and Laredo. As nearshoring trends accelerate and infrastructure investments flow into the state, Texas IOS assets are gaining institutional interest. IOS growth in Texas is being driven by shifting capital flows and regional trade dynamics that are redefining value in the market.

• What freight and shipping trends are driving IOS demand in major Texas markets?

• How is growth in Gulf Coast port activity (Houston, Corpus Christi) impacting nearby IOS?

• What impact is cross-border trade with Mexico having on IOS development along the I-35 and I-10 corridors?

• How do land use, entitlement, and permitting dynamics differ between Texas metros?

• What role do rail hubs and inland ports (e.g., AllianceTexas) play in IOS site selection?

• How does Texas compare to other freight-heavy states in terms of IOS cap rates and yield potential?

• What risks and opportunities should investors consider as IOS capital floods into Texas?

• Texas passed Senate Bill 2038 allowing property owners to remove a property from a city’s ETJ. How does this affect IOS development?

• What are the implications of Senate Bill 819 on renewable energy development in Texas and its impact on IOS?

As industrial outdoor storage attracts institutional capital, navigating fluctuating cap rates, evolving debt structures, and equity flows is essential. Macroeconomic forces and unique IOS characteristics shape financing strategies, impacting investment returns and portfolio growth in a volatile capital markets environment.

• Will Class A IOS trade for lower cap rates than Class A Industrial in the future? If so, when?

• How do you estimate exit caps for high-quality assets in high barrier-to-entry markets?

• What stabilized yield do you target for IOS investments?

• How are rising NNN expenses (RE taxes and insurance) affecting your underwritten rent growth percentages?

• With the chatter of rate cuts, are you utilizing more variable rate loans today or fixed rate loans?

• How do you handle appraisals that value the acquisition below your purchase price and still achieve the desired proceeds?

• What strategies do you employ when lenders or appraisers lack IOS-specific knowledge?

Institutional investors are increasingly targeting IOS, driving up pricing and changing operational expectations. This influx of capital has redefined what constitutes a “core” or “value-add” asset, compressing cap rates and accelerating professionalization across the sector. Yet with limited historical data and a fragmented national footprint, IOS remains difficult to scale efficiently.

• What characteristics define a core IOS asset from an institutional perspective?

• How is institutional capital changing IOS lease structures and tenant covenants?

• What lessons can be drawn from other asset classes that institutionalized rapidly?

• Are institutional buyers overpaying for scale, or accurately pricing growth potential?

• How is capital responding to the operational complexity of managing IOS?

• What third-party platforms or technologies are enabling institutional-grade asset oversight?

• Is institutional interest sustainable, or could the IOS market overheat?

IOS often faces regulatory headwinds due to aesthetic concerns, perceived environmental impacts, and competition from more politically favored land uses. Increasingly, municipalities are limiting IOS through zoning restrictions, NIMBY pressures, and discretionary review. Investors and developers must become more sophisticated in navigating land use politics, advocating for the industrial utility of IOS, and structuring projects to reduce entitlement friction.

• What entitlement and permitting hurdles most commonly delay IOS developments?

• How are developers building political and community support for IOS projects?

• What are the most common misconceptions municipalities hold about IOS? Do municipalities consider that by not allowing certain uses, they may push businesses out, impacting the cost of goods?

• How can IOS be repositioned as critical infrastructure in economic development narratives?

• Are there jurisdictions proactively zoning for IOS amid logistics growth?

• How do environmental regulations (e.g., stormwater management) intersect with zoning battles?

• What legal or policy tools can be used to protect long-term IOS land use rights?

• How are IOS developers employing lobbyists to advance their interests?

• How are developers navigating the challenges posed by new warehouse laws pushing developments to far-flung areas?

While IOS is often viewed as a low-labor asset, proximity to qualified labor—drivers, mechanics, equipment operators—remains crucial. As workforce shortages continue across logistics and construction industries, asset performance increasingly depends on human access. Understanding labor trends and incorporating workforce data into site selection is becoming an advantage.

