WEBVTT
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Welcome to the inaugural episode
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of BOMA’s Building Excellence, a CRE podcast.
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This episode is brought to you by Yardi.
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I'm your host, Alan Stein.
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Today we're joined by BOMA
International Chair and Chief Elected Officer,
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Luci Smith, RPA, FMA and BOMA Fellow.
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Luci is the Director, Property Management
for Link Logistics and a longtime member
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of BOMA Orlando, and someone I'm honored
to call a friend for over 20 years.
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Luci, it's great to have you here today.
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Thank you so much, Alan.
I really appreciate it.
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I've been really looking forward
to our discussion today.
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You know, as you know, BOMA’s members
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are managing and owning everything
from industrial, office,
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medical, retail, mixed use,
all of that good stuff, you name it.
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And I come from an industrial background.
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So while we'll talk about
my industrial world, I'll also try to tie
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it back into those other asset
classes as well.
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Awesome.
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And I'm going to touch a little-
talk a little bit today
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also about your time in
your leadership position as well.
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So looking forward to it.
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Well, before we dive in.
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Let's get into the big picture
conversation.
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Let's loosen things up a little bit
and get to know you beyond the title.
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Okay.
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So we'll kick things off
with quick game of rapid fire.
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Are you ready? I'm ready. Let's do it.
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Okay. Morning person or night owl?
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That's the easy one.
Morning person for sure.
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Much better in the morning.
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Favorite weekend activity?
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I like to do anything.
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RV-ing related
I like to camp all over the place.
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We’re in a bunch of different camping groups
and anything with the grandkids.
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Great. First job ever?
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My first real job was the US Army.
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I was a soldier in the US Army.
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I was a Communications Specialist
and that was a at a really critical
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time in my life,
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really taught me a lot
about accountability
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and showing up for my teams,
treating people well.
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So habits
that I've carried on throughout my career.
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There's something that I actually
never knew about you 20 years being friends.
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Thank you for your service.
You're very welcome.
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I got to hold some stuff back, Alan.
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Right.
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One word
your team would use to describe you.
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Steady.
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So I like.
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They might call it boring,
but I call it steady.
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I like to be really consistent
and clear and calm, especially in times
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where there's a lot of chaos going on.
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I like to be the the voice of calm
and reason.
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Great. Favorite food?
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Wine. Can it be wine?
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It can. Okay. Wine it is.
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All right.
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And the last I have to ask this question,
based in Orlando and home of that.
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That big eared mouse.
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Favorite Disney character?
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Well, I really only go to Disney
when I'm going with others.
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I don't go purposely, purposefully.
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So I'm kind of the same way with sports.
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I'm a bandwagoner.
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Whatever they're going to see
or whoever they're going to root for.
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I'm going along with them.
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So don't really have a favorite,
but whatever, whatever you like, I like.
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I actually love that strategy.
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Personally, I'm a Winnie the Pooh fan,
but I kind of like that strategy of,
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you know,
adjusting to the people that you're with
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and what their likes are all right.
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Now that we've got a quick snapshot
of who you are outside
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the office, let's zoom out and talk
a little bit about your career journey
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and specifically the industrial asset
class at large.
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You've had such a dynamic career.
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Can you walk us through your experience
and what ultimately led you to
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where you are today?
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So the majority of my career
has definitely been specializing in
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industrial, but I have managed pretty much
all asset classes at one point,
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maybe not for long periods,
but at some point I have.
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But it has always been grounded
in operations.
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I've always been on the
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on the management side,
assisting asset management sometimes,
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but always making sure that our buildings
are operating the way that they should.
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Our customers are being treated
as top tier customers in the buildings,
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and that my teammates and experiences
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as teammates with me is,
you know, exemplary.
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And they
they're engaged and they want to continue
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exceeding expectations with our customers
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as well as with the company
that we're working for.
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I've learned throughout my career
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that there are lots of ups
and downs in our business,
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and so a lot of adjustments
that need to be made along the way.
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So being really clear
and being really consistent with our teams
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and with our customers and within
the company is absolutely imperative.
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And that's the great thing about BOMA.
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You know, no matter what we're doing,
if it's the apocalypse,
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If it's the pandemic or whatever
it is, BOMA always gives us the tools
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to help operate
in whatever season we happen to be in.
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Yeah.
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I always find it interesting
how these different experiences help shape
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the perspective, especially in in a space
that's evolving as quickly as this one.
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You know, you mentioned it,
which could possibly be it,
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or it might be something else,
but any memory
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or specific time or instance
that most stands out during your career.
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So one that stands out a lot for me,
maybe not for maybe
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millennials and Gen Zs has got to be Y2K,
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the year that we ended up
having to stay overnight in our buildings.
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At that time, I was my office was in
one of our office buildings that we owned.
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Had to stay there
until 1:00, 1:30 in the morning
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just to make sure that the world
did not come to an end.
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I don't know
what I was supposed to do about it
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while I was sitting there in my office,
but I did stay.
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The world
did not come to an end, obviously,
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but it was just one of those things
you don't
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you don't know what you don't know.
And you know,
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What if those double zeros
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did bring everything to a halt?
I would have been there.
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Yeah.
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I remember that.
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Well, I remember working
that evening as well and just looking,
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wondering what the computer
was going to do when we crossed over 1999.
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That's right, that's right.
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How would you describe the current state
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of industrial and logistics market
as we sit here in 2026?
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So for industrial, we're really
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very fundamentally strong as we-
as we have been for a long time.
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But we're a lot more disciplined,
not just as owners
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and managers, but also as our customers
in the buildings.
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The demand drivers are still there.
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Our customers are still in need of the
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high functioning buildings, easy
to access, easy to operate in,
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and easy to leave from
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so that their business operates
smoothly.
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But this kind of
we’re kind of slowing down a little bit.
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We're not making rapid decisions.
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We're kind of waiting to see
what's going on in the political climate
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with related to tariffs and policy changes
and things like that.
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Not saying no, but just saying, you know,
let's take a pause
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or let's make a smaller decision
or commitment.
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So rather than five,
seven, ten year leases,
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they might be a little bit
shorter term leasing decisions.
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Okay.
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One thing I
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I'm curious about is, you know, when we
we often talk about tenant experience
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in a traditional commercial real estate
building and how important that is.
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How is that customer experience
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showing up differently
in the industrial sector today?
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For industrial, our wow factor is that
the building functions. You can access it, it
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functions well, it serves them well,
it protects them well
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and allows them to continue their
their operations smoothly.
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You know, compare it to office
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where the amenities might be,
something like restaurants and amenities
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within the building or community
events, things like that.
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Ours is more consistent operations,
really good flow
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in and out of the building,
but you know, different expectations
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from the customers, but still the same
where we all want reliability and,
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you know, transparency, responsiveness.
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Everybody wants good response to service
calls and, you know,
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customer related issues.
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Yeah.
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It's interesting to hear
how that, you know, evolution is really,
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you know, redefining the space.
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And it's not just about the space anymore.
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It's about the service,
the efficiency. and the relationships.
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That’s right/
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So with that in mind,
how can industrial property
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managers better leverage
contracting and partnerships
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to stay competitive right now?
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Partner, vendor partnerships are critical
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for any asset class,
any property management team.
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But the best teams are out there
building vendor ecosystems.
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We're not doing Rolodexes.
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We're not just doing “Call Us.”.
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We're not, you know,
not the printout that sits in your
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in your binder
and you call them at 2 A.M..
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It's an entire ecosystem.
We help them. They help us.
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We know that we can rely on them
as a resource. Industrial specifically,
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it might be that we get a faster response
because we do have that relationship
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with our vendor partners.
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And at 3:00 in the morning
when we have a fire alarm,
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we know that we can consistently count
on that vendor partner to come out
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and help us respond to it,
or our emergency response vendor
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to come out
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and help us get a tenant space back up
and running before they open for business
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the following morning.
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In medical, you know, it's
a reliability and compliance.
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Office, it might be a, you know, service
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delivery and amenities, things like that.
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And you know but across all of it
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the competitive advantage is for sure
operational trust.
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It's all about operations.
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Yeah.
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And you know, when you think about it
in these partnerships,
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I've often said, you know, in the
in the commercial real estate space,
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the property/facility manager is so busy
wearing so many different hats
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that they have to rely on these experts,
these vendor strategic partnerships,
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to be the expert for them and bringing,
you know, new, evolving
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latest
and greatest information to the table.
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So what's really cool
about those stronger-
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I'm sorry to interrupt,
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but what's really cool about building
those really strong relationships too
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is that even though, you know, if
if I need something,
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but I don't know who might also
who might have the information,
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but I know Alan might know somebody.
So I can rely on that, that contact
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or that vendor partnership to point me in
the right direction. It might be something
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completely different than what,
you know, the person's business is.
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But I know that they interact
with that service
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somehow and might have
an additional contact.
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So again, it's an ecosystem.
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Yeah.
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And it really shows how the partnerships
continue to trend more towards
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less transactional, more strategic,
which really ties into some of the bigger
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forces really shaping the industry today.
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Absolutely.
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And it's across
all asset classes for sure.
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Asset types.
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Okay.
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Now let's talk about a topic
that's really top of mind for everyone
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right now, AI.
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AI and data centers
are driving massive demand right now.
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And how is that impacting
industrial real estate specifically
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when it comes to infrastructure
and the electrical grid?
