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The Industrial Real Estate Podcast
The Twists & Turns in Developing Industrial Real Estate
Jun 28, 2023
Deepak Bhavi, an industrial real estate developer specializing in building multi-tenant office warehouse parks, discusses struggles, setbacks, and successes in developing industrial real estate. Topics include choosing suitable land, gathering market data, optimizing layouts, providing amenities, running successful marketing campaigns, and selecting the right location.
01:01:26
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Quick takeaways
- Deepak emphasizes the importance of carefully assessing the demand and supply dynamics before undertaking a flex space project and suggests building in phases to mitigate risk and ensure a profitable venture.
- Deepak shares a medium-term cautious outlook for the flex space market due to increasing competition and the potential for oversupply in some markets, but he remains confident about the current demand in the Dallas market where lease rates are still rising.
Deep dives
The Rockwall Flex Space Center: A New Development Project
Deepak is the founder and principal of Flex Space Business Parks, currently working on the Rockwall Flex Space Center in Rockwall, Texas. The project is being built on a six-acre light industrial land and will offer 85,000 square feet of space once completed. The development will be done in three phases, with phase one focusing on entitlements and permitting. Deepak's research and social media campaigns have shown strong demand in the area for multi-tenant flex spaces. The project aims to cater to the needs of various small service-based businesses, providing both office space and warehouse facilities. The focus is on creating a sense of community and offering shared amenities like outdoor storage and heavy machinery to enhance the tenant experience.
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