• What labor characteristics are most important for IOS tenants in different industries?

• How can workforce data inform IOS site selection and marketing strategies?

• Are tenants willing to pay a premium for labor-accessible IOS locations?

• How are local labor regulations or union dynamics influencing IOS operations?

• What amenities or design elements can improve worker satisfaction and retention?

• How do labor trends differ between metro, exurban, and rural IOS markets?

• Are municipalities more supportive of IOS projects that generate jobs?

Speculative development remains rare in the industrial outdoor storage sector, contrasting sharply with other industrial real estate asset classes. What are the underlying reasons behind the scarcity of spec IOS sites? Are capital markets too risk-averse? Do entitlement and zoning uncertainties stifle speculative activity? How do tenant demand visibility, underwriting constraints, and operational complexities factor into developers’ hesitancy? Understanding these barriers is critical to unlocking new supply, addressing the national shortage, and fostering sector growth. What structural or market shifts could encourage more speculative IOS projects—and how would that reshape the competitive landscape?

• What are the main risks that deter speculative IOS development compared to other industrial assets?

• How important is tenant pre-commitment in securing financing or joint venture partnerships?

• Are there zoning, environmental, or entitlement challenges uniquely impactful on spec IOS projects?

• How do capital providers view the risk-return profile of speculative IOS versus build-to-suit?

• Could new construction technologies or modular development approaches reduce spec risk?

• What market signals or tenant demand indicators would justify greater speculative development?

• How might increased speculative supply impact rental rates, leasing velocity, and tenant behavior?

Industrial outdoor storage assets are often viewed as low-touch, but long-term ownership reveals a more complex operational profile. From surfacing and drainage to fencing, lighting, and environmental controls, effective maintenance planning and budgeting are critical for asset performance, tenant satisfaction, and portfolio durability over time.

• Which recurring CapEx or maintenance items are most frequently underestimated during underwriting?

• What best practices are emerging in surfacing, drainage, fencing, or lighting that could be standardized portfolio-wide?

• How are major repair cycles budgeted and allocated, particularly across long-term tenant leases?

• Which types of deferred maintenance or environmental risk pose the greatest operational challenges?

• Are signs of functional obsolescence beginning to appear in older IOS assets, or does the risk remain minimal?

• In what ways have operating standards evolved as portfolios scale, and what lessons have emerged?

• How is OpEx tracked and reported across properties, and what impact does that data have on management decisions?

As IOS matures into a more institutionalized asset class, the leasing landscape is undergoing rapid change. Operators must balance rising rents, tenant selectivity, and the need for operational excellence. From pricing models and lease structuring to site quality and tenant experience, understanding user behavior is now essential to underwriting and execution. Tenant expectations are shifting in response to macroeconomic volatility, constrained supply, and elevated costs. Simultaneously, owners are refining property management strategies, navigating tenant sensitivities to total occupancy cost, and driving differentiation in an increasingly competitive market. Success in this next phase will hinge on deeply aligning operations, pricing, and positioning with the realities of today’s users.

• What pricing models are most commonly used for IOS—by acreage, container count, or another unit—and how are tenants responding to each?

• How has tenant leasing behavior shifted over the past 12–18 months in response to rising rents and limited supply?

• Are tenants prioritizing yard quality, location, or price—and how do those priorities vary across user types such as freight, logistics, and construction?

• What trends are emerging in tenant preferences for lease term length, renewal structures, or rate caps in today's environment?

• How do institutional ownership and professionalized management affect the tenant experience and retention?

• What can landlords do to activate leasing velocity at vacant sites—especially in a slower or more competitive demand environment?

• How are tenant demands around amenities (e.g., paving, lighting, fencing, site access) influencing CapEx decisions and property management approaches?

Talent and organizational structure are critical to scaling and managing industrial outdoor storage portfolios effectively. As the sector grows more complex, operators must refine staffing models, define local versus centralized roles, and build resilient teams capable of executing across diverse markets with varying entitlement, operational, and tenant challenges.

• How critical is local, boots-on-the-ground presence to market success in IOS operations?