00:11:36.862 --> 00:11:41.200
So, picture when you got your first home
or your first apartment
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and you walked in the door
and you just expected
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you flipped on the light switch
and the lights were you're going to move
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in all of your equipment
and all of your furniture.
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Everything's in there and you plug it
in. You expect everything to work.
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You've got the service that you need
in order to exist in the space.
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So it was just an assumed thing.
00:11:55.681 --> 00:11:58.951
So kind of like a background assumption,
if you will.
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And now it's way more front page
assumption.
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So it's discussions at the very beginning
with prospective customers what power is
00:12:08.194 --> 00:12:09.195
provided to the building.
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What is the backup plan
if that power happens to to go out?
00:12:13.265 --> 00:12:15.835
Do we have any redundancy
and supply to the building?
00:12:15.835 --> 00:12:19.839
What's the capacity for the building
if I want to grow my business?
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And if I want to expand in the building,
what are the
00:12:24.076 --> 00:12:25.111
what are the capabilities
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that you, building owner,
can provide to us? Or at least help us
00:12:30.015 --> 00:12:34.420
obtain from the local utilities
and have installed in the building.
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There's also a less obvious, but
00:12:37.523 --> 00:12:43.429
a very present demand driver
in that the companies that are building
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the data centers, some of the equipment
that they are needing for those,
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those facilities have a 100
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to 150 week
lead time, not days, but week lead time.
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So these companies
are buying things in bulk.
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So the overspill of that
comes to industrial,
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because they need a place to store
all of that bulk purchase.
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And then they come to our facilities
and draw from it to go
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and build their data facility.
00:13:08.120 --> 00:13:11.624
So it's not something
that's obvious at first,
00:13:11.624 --> 00:13:13.559
but when you think about it,
it has to happen.
00:13:13.559 --> 00:13:17.096
Otherwise, these data centers will take
years and years to get them built.
00:13:17.096 --> 00:13:21.133
And clearly we need
the data centers.
00:13:21.133 --> 00:13:24.136
And then we also need
the additional utility services
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out there to be able
to support the new data centers.
00:13:28.841 --> 00:13:29.441
Talk about
00:13:29.441 --> 00:13:34.747
an area that's going to be just constantly
evolving and changing, you know,
00:13:34.814 --> 00:13:38.317
and you know, something that everybody is
top of mind for everyone.
00:13:38.317 --> 00:13:41.821
And, you know, it's going to be so important,
00:13:41.821 --> 00:13:45.991
especially to watch how it plays out
in the commercial real estate space.
00:13:46.025 --> 00:13:50.563
Yeah, we're really excited
that BOMA international is focusing on
00:13:50.563 --> 00:13:56.268
permitting reform with our legislators
and really giving a good, strong voice
00:13:56.268 --> 00:14:01.373
from our point of view on Capitol Hill
and helping make things smoother
00:14:01.373 --> 00:14:06.412
and a little bit more expedient when you
are submitting for permits like that.
00:14:06.478 --> 00:14:10.282
It's a gigantic project
that affects a lot.
00:14:10.316 --> 00:14:13.252
It's not just building
a building in a local city.
00:14:13.252 --> 00:14:19.258
So helping the permitting reform across
the board can only help this as well.
00:14:20.659 --> 00:14:24.430
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00:14:24.430 --> 00:14:29.869
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00:14:34.440 --> 00:14:38.744
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Connect with us online or in-person
at the upcoming BOMA International Expo
00:14:47.987 --> 00:14:49.622
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00:14:49.622 --> 00:14:54.293
And let us show you what this looks like
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00:14:55.094 --> 00:14:57.663
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00:15:12.544 --> 00:15:16.548
We look forward to seeing you this June
in Long Beach, California.
00:15:18.951 --> 00:15:21.186
Speaking of BOMA International,
00:15:21.186 --> 00:15:21.720
let's now
00:15:21.720 --> 00:15:26.058
talk about that, that small volunteer
responsibility that you're coming to
00:15:26.191 --> 00:15:30.863
to the end of, as BOMA International Chair
and Chief Elected Officer.
00:15:31.263 --> 00:15:34.633
First, let me segue
by telling my favorite Luci
00:15:34.633 --> 00:15:38.537
learning moment for 2025-26.
00:15:38.871 --> 00:15:41.073
And it's taking care
of your flight attendants.
00:15:41.073 --> 00:15:44.810
So you know, I don't remember
exactly when I want to feel like
00:15:44.810 --> 00:15:46.512
it was in fall of last year.
00:15:46.512 --> 00:15:50.082
You know, your travel was really ramping
up, visiting all the locals.
00:15:50.082 --> 00:15:52.584
And any idea how many locals you visited?
00:15:52.584 --> 00:15:54.820
You know,
I haven't kept track of all of them.
00:15:54.820 --> 00:15:58.691
It's more than two hands.
Haven't kept track of all of them,
00:15:58.691 --> 00:16:01.694
but every single one has been an absolute
blast.
00:16:02.161 --> 00:16:03.095
Yeah. That's awesome.
00:16:03.095 --> 00:16:06.899
But anyway, so
so the post you made was talked
00:16:06.899 --> 00:16:10.336
about always taking care
of your flight attendants, and I loved it.
00:16:10.336 --> 00:16:13.706
I said,
oh my God, that that can go so far.
00:16:13.872 --> 00:16:15.774
And they do so much.
00:16:15.774 --> 00:16:18.777
And you know, I often
think about just how crazy these jobs are
00:16:18.777 --> 00:16:19.611
that they're that they are
00:16:19.611 --> 00:16:22.614
they're flying back and forth
from city to city on these planes.
00:16:22.681 --> 00:16:22.982
You know,
00:16:22.982 --> 00:16:25.651
it's hard enough
for us to fly from city to city,
00:16:25.651 --> 00:16:27.252
let alone they do this for living.
00:16:27.252 --> 00:16:30.255
And so, you know,
00:16:30.255 --> 00:16:33.258
as I started
getting the knocks on the door
00:16:33.258 --> 00:16:37.796
from the local Girl Scouts, I said,
this is a great opportunity.
00:16:37.830 --> 00:16:39.898
So every Girl Scout that came to the door.
00:16:39.898 --> 00:16:43.635
I bought ten boxes and I
now I'm probably down to about 30 boxes
00:16:43.635 --> 00:16:46.672
now, but at one point
I had 50 boxes sitting in my kitchen
00:16:46.672 --> 00:16:49.842
and when I go to the-
on the flight.
00:16:49.842 --> 00:16:50.909
I'm leaving again tomorrow.
00:16:50.909 --> 00:16:54.613
I'm taking three boxes with me
and going to be, you know,
00:16:54.680 --> 00:16:57.816
I usually give them a choice and
they always end up with all three anyway.
00:16:57.816 --> 00:17:01.653
But talk just,
you know, the smile on their face,
00:17:01.653 --> 00:17:04.023
just the feeling of appreciation.
00:17:04.023 --> 00:17:05.457
So thank you for that.
00:17:05.457 --> 00:17:07.459
That learning moment this year.
00:17:07.459 --> 00:17:09.094
Absolutely. And thanks for thinking ahead
00:17:09.094 --> 00:17:11.263
and doing it. Mine is usually much more
00:17:12.264 --> 00:17:15.300
spur of the
moment purchases and providing to them,
00:17:15.300 --> 00:17:18.170
but I'm sure that they appreciate
you thought of them ahead of time.
00:17:18.170 --> 00:17:20.873
That's great. Yeah.
00:17:20.873 --> 00:17:23.175
So you mentioned traveling
to more than more
00:17:23.175 --> 00:17:27.546
than two handfuls of locals,
and you've met with, I'm sure,
00:17:27.546 --> 00:17:32.351
dozens, hundreds,
maybe even of members in doing that.
00:17:32.384 --> 00:17:35.421
What would you say
is the one like thing
00:17:35.421 --> 00:17:38.424
that's constantly
top of mind for the membership right now?
00:17:38.490 --> 00:17:43.462
You know, every single local,
and it's not even just with BOMA,
00:17:43.462 --> 00:17:44.663
it’s with the Real Estate Roundtable,
00:17:44.663 --> 00:17:48.133
it’s all of the other
association meetings that we go to,
00:17:48.434 --> 00:17:49.735
probably in the top two:
00:17:49.735 --> 00:17:54.339
It's either AI or its workforce
development. Workforce capacity
00:17:54.339 --> 00:17:57.709
and capability,
finding the talent, keeping the talent,
00:17:57.709 --> 00:18:01.880
and transferring knowledge from people
who have held those roles for so long.
00:18:01.914 --> 00:18:05.918
Transferring the knowledge down
to the newer ones that are have joined
00:18:05.918 --> 00:18:10.355
the association or the company
or what have you, and transferring
00:18:10.355 --> 00:18:11.690
that knowledge down.
00:18:11.690 --> 00:18:14.359
We're dealing with recruitment
challenges.
00:18:14.359 --> 00:18:19.131
We're dealing with,
still dealing with back to office,
00:18:19.531 --> 00:18:20.532
working back in the office.
00:18:20.532 --> 00:18:24.470
And, you know, some people
preferring the hybrid or remote work only.
00:18:24.503 --> 00:18:28.974
Succession planning and upskilling.
00:18:29.141 --> 00:18:32.978
People who come into the industry
from completely outside the industry,
00:18:32.978 --> 00:18:35.347
they never planned
to be in property management.
