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Industrial Advisors Podcast: Travis Hale on Pacific Northwest Industrial Development, Class A Flight to Quality, and Land/Entitlement Challenges
On this episode of the Industrial Advisors podcast, Bill Condon and Matt McGregor interview Travis Hale, partner at Panattoni Development, about Pacific Northwest industrial development. Hale describes a continued flight to "new" Class A product, noting that 2015-era Class A can now be first-gen and may see rent declines while brand-new Class A is pushing rents. He outlines Panattoni's I-5 corridor activity across Washington, Oregon, and Idaho, citing roughly 14 million SF across 34 Seattle-office projects, about five new starts this year, and key developments including Fred310 in Frederickson, Des Moines Creek/Seattle Gateway near SeaTac, and Mount Vista in Ridgefield/Vancouver. They discuss market vacancy (about 10% Seattle, 6.8% Portland), big-box demand, tight land supply, multi-year entitlements, improving equity conditions, and the organizational impact of Bart Brynestad's retirement and his "get it leased" philosophy.
0:00 The flight to quality in industrial real estate
2:45 Introducing Travis Hale and Panattoni Development
5:30 Current projects and the big box market outlook
8:15 Understanding vacancy rates and rent growth
11:00 Land competition and the entitlement process
14:30 Pioneering new markets and job distribution
17:45 The state of equity and capital markets
20:15 Regional trends and the legacy of Bart Brynestad