• What is a realistic market coverage area for a single acquisitions professional?

• Which fee structures enable operating companies to remain financially stable during slower market periods?

• What are the most effective strategies for structuring and distributing asset management or platform-level fees?

• How is property management typically structured across multi-market IOS portfolios?

• What methods have proven most effective for attracting and retaining high-performing talent in IOS organizations?

• How do leading firms strike the right balance between centralized control and decentralized, market-level decision-making?

As IOS becomes more institutionalized, operators are under pressure to modernize management systems, integrate real-time data, and enable remote oversight of distributed assets. Technology is emerging as a key differentiator in portfolio efficiency, tenant service, and investor transparency. Digitization also raises new questions around costs, security, and standardization.

• What property technologies are being adopted in IOS operations today?

• How are managers tracking tenant usage, occupancy, and rent collection remotely?

• What role does surveillance and access control technology play in IOS security?

• How are investors and lenders using operational data to assess performance?

• Are there standard KPIs emerging for IOS that differ from warehouse metrics?

• What cybersecurity or compliance risks arise from digital site management?

• How do tech platforms enable scalability and central oversight across IOS portfolios?

The truck parking shortage is a well-documented national crisis—but solving it requires more than acquiring existing lots. There is a strategic and philosophical divide between investors focused on scaling via acquisitions versus those committed to bringing new capacity online, and while developing new truck parking facilities (especially on 15–20-acre sites) presents zoning, environmental, and NIMBY challenges, it is arguably essential to making real progress. What are the risks, rewards, and hurdles associated with each path? Is the sector prioritizing short-term IRR over long-term infrastructure needs?

• How do the economics of developing new truck parking sites compare to acquiring existing ones?

• What markets or jurisdictions are most supportive of new truck parking development today?

• How do entitlement, environmental, and zoning challenges differ for new truck lots compared to traditional IOS development?

• Are capital partners more receptive to acquisition-heavy strategies, or are they beginning to see value in long-term development plays?

• What’s the long-term risk to the industry if we don’t increase net-new truck parking capacity?

• Are there operational or design innovations (e.g., EV charging, automation, amenities) that make new lots more competitive or scalable?

• Should policymakers or DOTs be incentivizing development of new parking supply—and if so, how can private operators engage?

From the Suez Canal to the Panama drought and West Coast labor unrest, global shipping volatility is reshaping how goods move through North America. IOS plays a key role in buffering these shocks by providing flexible space for container storage, chassis yards, and surge capacity. As trade routes evolve, so do the logistics maps guiding IOS investment.

• How are recent global trade disruptions changing the geography of IOS demand?

• What impact have port delays and cargo surges had on IOS lease-up and rents?

• How are Gulf Coast and inland markets benefiting from port realignments?

• How can IOS properties serve as resilience infrastructure for global supply chains?

• What role do logistics firms play in shaping new IOS demand centers?

• Are public logistics infrastructure investments helping or hurting IOS competition?

• How do international macro risks influence underwriting assumptions for IOS near ports?

Tenant expectations in truck parking are shifting due to changing fleet strategies, emerging technologies, and operational pressures. Operators must adapt by upgrading infrastructure, offering flexible lease terms, and integrating new amenities. Understanding these evolving needs is essential to attracting and retaining tenants in a more competitive and tech-driven IOS landscape.

• Are operators seeing many transportation tenants transitioning their fleets to EVs? To what extent are they involved in that process?

• How has truck parking demand changed for for-hire versus private fleets? TL versus LTL?

• How has demand for intermodal/transloading facilities changed?

• How do drivers react to dynamic pricing? Don’t they want predictability for budgeting?

• How do operators consider the mix of daily versus monthly parking? Premium rates versus occupancy risk?

• Are drivers willing to pay for amenities, or are they agnostic?

• What type of amenities do drivers want, or what amenities would set a facility apart from others?

IOS has become a vital extension of the modern distribution center, enabling trailer storage, reverse logistics, and staging functions for 3PLs and e-commerce operators. As industrial tenants demand more operational flexibility, the line between outdoor and indoor industrial real estate continues to blur—impacting leasing, design, and investment models.