00:18:35.347 --> 00:18:37.616
And so this is something completely new.
00:18:37.616 --> 00:18:39.885
All of the words are new,
all of the work is new.
00:18:39.885 --> 00:18:43.055
So but what I really like
00:18:43.122 --> 00:18:47.392
is that each and every place
that I've talked with and,
00:18:47.392 --> 00:18:50.629
and we've tried to work through this
with,
00:18:50.629 --> 00:18:54.700
they all had the same idea in mind
00:18:55.000 --> 00:18:57.803
and have a word, have very specific
requests.
00:18:57.803 --> 00:19:01.974
Rather, you know, they're
looking for ways to improve mentorship.
00:19:01.974 --> 00:19:05.410
They're looking for clearer career
pathways
00:19:05.511 --> 00:19:08.714
on the engineering side,
as well as the property management side,
00:19:08.714 --> 00:19:13.452
and ways to make the industry
more visible to younger professionals.
00:19:13.452 --> 00:19:14.987
So, you know, how much earlier do
00:19:14.987 --> 00:19:18.657
we need to get out there in front of them
to make them aware of this career path?
00:19:18.824 --> 00:19:20.959
So and this is for
00:19:22.227 --> 00:19:25.497
industrial, office, medical, all of the asset types.
00:19:25.497 --> 00:19:31.236
And again at property management
and engineering, both of those career
00:19:31.270 --> 00:19:35.174
paths are struggling
to get people to come in.
00:19:35.274 --> 00:19:40.579
A lot of Baby Boomers are retiring
and not as many Gen Xs
00:19:40.612 --> 00:19:44.683
Oh sorry, Gen Zs
or you know, soon to be coming into the
00:19:44.683 --> 00:19:51.056
the market workforce is Generation Alpha
and just not as many as are leaving so.
00:19:52.057 --> 00:19:57.429
Any words of wisdom you know
from your perspective on how organizations
00:19:57.429 --> 00:20:01.400
can better bridge that divide
and create stronger, more connected teams?
00:20:01.433 --> 00:20:03.101
It's one of my favorite things
to talk about when I
00:20:03.101 --> 00:20:06.104
when I go to the locals, the
00:20:06.138 --> 00:20:11.109
the generational divide or gap or whatever
you want to call it, revolution.
00:20:11.109 --> 00:20:13.111
There we go, Generational revolution.
00:20:13.111 --> 00:20:17.816
The again, bringing the information
from someone who's been in a position
00:20:17.816 --> 00:20:22.120
for a really long time
and bringing it down to the newer, newer
00:20:22.120 --> 00:20:26.091
or even entry level team members
that are in there is absolutely critical,
00:20:26.091 --> 00:20:28.193
whether you do it digitally
00:20:28.193 --> 00:20:30.596
or if you do it,
00:20:30.596 --> 00:20:33.632
peer-to-peer mentorship or job shadowing,
00:20:33.865 --> 00:20:36.668
Whatever you want to call it,
however you need to get it done.
00:20:36.668 --> 00:20:37.970
It has to happen.
00:20:37.970 --> 00:20:43.108
There's no other way for this
new group coming in to be successful
00:20:43.108 --> 00:20:44.376
if they don't have the data
00:20:44.376 --> 00:20:47.379
and the information
that they need to make them successful.
00:20:48.380 --> 00:20:51.083
When companies
00:20:51.083 --> 00:20:54.453
focus on making sure that that data
00:20:55.621 --> 00:20:59.591
transfer does happen and does it
consistently, it's not just onboarding
00:20:59.625 --> 00:21:01.593
the first two weeks
that you come into your job
00:21:01.593 --> 00:21:05.530
or into your company, but it's
consistently throughout your career.
00:21:05.530 --> 00:21:07.633
They're going to be wildly successful
00:21:07.633 --> 00:21:11.937
and have a much better culture
within their company and much more
00:21:12.204 --> 00:21:16.041
loyalty from the team members
that they hire.
00:21:16.942 --> 00:21:19.544
And that knowledge, knowledge transfer
as I like to call it.
00:21:19.544 --> 00:21:22.681
is so critical.
So critical in that transition.
00:21:22.814 --> 00:21:25.917
You know, it is funny because everybody,
everybody, every company
00:21:25.917 --> 00:21:29.254
has that person that, you know,
you can go to and say, “You know what?
00:21:29.321 --> 00:21:34.059
I remember a few years ago we did this
and but I can't find it on my computer.
00:21:34.059 --> 00:21:35.661
Anybody have any idea where it is?”
00:21:35.661 --> 00:21:37.596
And that guy or that girl
00:21:37.596 --> 00:21:40.599
turn around and grab that three ring
binder off the bookcase behind them?
00:21:40.632 --> 00:21:43.235
Says, “Yep. Here it is. Right here.
It's on page 72, in the book.”
00:21:43.235 --> 00:21:46.438
But had that person not been there,
it would have been a little bit
00:21:46.438 --> 00:21:48.907
more difficult to find
or it would have to be recreated.
00:21:48.907 --> 00:21:51.043
So yeah.
00:21:51.043 --> 00:21:53.312
Very true, very true.
00:21:53.312 --> 00:21:56.882
So looking back,
let's reflect back on your time
00:21:56.882 --> 00:22:00.852
as it's coming to an end in the next,
next month or so.
00:22:00.919 --> 00:22:05.157
as Chair and CEO of BOMA international,
what are you most proud of?
00:22:05.190 --> 00:22:07.592
So you got a cue
the Party's Over song now, right?
00:22:07.592 --> 00:22:09.561
That's going to
be playing in the background.
00:22:10.996 --> 00:22:12.664
I'm really super proud of how
00:22:12.664 --> 00:22:15.801
we have gone out to all of our locals,
and we've really listened.
00:22:15.834 --> 00:22:21.139
We've given our locals
a voice from members, from the BAEs,
00:22:21.139 --> 00:22:25.911
from our vendor partners,
service partners, all that good stuff.
00:22:25.911 --> 00:22:29.881
Even the places where we hold our events,
getting a little bit more feedback
00:22:29.881 --> 00:22:33.051
from them on what's
going on at conferences and trade shows
00:22:33.051 --> 00:22:36.254
and what are the growing themes
that they’re seeing out there.
00:22:36.321 --> 00:22:40.692
Super helpful for all of us
at BOMA International and as members.
00:22:41.993 --> 00:22:43.228
And that's everywhere.
00:22:43.228 --> 00:22:49.067
It's a industrial, office, and medical,
but where we're-
00:22:49.701 --> 00:22:52.938
where everything has been
a little bit wonky.
00:22:52.938 --> 00:22:58.143
You know, the wave, the up and down
wave. The stability, I think is what
00:22:58.276 --> 00:23:02.381
BOMA International is really offering back
to our memberships across the board.
00:23:02.381 --> 00:23:03.882
We all have the same North Star.
00:23:03.882 --> 00:23:05.951
We all know the things
that we want to accomplish.
00:23:05.951 --> 00:23:09.154
We're all part of the strategic plan
and every local is doing it
00:23:09.154 --> 00:23:10.322
just a little bit different.
00:23:10.322 --> 00:23:11.556
But they're all getting to
00:23:11.556 --> 00:23:15.694
the same North Star and it's really,
really interesting and exciting to me
00:23:15.761 --> 00:23:21.133
to see how people are creative and
how they all get to get to that same spot.
00:23:22.234 --> 00:23:23.301
Yeah.
00:23:23.301 --> 00:23:23.935
That's great.
00:23:23.935 --> 00:23:24.336
That's great.
00:23:24.336 --> 00:23:27.172
You’ve really done
so much in such a short period of time,
00:23:27.172 --> 00:23:29.708
which is which is just so awesome,
so awesome.
00:23:29.708 --> 00:23:34.746
And helping to just continue
to evolve an organization
00:23:34.780 --> 00:23:37.783
that you and I
are both very passionate about.
00:23:37.783 --> 00:23:39.985
Yeah. Yeah. Highly recommend it.
00:23:39.985 --> 00:23:40.752
Yeah.
00:23:40.752 --> 00:23:44.923
So as you prepare for this transition,
what would be the one piece of advice
00:23:44.923 --> 00:23:47.959
that you would give to your incoming CEO,
Kjersten Jaeb?
00:23:48.260 --> 00:23:49.995
You know,
Kjersten’s going to do a great job.
00:23:49.995 --> 00:23:54.433
I'm really excited about seeing her
stepping in at the end of June.
00:23:54.433 --> 00:23:58.670
My advice would be to continue
to keep the members voice
00:23:58.670 --> 00:23:59.905
at the center of everything.
00:23:59.905 --> 00:24:03.975
Everything we do is to promote and advance
00:24:03.975 --> 00:24:07.078
our community, our profession.
00:24:07.078 --> 00:24:10.916
And we've got to listen to what it is
that the members are asking for
00:24:10.916 --> 00:24:11.616
and what the members
00:24:11.616 --> 00:24:15.387
are needing out in their communities
and helping provide that to them.
00:24:15.387 --> 00:24:19.391
Whether it's Deep Dives or white papers
or in-person visits,
00:24:19.424 --> 00:24:22.861
strategic planning, board processes,
whatever it is
00:24:22.861 --> 00:24:27.332
that they need to make their locals
and their members successful.
00:24:29.634 --> 00:24:30.135
That's great.
00:24:30.135 --> 00:24:31.636
She's going to do a great job as well.
00:24:31.636 --> 00:24:32.571
She is.
00:24:32.571 --> 00:24:34.906
It's going to be a lot of fun
watching her.
00:24:34.906 --> 00:24:35.674
All right.
00:24:35.674 --> 00:24:39.711
So to wrap things up,
if there's one thing you want listeners,
00:24:39.744 --> 00:24:43.715
to take away from this moment
in the industry, what would it be?
00:24:46.051 --> 00:24:49.421
This moment that we're in right
now is a moment of reinvention.
00:24:49.421 --> 00:24:55.560
This is a really great opportunity
for all of us to optimize what we do
00:24:55.594 --> 00:24:59.631
as a profession
and in our different asset types.
00:24:59.798 --> 00:25:02.334
It's a very positive thing.
00:25:02.334 --> 00:25:07.138
And again, it's an opportunity.
You know, industrial’s optimizing
00:25:07.138 --> 00:25:11.309
for reliability and scale
for all different types of users.
00:25:11.376 --> 00:25:15.080
Office is redefining value
and the customer experience.
00:25:15.580 --> 00:25:18.550
Retail is really sharpening
their revelance.
00:25:18.750 --> 00:25:20.652
I’d said “revelance.”
00:25:20.652 --> 00:25:21.453
It’s relevance.
00:25:22.654 --> 00:25:26.057
Sorry, I don't know why that word
is a tongue twister for me. It is.
00:25:26.291 --> 00:25:29.661
And medical is raising the bar
on resilience and trust.
00:25:29.661 --> 00:25:30.629
And you know,
00:25:30.629 --> 00:25:34.432
the common denominator is owners
and managers who run their buildings
00:25:34.432 --> 00:25:35.600
really, really well:
00:25:35.600 --> 00:25:38.970
They invest wisely
and they care for the people.
00:25:39.070 --> 00:25:42.741
Those are the ones
that are going to succeed and
00:25:42.741 --> 00:25:45.744
will lead going forward.
00:25:46.578 --> 00:25:48.480
That's wonderful. That's great.
00:25:48.480 --> 00:25:52.951
Luci thank you so much for your sharing,
your insights, your experience.
00:25:52.984 --> 00:25:55.520
You know, I’ve really
enjoyed our time together today.
00:25:55.520 --> 00:25:58.790
Really I've enjoyed every time
we've gotten together to break bread
00:25:58.790 --> 00:26:01.793
many times over the last 20 years or so.
00:26:01.893 --> 00:26:05.230
Well, I can't wait to see you in June
in Long Beach.
00:26:05.330 --> 00:26:07.032
Really looking forward to that.
00:26:07.032 --> 00:26:12.170
And then we'll be able to say bye to Luci
and hello to Kjersten.
00:26:13.004 --> 00:26:14.739
I'll still be around, I promise!
00:26:15.273 --> 00:26:17.475
Yeah, I have no doubt.
00:26:18.476 --> 00:26:21.379
A big thank you to our sponsor today, Yardi.
00:26:21.813 --> 00:26:27.319
And thank you to everyone for listening
to BOMA’s Building Excellence, a CRE podcast series.
00:26:28.119 --> 00:26:29.754
Where the conversation doesn't stop
00:26:29.754 --> 00:26:31.523
and the industry keeps moving forward.
00:26:32.023 --> 00:26:33.058
Until next time,
00:26:33.291 --> 00:26:35.727
this is Alan Stein, signing off.
00:00:09.943 --> 00:00:11.811
Welcome to the inaugural episode
00:00:11.811 --> 00:00:15.382
of BOMA’s Building Excellence, a CRE podcast.
00:00:15.682 --> 00:00:18.651
This episode is brought to you by Yardi.
00:00:18.785 --> 00:00:21.054
I'm your host, Alan Stein.
00:00:21.054 --> 00:00:25.992
Today we're joined by BOMA
International Chair and Chief Elected Officer,
00:00:25.992 --> 00:00:30.296
Luci Smith, RPA, FMA and BOMA Fellow.
00:00:30.630 --> 00:00:36.036
Luci is the Director, Property Management
for Link Logistics and a longtime member
00:00:36.036 --> 00:00:41.041
of BOMA Orlando, and someone I'm honored
to call a friend for over 20 years.
00:00:41.174 --> 00:00:43.309
Luci, it's great to have you here today.
00:00:43.309 --> 00:00:45.011
Thank you so much, Alan.
I really appreciate it.
00:00:45.011 --> 00:00:47.947
I've been really looking forward
to our discussion today.
00:00:47.947 --> 00:00:50.950
You know, as you know, BOMA’s members
00:00:50.950 --> 00:00:55.321
are managing and owning everything
from industrial, office,
00:00:55.355 --> 00:00:58.691
medical, retail, mixed use,
all of that good stuff, you name it.
00:00:58.691 --> 00:01:00.593
And I come from an industrial background.
00:01:00.593 --> 00:01:04.531
So while we'll talk about
my industrial world, I'll also try to tie
00:01:04.531 --> 00:01:07.700
it back into those other asset
classes as well.
00:01:08.635 --> 00:01:09.002
Awesome.
00:01:09.002 --> 00:01:11.071
And I'm going to touch a little-
talk a little bit today
00:01:11.071 --> 00:01:14.908
also about your time in
your leadership position as well.
00:01:14.941 --> 00:01:16.443
So looking forward to it.
00:01:16.443 --> 00:01:18.011
Well, before we dive in.
00:01:18.011 --> 00:01:20.914
Let's get into the big picture
conversation.
00:01:20.914 --> 00:01:24.384
Let's loosen things up a little bit
and get to know you beyond the title.
00:01:24.417 --> 00:01:24.818
Okay.
00:01:24.818 --> 00:01:28.822
So we'll kick things off
with quick game of rapid fire.
00:01:28.822 --> 00:01:31.391
Are you ready? I'm ready. Let's do it.
00:01:31.391 --> 00:01:34.327
Okay. Morning person or night owl?
00:01:35.261 --> 00:01:37.263
That's the easy one.
Morning person for sure.
00:01:37.263 --> 00:01:38.531
Much better in the morning.
00:01:39.599 --> 00:01:41.534
Favorite weekend activity?
00:01:41.534 --> 00:01:43.470
I like to do anything.
00:01:43.470 --> 00:01:45.972
RV-ing related
I like to camp all over the place.
00:01:45.972 --> 00:01:49.242
We’re in a bunch of different camping groups
and anything with the grandkids.
00:01:50.243 --> 00:01:52.679
Great. First job ever?
00:01:52.679 --> 00:01:55.782
My first real job was the US Army.
00:01:55.782 --> 00:01:57.117
I was a soldier in the US Army.
00:01:57.117 --> 00:02:01.654
I was a Communications Specialist
and that was a at a really critical
00:02:01.721 --> 00:02:02.822
time in my life,
00:02:02.822 --> 00:02:04.757
really taught me a lot
about accountability
00:02:04.757 --> 00:02:07.393
and showing up for my teams,
treating people well.
00:02:07.393 --> 00:02:10.396
So habits
that I've carried on throughout my career.
00:02:11.131 --> 00:02:14.934
There's something that I actually
never knew about you 20 years being friends.
00:02:15.435 --> 00:02:17.437
Thank you for your service.
You're very welcome.
00:02:17.437 --> 00:02:19.906
I got to hold some stuff back, Alan.
00:02:19.906 --> 00:02:21.141
Right.
00:02:21.875 --> 00:02:24.544
One word
your team would use to describe you.
00:02:25.712 --> 00:02:26.579
Steady.
00:02:26.579 --> 00:02:27.680
So I like.
00:02:27.680 --> 00:02:29.883
They might call it boring,
but I call it steady.
00:02:29.883 --> 00:02:33.820
I like to be really consistent
and clear and calm, especially in times
00:02:33.820 --> 00:02:35.388
where there's a lot of chaos going on.
00:02:35.388 --> 00:02:38.558
I like to be the the voice of calm
and reason.
00:02:39.626 --> 00:02:41.961
Great. Favorite food?
00:02:41.961 --> 00:02:44.497
Wine. Can it be wine?
00:02:44.497 --> 00:02:47.467
It can. Okay. Wine it is.
00:02:47.467 --> 00:02:47.800
All right.
00:02:47.800 --> 00:02:53.072
And the last I have to ask this question,
based in Orlando and home of that.
00:02:53.072 --> 00:02:54.908
That big eared mouse.
00:02:54.908 --> 00:02:57.710
Favorite Disney character?
00:02:57.710 --> 00:03:01.314
Well, I really only go to Disney
when I'm going with others.
00:03:01.314 --> 00:03:03.750
I don't go purposely, purposefully.
00:03:03.750 --> 00:03:05.518
So I'm kind of the same way with sports.
00:03:05.518 --> 00:03:06.619
I'm a bandwagoner.
00:03:06.619 --> 00:03:08.988
Whatever they're going to see
or whoever they're going to root for.
00:03:08.988 --> 00:03:10.223
I'm going along with them.
00:03:10.223 --> 00:03:14.427
So don't really have a favorite,
but whatever, whatever you like, I like.
00:03:15.695 --> 00:03:17.130
I actually love that strategy.