• How are tenants integrating IOS into their warehouse-centered logistics networks?

• What operational functions are being shifted outdoors, and what does that mean for site design?

• Are IOS leases being packaged with warehouse leases, and how does this impact pricing?

• What does tenant demand for flexibility mean for lease term and structure?

• How should investors underwrite IOS assets that serve specific logistics functions?

• Are there opportunities for redevelopment or densification of IOS assets over time?

How do 3PL operators value proximity and access in their IOS site decisions?

As institutional interest in industrial outdoor storage and truck parking grows, some operators and investors are looking beyond the U.S. for growth. This topic explores the emerging international IOS landscape—where demand is rising, which countries offer favorable conditions, and how regulatory, zoning, and operating frameworks differ. From Europe’s truck parking challenges to Latin America’s logistics hubs and Asia’s fragmented yard infrastructure, international expansion presents both opportunity and complexity. Investors must navigate unfamiliar entitlements, leasing conventions, and geopolitical risks. What strategies are already being executed abroad—and what should the IOS sector learn from global logistics trends before scaling internationally?

• Which international markets are most attractive for IOS and truck parking expansion, and why?

• How do entitlement, permitting, and environmental regulations abroad compare to the U.S.?

• What are the key risks in international IOS investment—legal, political, currency, or otherwise?

• Are capital partners receptive to global IOS strategies, or is the appetite still U.S.-centric?

• What are some early lessons from international deals that have already closed or are underway?

• How do tenant requirements, leasing structures, or rent metrics differ internationally?

• Is there an opportunity for public-private partnerships or infrastructure investment to support IOS development abroad?

With growing scrutiny over environmental impacts, IOS assets face regulatory exposure related to soil contamination, runoff, waste handling, and emissions. Meanwhile, ESG priorities from institutional investors and tenants are placing additional demands on IOS operators. Balancing compliance with ROI requires innovative approaches to design, remediation, and long-term stewardship of outdoor industrial properties.

• What environmental risks are most common in IOS due diligence?

• How can ESG strategies be implemented on IOS sites without excessive capital outlay?

• What role do third-party certifications or environmental audits play in IOS leasing?

• Are tenants demanding greener IOS solutions—and are they willing to pay for them?

• How should environmental risks be reflected in CapEx reserves and underwriting?

• What funding sources exist to support environmentally sensitive site improvements?

• How are insurance providers evaluating environmental risks in IOS portfolios?

Climate volatility is driving up insurance costs for IOS assets, particularly in regions prone to fire, flooding, or extreme weather. Owners must navigate evolving risk models, shifting underwriting standards, and tightening coverage to protect asset value, ensure lender compliance, and maintain operational resilience in increasingly exposed environments.

• What types of coverage are becoming harder to secure for IOS assets?

• How are climate risk maps and modeling affecting IOS site selection?

• What risk-mitigation strategies can materially reduce premiums or expand coverage options?

• Are insurance providers creating bespoke products for the IOS sector?

• How should insurance costs be reflected in leasing and valuation?

• Can IOS assets be made more climate-resilient through design and operations?

• What role do captives or pooled insurance vehicles play in portfolio strategy?

The transition to electric and alternative-fuel fleets is rapidly reshaping the infrastructure requirements for industrial outdoor storage. Forward-thinking IOS investors must now consider power access, grid capacity, utility partnerships, and long-term adaptability to tenant fleet electrification needs. These trends present both a threat and an opportunity for asset differentiation.

• What utility and infrastructure upgrades are required to support EV fleets on IOS sites?

• How should developers factor in future electrification needs during site acquisition?

• What are the cost implications and ROI considerations of EV charger installations?

• How are municipalities supporting (or obstructing) infrastructure development for green fleets?

• Are tenants willing to sign longer leases to secure EV-ready IOS sites?

• What partnerships with energy providers or mobility firms are emerging?

• How do electrification trends affect site selection in land-constrained urban markets?