00:03:17.130 --> 00:03:20.867
Personally, I'm a Winnie the Pooh fan,
but I kind of like that strategy of,
00:03:20.900 --> 00:03:23.203
you know,
adjusting to the people that you're with
00:03:23.203 --> 00:03:26.339
and what their likes are all right.
00:03:26.372 --> 00:03:29.475
Now that we've got a quick snapshot
of who you are outside
00:03:29.475 --> 00:03:33.279
the office, let's zoom out and talk
a little bit about your career journey
00:03:33.279 --> 00:03:37.183
and specifically the industrial asset
class at large.
00:03:37.650 --> 00:03:39.552
You've had such a dynamic career.
00:03:39.552 --> 00:03:42.755
Can you walk us through your experience
and what ultimately led you to
00:03:42.789 --> 00:03:44.424
where you are today?
00:03:44.424 --> 00:03:48.761
So the majority of my career
has definitely been specializing in
00:03:48.795 --> 00:03:52.932
industrial, but I have managed pretty much
all asset classes at one point,
00:03:52.999 --> 00:03:56.236
maybe not for long periods,
but at some point I have.
00:03:56.236 --> 00:03:58.838
But it has always been grounded
in operations.
00:03:58.838 --> 00:03:59.672
I've always been on the
00:03:59.672 --> 00:04:04.711
on the management side,
assisting asset management sometimes,
00:04:04.711 --> 00:04:09.616
but always making sure that our buildings
are operating the way that they should.
00:04:09.716 --> 00:04:13.353
Our customers are being treated
as top tier customers in the buildings,
00:04:13.353 --> 00:04:17.056
and that my teammates and experiences
00:04:17.056 --> 00:04:22.095
as teammates with me is,
you know, exemplary.
00:04:22.095 --> 00:04:26.065
And they
they're engaged and they want to continue
00:04:27.400 --> 00:04:29.669
exceeding expectations with our customers
00:04:29.669 --> 00:04:32.672
as well as with the company
that we're working for.
00:04:32.805 --> 00:04:35.642
I've learned throughout my career
00:04:35.642 --> 00:04:39.112
that there are lots of ups
and downs in our business,
00:04:39.112 --> 00:04:43.216
and so a lot of adjustments
that need to be made along the way.
00:04:43.283 --> 00:04:47.020
So being really clear
and being really consistent with our teams
00:04:47.020 --> 00:04:51.424
and with our customers and within
the company is absolutely imperative.
00:04:51.758 --> 00:04:54.994
And that's the great thing about BOMA.
00:04:55.028 --> 00:04:58.431
You know, no matter what we're doing,
if it's the apocalypse,
00:04:58.431 --> 00:05:02.035
If it's the pandemic or whatever
it is, BOMA always gives us the tools
00:05:02.035 --> 00:05:05.271
to help operate
in whatever season we happen to be in.
00:05:06.139 --> 00:05:06.673
Yeah.
00:05:06.673 --> 00:05:10.243
I always find it interesting
how these different experiences help shape
00:05:10.243 --> 00:05:14.881
the perspective, especially in in a space
that's evolving as quickly as this one.
00:05:15.415 --> 00:05:19.218
You know, you mentioned it,
which could possibly be it,
00:05:19.218 --> 00:05:21.020
or it might be something else,
but any memory
00:05:21.020 --> 00:05:25.391
or specific time or instance
that most stands out during your career.
00:05:25.391 --> 00:05:30.697
So one that stands out a lot for me,
maybe not for maybe
00:05:30.730 --> 00:05:35.735
millennials and Gen Zs has got to be Y2K,
00:05:36.035 --> 00:05:40.340
the year that we ended up
having to stay overnight in our buildings.
00:05:40.473 --> 00:05:44.410
At that time, I was my office was in
one of our office buildings that we owned.
00:05:44.477 --> 00:05:46.913
Had to stay there
until 1:00, 1:30 in the morning
00:05:46.913 --> 00:05:48.948
just to make sure that the world
did not come to an end.
00:05:48.948 --> 00:05:50.383
I don't know
what I was supposed to do about it
00:05:50.383 --> 00:05:53.453
while I was sitting there in my office,
but I did stay.
00:05:53.453 --> 00:05:55.922
The world
did not come to an end, obviously,
00:05:55.922 --> 00:05:57.657
but it was just one of those things
you don't
00:05:57.657 --> 00:06:00.393
you don't know what you don't know.
And you know,
00:06:00.393 --> 00:06:01.361
What if those double zeros
00:06:01.361 --> 00:06:04.330
did bring everything to a halt?
I would have been there.
00:06:04.397 --> 00:06:05.398
Yeah.
00:06:05.398 --> 00:06:06.065
I remember that.
00:06:06.065 --> 00:06:09.102
Well, I remember working
that evening as well and just looking,
00:06:09.102 --> 00:06:13.139
wondering what the computer
was going to do when we crossed over 1999.
00:06:13.172 --> 00:06:14.507
That's right, that's right.
00:06:16.142 --> 00:06:18.745
How would you describe the current state
00:06:18.745 --> 00:06:22.982
of industrial and logistics market
as we sit here in 2026?
00:06:23.583 --> 00:06:26.319
So for industrial, we're really
00:06:26.319 --> 00:06:30.256
very fundamentally strong as we-
as we have been for a long time.
00:06:30.256 --> 00:06:34.260
But we're a lot more disciplined,
not just as owners
00:06:34.260 --> 00:06:37.597
and managers, but also as our customers
in the buildings.
00:06:37.630 --> 00:06:39.599
The demand drivers are still there.
00:06:39.599 --> 00:06:42.802
Our customers are still in need of the
00:06:43.302 --> 00:06:47.106
high functioning buildings, easy
to access, easy to operate in,
00:06:47.106 --> 00:06:50.643
and easy to leave from
00:06:50.643 --> 00:06:53.613
so that their business operates
smoothly.
00:06:53.679 --> 00:06:56.949
But this kind of
we’re kind of slowing down a little bit.
00:06:56.983 --> 00:06:58.751
We're not making rapid decisions.
00:06:58.751 --> 00:07:02.155
We're kind of waiting to see
what's going on in the political climate
00:07:02.155 --> 00:07:06.025
with related to tariffs and policy changes
and things like that.
00:07:06.025 --> 00:07:10.363
Not saying no, but just saying, you know,
let's take a pause
00:07:10.363 --> 00:07:14.534
or let's make a smaller decision
or commitment.
00:07:14.534 --> 00:07:17.537
So rather than five,
seven, ten year leases,
00:07:17.637 --> 00:07:20.940
they might be a little bit
shorter term leasing decisions.
00:07:22.141 --> 00:07:23.075
Okay.
00:07:23.075 --> 00:07:25.812
One thing I
00:07:25.812 --> 00:07:30.383
I'm curious about is, you know, when we
we often talk about tenant experience
00:07:30.383 --> 00:07:36.923
in a traditional commercial real estate
building and how important that is.
00:07:36.989 --> 00:07:39.959
How is that customer experience
00:07:39.959 --> 00:07:43.029
showing up differently
in the industrial sector today?
00:07:43.763 --> 00:07:49.135
For industrial, our wow factor is that
the building functions. You can access it, it
00:07:49.135 --> 00:07:52.772
functions well, it serves them well,
it protects them well
00:07:52.772 --> 00:07:56.742
and allows them to continue their
their operations smoothly.
00:07:56.843 --> 00:07:58.344
You know, compare it to office
00:07:58.344 --> 00:08:02.915
where the amenities might be,
something like restaurants and amenities
00:08:02.915 --> 00:08:06.118
within the building or community
events, things like that.
00:08:06.152 --> 00:08:10.423
Ours is more consistent operations,
really good flow
00:08:10.423 --> 00:08:14.560
in and out of the building,
but you know, different expectations
00:08:14.560 --> 00:08:18.397
from the customers, but still the same
where we all want reliability and,
00:08:18.431 --> 00:08:20.633
you know, transparency, responsiveness.
00:08:20.633 --> 00:08:24.370
Everybody wants good response to service
calls and, you know,
00:08:24.437 --> 00:08:26.339
customer related issues.
00:08:27.507 --> 00:08:28.107
Yeah.
00:08:28.107 --> 00:08:31.811
It's interesting to hear
how that, you know, evolution is really,
00:08:31.878 --> 00:08:33.112
you know, redefining the space.
00:08:33.112 --> 00:08:34.914
And it's not just about the space anymore.
00:08:34.914 --> 00:08:38.251
It's about the service,
the efficiency. and the relationships.
00:08:38.317 --> 00:08:38.718
That’s right/
00:08:38.718 --> 00:08:42.722
So with that in mind,
how can industrial property
00:08:42.722 --> 00:08:46.826
managers better leverage
contracting and partnerships
00:08:46.826 --> 00:08:49.829
to stay competitive right now?
00:08:51.030 --> 00:08:53.499
Partner, vendor partnerships are critical
00:08:53.499 --> 00:08:57.670
for any asset class,
any property management team.
00:08:57.670 --> 00:09:02.041
But the best teams are out there
building vendor ecosystems.
00:09:02.041 --> 00:09:03.242
We're not doing Rolodexes.
00:09:03.242 --> 00:09:04.343
We're not just doing “Call Us.”.
00:09:04.343 --> 00:09:06.979
We're not, you know,
not the printout that sits in your
00:09:06.979 --> 00:09:08.881
in your binder
and you call them at 2 A.M..
00:09:08.881 --> 00:09:11.817
It's an entire ecosystem.
We help them. They help us.
00:09:11.817 --> 00:09:16.789
We know that we can rely on them
as a resource. Industrial specifically,
00:09:16.789 --> 00:09:20.826
it might be that we get a faster response
because we do have that relationship
00:09:20.826 --> 00:09:22.228
with our vendor partners.
00:09:22.228 --> 00:09:24.864
And at 3:00 in the morning
when we have a fire alarm,
00:09:24.864 --> 00:09:29.602
we know that we can consistently count
on that vendor partner to come out
00:09:29.602 --> 00:09:32.705
and help us respond to it,
or our emergency response vendor
00:09:32.705 --> 00:09:33.072
to come out
00:09:33.072 --> 00:09:36.976
and help us get a tenant space back up
and running before they open for business
00:09:37.043 --> 00:09:38.411
the following morning.
00:09:38.411 --> 00:09:44.083
In medical, you know, it's
a reliability and compliance.
00:09:44.383 --> 00:09:48.387
Office, it might be a, you know, service
00:09:48.387 --> 00:09:51.958
delivery and amenities, things like that.
00:09:51.958 --> 00:09:54.560
And you know but across all of it
00:09:54.560 --> 00:09:58.631
the competitive advantage is for sure
operational trust.
00:09:58.631 --> 00:10:01.400
It's all about operations.
00:10:01.400 --> 00:10:01.701
Yeah.
00:10:01.701 --> 00:10:05.771
And you know, when you think about it
in these partnerships,
00:10:05.838 --> 00:10:09.976
I've often said, you know, in the
in the commercial real estate space,
00:10:09.976 --> 00:10:14.413
the property/facility manager is so busy
wearing so many different hats
00:10:14.413 --> 00:10:19.952
that they have to rely on these experts,
these vendor strategic partnerships,
00:10:19.952 --> 00:10:23.956
to be the expert for them and bringing,
you know, new, evolving
00:10:24.023 --> 00:10:26.025
latest
and greatest information to the table.
00:10:26.025 --> 00:10:28.561
So what's really cool
about those stronger-
00:10:28.561 --> 00:10:29.295
I'm sorry to interrupt,
00:10:29.295 --> 00:10:32.298
but what's really cool about building
those really strong relationships too
00:10:32.298 --> 00:10:36.302
is that even though, you know, if
if I need something,
00:10:36.302 --> 00:10:39.372
but I don't know who might also
who might have the information,
00:10:39.372 --> 00:10:44.710
but I know Alan might know somebody.
So I can rely on that, that contact
00:10:44.710 --> 00:10:48.714
or that vendor partnership to point me in
the right direction. It might be something
00:10:48.714 --> 00:10:52.051
completely different than what,
you know, the person's business is.
00:10:52.051 --> 00:10:54.153
But I know that they interact
with that service
00:10:54.153 --> 00:10:56.055
somehow and might have
an additional contact.
00:10:56.055 --> 00:10:57.757
So again, it's an ecosystem.
00:10:58.858 --> 00:10:59.191
Yeah.
00:10:59.191 --> 00:11:04.864
And it really shows how the partnerships
continue to trend more towards
00:11:04.864 --> 00:11:09.035
less transactional, more strategic,
which really ties into some of the bigger
00:11:09.035 --> 00:11:10.703
forces really shaping the industry today.
00:11:10.703 --> 00:11:11.270
Absolutely.
00:11:11.270 --> 00:11:14.273
And it's across
all asset classes for sure.
00:11:14.940 --> 00:11:17.943
Asset types.
00:11:18.611 --> 00:11:19.812
Okay.
00:11:19.812 --> 00:11:22.948
Now let's talk about a topic
that's really top of mind for everyone
00:11:22.948 --> 00:11:24.583
right now, AI.
00:11:24.583 --> 00:11:28.454
AI and data centers
are driving massive demand right now.
00:11:28.454 --> 00:11:33.092
And how is that impacting
industrial real estate specifically
00:11:33.092 --> 00:11:36.095
when it comes to infrastructure
and the electrical grid?
00:11:36.862 --> 00:11:41.200
So, picture when you got your first home
or your first apartment
00:11:41.200 --> 00:11:43.069
and you walked in the door
and you just expected
00:11:43.069 --> 00:11:45.971
you flipped on the light switch
and the lights were you're going to move
00:11:45.971 --> 00:11:48.240
in all of your equipment
and all of your furniture.
00:11:48.240 --> 00:11:50.509
Everything's in there and you plug it
in. You expect everything to work.
00:11:50.509 --> 00:11:54.013
You've got the service that you need
in order to exist in the space.
00:11:54.080 --> 00:11:55.681
So it was just an assumed thing.
00:11:55.681 --> 00:11:58.951
So kind of like a background assumption,
if you will.
00:11:59.085 --> 00:12:02.621
And now it's way more front page
assumption.
00:12:02.621 --> 00:12:07.493
So it's discussions at the very beginning
with prospective customers what power is
00:12:08.194 --> 00:12:09.195
provided to the building.
00:12:09.195 --> 00:12:13.232
What is the backup plan
if that power happens to to go out?
00:12:13.265 --> 00:12:15.835
Do we have any redundancy
and supply to the building?
00:12:15.835 --> 00:12:19.839
What's the capacity for the building
if I want to grow my business?
00:12:19.839 --> 00:12:24.043
And if I want to expand in the building,
what are the
00:12:24.076 --> 00:12:25.111
what are the capabilities
00:12:25.111 --> 00:12:29.582
that you, building owner,
can provide to us? Or at least help us
00:12:30.015 --> 00:12:34.420
obtain from the local utilities
and have installed in the building.
00:12:34.687 --> 00:12:37.523
There's also a less obvious, but
00:12:37.523 --> 00:12:43.429
a very present demand driver
in that the companies that are building
00:12:43.429 --> 00:12:47.299
the data centers, some of the equipment
that they are needing for those,
00:12:47.333 --> 00:12:50.369
those facilities have a 100
00:12:50.369 --> 00:12:54.907
to 150 week
lead time, not days, but week lead time.
00:12:54.907 --> 00:12:57.543
So these companies
are buying things in bulk.
00:12:57.543 --> 00:13:01.180
So the overspill of that
comes to industrial,
00:13:01.213 --> 00:13:03.916
because they need a place to store
all of that bulk purchase.
00:13:03.916 --> 00:13:06.919
And then they come to our facilities
and draw from it to go
00:13:06.919 --> 00:13:08.120
and build their data facility.
00:13:08.120 --> 00:13:11.624
So it's not something
that's obvious at first,
00:13:11.624 --> 00:13:13.559
but when you think about it,
it has to happen.
00:13:13.559 --> 00:13:17.096
Otherwise, these data centers will take
years and years to get them built.
00:13:17.096 --> 00:13:21.133
And clearly we need
the data centers.
00:13:21.133 --> 00:13:24.136
And then we also need
the additional utility services
00:13:24.136 --> 00:13:27.339
out there to be able
to support the new data centers.
00:13:28.841 --> 00:13:29.441
Talk about
00:13:29.441 --> 00:13:34.747
an area that's going to be just constantly
evolving and changing, you know,
00:13:34.814 --> 00:13:38.317
and you know, something that everybody is
top of mind for everyone.
00:13:38.317 --> 00:13:41.821
And, you know, it's going to be so important,
00:13:41.821 --> 00:13:45.991
especially to watch how it plays out
in the commercial real estate space.
00:13:46.025 --> 00:13:50.563
Yeah, we're really excited
that BOMA international is focusing on
00:13:50.563 --> 00:13:56.268
permitting reform with our legislators
and really giving a good, strong voice
00:13:56.268 --> 00:14:01.373
from our point of view on Capitol Hill
and helping make things smoother
00:14:01.373 --> 00:14:06.412
and a little bit more expedient when you
are submitting for permits like that.
00:14:06.478 --> 00:14:10.282
It's a gigantic project
that affects a lot.
00:14:10.316 --> 00:14:13.252
It's not just building
a building in a local city.
00:14:13.252 --> 00:14:19.258
So helping the permitting reform across
the board can only help this as well.
00:14:20.659 --> 00:14:24.430
Yardi is the single connected platform
that gives commercial real estate
00:14:24.430 --> 00:14:29.869
owners, managers and investors real time
visibility across their entire portfolio,
00:14:29.869 --> 00:14:34.173
from leasing and accounting to tenant
experience and asset performance.
00:14:34.440 --> 00:14:38.744
We've spent over 40 years
building software exclusively for this
00:14:38.777 --> 00:14:43.616
industry, and today, some of the world's
largest CRE firms run on Yardi.
00:14:43.916 --> 00:14:47.987
Connect with us online or in-person
at the upcoming BOMA International Expo
00:14:47.987 --> 00:14:49.622
in Long Beach, California.
00:14:49.622 --> 00:14:54.293
And let us show you what this looks like
for your property portfolio.
00:14:55.094 --> 00:14:57.663
The 2026 BOMA International Conference
00:14:57.663 --> 00:15:01.433
and Expo is where teams
get stronger and problems get solved.
00:15:01.533 --> 00:15:05.271
Experience the power of connection,
learning and innovation
00:15:05.304 --> 00:15:07.706
plus the best expo in the industry.
00:15:07.706 --> 00:15:11.410
Learn more at 2026.BOMAconvention.org.
00:15:12.544 --> 00:15:16.548
We look forward to seeing you this June
in Long Beach, California.
00:15:18.951 --> 00:15:21.186
Speaking of BOMA International,
00:15:21.186 --> 00:15:21.720
let's now
00:15:21.720 --> 00:15:26.058
talk about that, that small volunteer
responsibility that you're coming to
00:15:26.191 --> 00:15:30.863
to the end of, as BOMA International Chair
and Chief Elected Officer.
00:15:31.263 --> 00:15:34.633
First, let me segue
by telling my favorite Luci
00:15:34.633 --> 00:15:38.537
learning moment for 2025-26.
00:15:38.871 --> 00:15:41.073
And it's taking care
of your flight attendants.
00:15:41.073 --> 00:15:44.810
So you know, I don't remember
exactly when I want to feel like
00:15:44.810 --> 00:15:46.512
it was in fall of last year.
00:15:46.512 --> 00:15:50.082
You know, your travel was really ramping
up, visiting all the locals.
00:15:50.082 --> 00:15:52.584
And any idea how many locals you visited?
00:15:52.584 --> 00:15:54.820
You know,
I haven't kept track of all of them.
00:15:54.820 --> 00:15:58.691
It's more than two hands.
Haven't kept track of all of them,
00:15:58.691 --> 00:16:01.694
but every single one has been an absolute
blast.
00:16:02.161 --> 00:16:03.095
Yeah. That's awesome.
00:16:03.095 --> 00:16:06.899
But anyway, so
so the post you made was talked
00:16:06.899 --> 00:16:10.336
about always taking care
of your flight attendants, and I loved it.
00:16:10.336 --> 00:16:13.706
I said,
oh my God, that that can go so far.
00:16:13.872 --> 00:16:15.774
And they do so much.
00:16:15.774 --> 00:16:18.777
And you know, I often
think about just how crazy these jobs are
00:16:18.777 --> 00:16:19.611
that they're that they are
00:16:19.611 --> 00:16:22.614
they're flying back and forth
from city to city on these planes.
00:16:22.681 --> 00:16:22.982
You know,
00:16:22.982 --> 00:16:25.651
it's hard enough
for us to fly from city to city,
00:16:25.651 --> 00:16:27.252
let alone they do this for living.
00:16:27.252 --> 00:16:30.255
And so, you know,
00:16:30.255 --> 00:16:33.258
as I started
getting the knocks on the door
00:16:33.258 --> 00:16:37.796
from the local Girl Scouts, I said,
this is a great opportunity.
00:16:37.830 --> 00:16:39.898
So every Girl Scout that came to the door.
00:16:39.898 --> 00:16:43.635
I bought ten boxes and I
now I'm probably down to about 30 boxes
00:16:43.635 --> 00:16:46.672
now, but at one point
I had 50 boxes sitting in my kitchen
00:16:46.672 --> 00:16:49.842
and when I go to the-
on the flight.
00:16:49.842 --> 00:16:50.909
I'm leaving again tomorrow.
00:16:50.909 --> 00:16:54.613
I'm taking three boxes with me
and going to be, you know,
00:16:54.680 --> 00:16:57.816
I usually give them a choice and
they always end up with all three anyway.
00:16:57.816 --> 00:17:01.653
But talk just,
you know, the smile on their face,
00:17:01.653 --> 00:17:04.023
just the feeling of appreciation.
00:17:04.023 --> 00:17:05.457
So thank you for that.
00:17:05.457 --> 00:17:07.459
That learning moment this year.
00:17:07.459 --> 00:17:09.094
Absolutely. And thanks for thinking ahead
00:17:09.094 --> 00:17:11.263
and doing it. Mine is usually much more
00:17:12.264 --> 00:17:15.300
spur of the
moment purchases and providing to them,
00:17:15.300 --> 00:17:18.170
but I'm sure that they appreciate
you thought of them ahead of time.
00:17:18.170 --> 00:17:20.873
That's great. Yeah.
00:17:20.873 --> 00:17:23.175
So you mentioned traveling
to more than more
00:17:23.175 --> 00:17:27.546
than two handfuls of locals,
and you've met with, I'm sure,
00:17:27.546 --> 00:17:32.351
dozens, hundreds,
maybe even of members in doing that.
00:17:32.384 --> 00:17:35.421
What would you say
is the one like thing
00:17:35.421 --> 00:17:38.424
that's constantly
top of mind for the membership right now?
00:17:38.490 --> 00:17:43.462
You know, every single local,
and it's not even just with BOMA,
00:17:43.462 --> 00:17:44.663
it’s with the Real Estate Roundtable,
00:17:44.663 --> 00:17:48.133
it’s all of the other
association meetings that we go to,
00:17:48.434 --> 00:17:49.735
probably in the top two:
00:17:49.735 --> 00:17:54.339
It's either AI or its workforce
development. Workforce capacity
00:17:54.339 --> 00:17:57.709
and capability,
finding the talent, keeping the talent,
00:17:57.709 --> 00:18:01.880
and transferring knowledge from people
who have held those roles for so long.
00:18:01.914 --> 00:18:05.918
Transferring the knowledge down
to the newer ones that are have joined
00:18:05.918 --> 00:18:10.355
the association or the company
or what have you, and transferring
00:18:10.355 --> 00:18:11.690
that knowledge down.
00:18:11.690 --> 00:18:14.359
We're dealing with recruitment
challenges.
00:18:14.359 --> 00:18:19.131
We're dealing with,
still dealing with back to office,
00:18:19.531 --> 00:18:20.532
working back in the office.
00:18:20.532 --> 00:18:24.470
And, you know, some people
preferring the hybrid or remote work only.
00:18:24.503 --> 00:18:28.974
Succession planning and upskilling.
00:18:29.141 --> 00:18:32.978
People who come into the industry
from completely outside the industry,
00:18:32.978 --> 00:18:35.347
they never planned
to be in property management.
00:18:35.347 --> 00:18:37.616
And so this is something completely new.
00:18:37.616 --> 00:18:39.885
All of the words are new,
all of the work is new.
00:18:39.885 --> 00:18:43.055
So but what I really like
00:18:43.122 --> 00:18:47.392
is that each and every place
that I've talked with and,
00:18:47.392 --> 00:18:50.629
and we've tried to work through this
with,
00:18:50.629 --> 00:18:54.700
they all had the same idea in mind
00:18:55.000 --> 00:18:57.803
and have a word, have very specific
requests.
00:18:57.803 --> 00:19:01.974
Rather, you know, they're
looking for ways to improve mentorship.
00:19:01.974 --> 00:19:05.410
They're looking for clearer career
pathways
00:19:05.511 --> 00:19:08.714
on the engineering side,
as well as the property management side,
00:19:08.714 --> 00:19:13.452
and ways to make the industry
more visible to younger professionals.
00:19:13.452 --> 00:19:14.987
So, you know, how much earlier do
00:19:14.987 --> 00:19:18.657
we need to get out there in front of them
to make them aware of this career path?
00:19:18.824 --> 00:19:20.959
So and this is for
00:19:22.227 --> 00:19:25.497
industrial, office, medical, all of the asset types.
00:19:25.497 --> 00:19:31.236
And again at property management
and engineering, both of those career
00:19:31.270 --> 00:19:35.174
paths are struggling
to get people to come in.
00:19:35.274 --> 00:19:40.579
A lot of Baby Boomers are retiring
and not as many Gen Xs
00:19:40.612 --> 00:19:44.683
Oh sorry, Gen Zs
or you know, soon to be coming into the
00:19:44.683 --> 00:19:51.056
the market workforce is Generation Alpha
and just not as many as are leaving so.
00:19:52.057 --> 00:19:57.429
Any words of wisdom you know
from your perspective on how organizations
00:19:57.429 --> 00:20:01.400
can better bridge that divide
and create stronger, more connected teams?
00:20:01.433 --> 00:20:03.101
It's one of my favorite things
to talk about when I
00:20:03.101 --> 00:20:06.104
when I go to the locals, the
00:20:06.138 --> 00:20:11.109
the generational divide or gap or whatever
you want to call it, revolution.
00:20:11.109 --> 00:20:13.111
There we go, Generational revolution.
00:20:13.111 --> 00:20:17.816
The again, bringing the information
from someone who's been in a position
00:20:17.816 --> 00:20:22.120
for a really long time
and bringing it down to the newer, newer
00:20:22.120 --> 00:20:26.091
or even entry level team members
that are in there is absolutely critical,
00:20:26.091 --> 00:20:28.193
whether you do it digitally
00:20:28.193 --> 00:20:30.596
or if you do it,
00:20:30.596 --> 00:20:33.632
peer-to-peer mentorship or job shadowing,
00:20:33.865 --> 00:20:36.668
Whatever you want to call it,
however you need to get it done.
00:20:36.668 --> 00:20:37.970
It has to happen.
00:20:37.970 --> 00:20:43.108
There's no other way for this
new group coming in to be successful
00:20:43.108 --> 00:20:44.376
if they don't have the data
00:20:44.376 --> 00:20:47.379
and the information
that they need to make them successful.
00:20:48.380 --> 00:20:51.083
When companies
00:20:51.083 --> 00:20:54.453
focus on making sure that that data
00:20:55.621 --> 00:20:59.591
transfer does happen and does it
consistently, it's not just onboarding
00:20:59.625 --> 00:21:01.593
the first two weeks
that you come into your job
00:21:01.593 --> 00:21:05.530
or into your company, but it's
consistently throughout your career.
00:21:05.530 --> 00:21:07.633
They're going to be wildly successful
00:21:07.633 --> 00:21:11.937
and have a much better culture
within their company and much more
00:21:12.204 --> 00:21:16.041
loyalty from the team members
that they hire.
00:21:16.942 --> 00:21:19.544
And that knowledge, knowledge transfer
as I like to call it.
00:21:19.544 --> 00:21:22.681
is so critical.
So critical in that transition.
00:21:22.814 --> 00:21:25.917
You know, it is funny because everybody,
everybody, every company
00:21:25.917 --> 00:21:29.254
has that person that, you know,
you can go to and say, “You know what?
00:21:29.321 --> 00:21:34.059
I remember a few years ago we did this
and but I can't find it on my computer.
00:21:34.059 --> 00:21:35.661
Anybody have any idea where it is?”
00:21:35.661 --> 00:21:37.596
And that guy or that girl
00:21:37.596 --> 00:21:40.599
turn around and grab that three ring
binder off the bookcase behind them?
00:21:40.632 --> 00:21:43.235
Says, “Yep. Here it is. Right here.
It's on page 72, in the book.”
00:21:43.235 --> 00:21:46.438
But had that person not been there,
it would have been a little bit
00:21:46.438 --> 00:21:48.907
more difficult to find
or it would have to be recreated.
00:21:48.907 --> 00:21:51.043
So yeah.
00:21:51.043 --> 00:21:53.312
Very true, very true.
00:21:53.312 --> 00:21:56.882
So looking back,
let's reflect back on your time
00:21:56.882 --> 00:22:00.852
as it's coming to an end in the next,
next month or so.
00:22:00.919 --> 00:22:05.157
as Chair and CEO of BOMA international,
what are you most proud of?
00:22:05.190 --> 00:22:07.592
So you got a cue
the Party's Over song now, right?
00:22:07.592 --> 00:22:09.561
That's going to
be playing in the background.
00:22:10.996 --> 00:22:12.664
I'm really super proud of how
00:22:12.664 --> 00:22:15.801
we have gone out to all of our locals,
and we've really listened.
00:22:15.834 --> 00:22:21.139
We've given our locals
a voice from members, from the BAEs,
00:22:21.139 --> 00:22:25.911
from our vendor partners,
service partners, all that good stuff.
00:22:25.911 --> 00:22:29.881
Even the places where we hold our events,
getting a little bit more feedback
00:22:29.881 --> 00:22:33.051
from them on what's
going on at conferences and trade shows
00:22:33.051 --> 00:22:36.254
and what are the growing themes
that they’re seeing out there.
00:22:36.321 --> 00:22:40.692
Super helpful for all of us
at BOMA International and as members.
00:22:41.993 --> 00:22:43.228
And that's everywhere.
00:22:43.228 --> 00:22:49.067
It's a industrial, office, and medical,
but where we're-
00:22:49.701 --> 00:22:52.938
where everything has been
a little bit wonky.
00:22:52.938 --> 00:22:58.143
You know, the wave, the up and down
wave. The stability, I think is what
00:22:58.276 --> 00:23:02.381
BOMA International is really offering back
to our memberships across the board.
00:23:02.381 --> 00:23:03.882
We all have the same North Star.
00:23:03.882 --> 00:23:05.951
We all know the things
that we want to accomplish.
00:23:05.951 --> 00:23:09.154
We're all part of the strategic plan
and every local is doing it
00:23:09.154 --> 00:23:10.322
just a little bit different.
00:23:10.322 --> 00:23:11.556
But they're all getting to
00:23:11.556 --> 00:23:15.694
the same North Star and it's really,
really interesting and exciting to me
00:23:15.761 --> 00:23:21.133
to see how people are creative and
how they all get to get to that same spot.
00:23:22.234 --> 00:23:23.301
Yeah.
00:23:23.301 --> 00:23:23.935
That's great.
00:23:23.935 --> 00:23:24.336
That's great.
00:23:24.336 --> 00:23:27.172
You’ve really done
so much in such a short period of time,
00:23:27.172 --> 00:23:29.708
which is which is just so awesome,
so awesome.
00:23:29.708 --> 00:23:34.746
And helping to just continue
to evolve an organization
00:23:34.780 --> 00:23:37.783
that you and I
are both very passionate about.
00:23:37.783 --> 00:23:39.985
Yeah. Yeah. Highly recommend it.
00:23:39.985 --> 00:23:40.752
Yeah.
00:23:40.752 --> 00:23:44.923
So as you prepare for this transition,
what would be the one piece of advice
00:23:44.923 --> 00:23:47.959
that you would give to your incoming CEO,
Kjersten Jaeb?
00:23:48.260 --> 00:23:49.995
You know,
Kjersten’s going to do a great job.
00:23:49.995 --> 00:23:54.433
I'm really excited about seeing her
stepping in at the end of June.
00:23:54.433 --> 00:23:58.670
My advice would be to continue
to keep the members voice
00:23:58.670 --> 00:23:59.905
at the center of everything.
00:23:59.905 --> 00:24:03.975
Everything we do is to promote and advance
00:24:03.975 --> 00:24:07.078
our community, our profession.
00:24:07.078 --> 00:24:10.916
And we've got to listen to what it is
that the members are asking for
00:24:10.916 --> 00:24:11.616
and what the members
00:24:11.616 --> 00:24:15.387
are needing out in their communities
and helping provide that to them.
00:24:15.387 --> 00:24:19.391
Whether it's Deep Dives or white papers
or in-person visits,
00:24:19.424 --> 00:24:22.861
strategic planning, board processes,
whatever it is
00:24:22.861 --> 00:24:27.332
that they need to make their locals
and their members successful.
00:24:29.634 --> 00:24:30.135
That's great.
00:24:30.135 --> 00:24:31.636
She's going to do a great job as well.
00:24:31.636 --> 00:24:32.571
She is.
00:24:32.571 --> 00:24:34.906
It's going to be a lot of fun
watching her.
00:24:34.906 --> 00:24:35.674
All right.
00:24:35.674 --> 00:24:39.711
So to wrap things up,
if there's one thing you want listeners,
00:24:39.744 --> 00:24:43.715
to take away from this moment
in the industry, what would it be?
00:24:46.051 --> 00:24:49.421
This moment that we're in right
now is a moment of reinvention.
00:24:49.421 --> 00:24:55.560
This is a really great opportunity
for all of us to optimize what we do
00:24:55.594 --> 00:24:59.631
as a profession
and in our different asset types.
00:24:59.798 --> 00:25:02.334
It's a very positive thing.
00:25:02.334 --> 00:25:07.138
And again, it's an opportunity.
You know, industrial’s optimizing
00:25:07.138 --> 00:25:11.309
for reliability and scale
for all different types of users.
00:25:11.376 --> 00:25:15.080
Office is redefining value
and the customer experience.
00:25:15.580 --> 00:25:18.550
Retail is really sharpening
their revelance.
00:25:18.750 --> 00:25:20.652
I’d said “revelance.”
00:25:20.652 --> 00:25:21.453
It’s relevance.
00:25:22.654 --> 00:25:26.057
Sorry, I don't know why that word
is a tongue twister for me. It is.
00:25:26.291 --> 00:25:29.661
And medical is raising the bar
on resilience and trust.
00:25:29.661 --> 00:25:30.629
And you know,
00:25:30.629 --> 00:25:34.432
the common denominator is owners
and managers who run their buildings
00:25:34.432 --> 00:25:35.600
really, really well:
00:25:35.600 --> 00:25:38.970
They invest wisely
and they care for the people.
00:25:39.070 --> 00:25:42.741
Those are the ones
that are going to succeed and
00:25:42.741 --> 00:25:45.744
will lead going forward.
00:25:46.578 --> 00:25:48.480
That's wonderful. That's great.
00:25:48.480 --> 00:25:52.951
Luci thank you so much for your sharing,
your insights, your experience.
00:25:52.984 --> 00:25:55.520
You know, I’ve really
enjoyed our time together today.
00:25:55.520 --> 00:25:58.790
Really I've enjoyed every time
we've gotten together to break bread
00:25:58.790 --> 00:26:01.793
many times over the last 20 years or so.
00:26:01.893 --> 00:26:05.230
Well, I can't wait to see you in June
in Long Beach.
00:26:05.330 --> 00:26:07.032
Really looking forward to that.
00:26:07.032 --> 00:26:12.170
And then we'll be able to say bye to Luci
and hello to Kjersten.
00:26:13.004 --> 00:26:14.739
I'll still be around, I promise!
00:26:15.273 --> 00:26:17.475
Yeah, I have no doubt.
00:26:18.476 --> 00:26:21.379
A big thank you to our sponsor today, Yardi.
00:26:21.813 --> 00:26:27.319
And thank you to everyone for listening
to BOMA’s Building Excellence, a CRE podcast series.
00:26:28.119 --> 00:26:29.754
Where the conversation doesn't stop
00:26:29.754 --> 00:26:31.523
and the industry keeps moving forward.
00:26:32.023 --> 00:26:33.058
Until next time,
00:26:33.291 --> 00:26:35.727
this is Alan Stein, signing off.
