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PNW Industrial Market Outlook: Site Selection and Investment Strategies

Analyzing Supply and Demand Dynamics, Leasing Activity, Key Drivers, and Top Submarkets

Bryan McKrell

Bryan McKrell

Managing Director

Link Logistics

Justin Carlucci

Justin Carlucci

Partner, NW Region

Bridge Industrial

Wilma Warshak

Wilma Warshak

Managing Partner

Washington Real Estate Advisors

Jack Falk

Jack Falk

Investments, West Region

Realterm

Jami Balint
Moderator

Jami Balint

Partner

Seyfarth Shaw

Bryan McKrell

Managing Director

Link Logistics

Bryan McKrell is a Managing Director at Link Logistics Real Estate. He is responsible for more than 53 million square feet of industrial properties in the Pacific Northwest and he has worked in Commercial Real Estate for the last 23 years. Bryan has worked locally as a youth sports coach for soccer, basketball golf, and football and spends a good deal of time volunteering at his children’s school and in the community. Bryan grew up in the Carmichael area and attended Starr King Elementary and Middle school where he was inspired to learn and would like to give back to the district which provided him with such an exemplarily academic foundation. Bryan is the father of three children and currently resides in East Sacramento.

Justin Carlucci

Partner, NW Region

Bridge Industrial

Justin Carlucci is responsible for Bridge’s acquisition and development activities throughout the states of Washington and Oregon. Justin has been involved in the acquisitions and development of over 7 million square feet of industrial real estate with a value in excess of $900 million during his career.

Justin is a graduate of Syracuse University where he holds a law degree and MBA. He received his Bachelor’s degree from Manhattan College. Justin is a member of the Washington State Chapter of NAIOP.

Wilma Warshak

Managing Partner

Washington Real Estate Advisors

Wilma Warshak has been a widely recognized leader in virtually all aspects of the industrial real estate advisory and brokerage business for more than twenty years. During that time she has represented major corporate clients and many of the nation’s largest institutional and private investors, including RREEF, Prologis, TA Associates, Cutter & Buck, Sears, Amazon.com, Boeing, Macy’s, Blackrock, IIT, Cornerstone Advisers, Safeway, Teutsch Partners, Blue Nile, Port of Tacoma, Versacold, and Panattoni.

In recent times, Wilma completed the year’s largest single market industrial investment sale on the West Coast: one million square feet for the James Campbell Company of Hawaii and San Francisco. Following this, Wilma sold BlackRock’s 400,000 square-foot Portside Distribution Center and the 445,000 square-foot Kent 167 Distribution Center to Prologis.

Wilma was Colliers International’s top producing industrial broker in the Northwest for 18 years. Eighteen times she received the prestigious Colliers International Award for Excellence, given annually to the top five percent of Colliers professionals worldwide. In addition, she was named Colliers International Top Professional North America.

Known in the industry for effectiveness, access to decision-makers and creativity in representing clients’ strategic long-term interests, Wilma has three times earned the Industrial Broker of the Year Award for Washington State SIOR, and has been a finalist multiple times. The national industry research firm Costar has repeatedly named her Power Broker. Through her national and local work she has built a wide network of professional relationships that help her uncover opportunities and negotiate effectively.

Wilma has mentored others in the industry as an instructor in the University of Washington’s Real Estate Program for the past several years. She has served as President of Washington State SIOR and founded and headed the local chapter for CSCMP (Council of Supply Chain Professionals). She is sought after as a speaker, having addressed numerous industry meetings and conferences throughout her career.

Wilma received a Masters of Architecture from the University of Washington. She is a registered architect and, early in her career, worked on the design and planning of several commercial projects at NBBJ in Seattle.

Jami Balint

Moderator

Seyfarth Shaw

Jami Balint is a partner at Seyfarth in Seattle and advises clients on matters related to transactional real estate and land use for the development of industrial, commercial, and mixed-use projects. She provides legal advise and assistance to clients in all aspects of real estate transactions and development, including leasing, build-to-suit industrial leases, property acquisitions and dispositions, due diligence and feasibility analyses, development strategies, environmental review, land use permitting and administrative proceedings, and construction contracting.

Tenant-Centric Development and Design: Adapting to the Evolving Needs

Balancing Flexibility, Functionality, Technology, and Sustainability in Tenant-centric Industrial Spaces

Mark Netherland

Mark Netherland

Managing Director

Trammell Crow Company

Blake Kelley

Blake Kelley

SVP, Development

CenterPoint Properties

Jake Maxwell

Jake Maxwell

VP, Development Officer

Prologis

Shannon Underwood

Shannon Underwood

Owner

Underwood Gartland Development

Teresa Goodwin

Teresa Goodwin

Regional Director

HPA Architecture

Danielle Jacobs
Moderator

Danielle Jacobs

Principal

DCI Engineers

Mark Netherland

Managing Director

Trammell Crow Company

Mark Netherland serves as a Managing Director for TCC’s Seattle office, responsible for sourcing and executing industrial and commercial development and investment opportunities with the team. During his 18-year tenure in the commercial real estate industry, Mark has served as lead negotiator for 300,000 square feet of retail leases in the Pacific Northwest and negotiated approximately $130 million of construction contracts.

In his previous position, Mark served as a Senior Investment Manager at Schnitzer West, where he most recently oversaw the development of The Shops at the Bravern, the Northwest’s first comprehensive luxury retail center which sold for $79 million. Prior to joining Schnitzer West in 2001, Mark worked in asset management for Canadian real estate company, Bentall, and served multiple roles over five years at Premier Properties USA, Inc. in Indianapolis, Indiana. His responsibilities at Premier included retail project development, commercial site sales, land acquisitions, and marketing and leasing.

Blake Kelley

SVP, Development

CenterPoint Properties

Blake Kelley joined CenterPoint Properties in May 2022. He is responsible for leading CenterPoint’s West Coast development strategy and growing the Company’s presence in Southern and Northern California and Seattle.

Since 2007, Blake has worked on development projects for Prologis in Atlanta, GA, Columbus, Ohio, and Southern California.

He earned a degree in construction management from Arizona State University. Blake is an active member of the SoCal Chapter of NAIOP.

Shannon Underwood

Owner

Underwood Gartland Development

Shannon Underwood graduated from the University of Washington and the University of

California College of the Law. Prior to attending law school, she worked at EF Hutton in

syndications. Shannon practiced law for three years before making a career change to

commercial real estate development in 1993. Underwood Gartland Development is solely

owned by Shannon and her husband David Gartland. The firm develops manufacturing and

distribution facilities for its own portfolio in north King and South Snohomish County.

Shannon is Immediate Past Chair of the University of Washington Runstad Advisory Board.

She is an active member of NAIOP, having served both as the 2006 State President and

on the State and National Boards of Directors. Shannon is also a Past Commodore of

Meydenbauer Bay Yacht Club in Bellevue. She counts amongst her primary interests

reading, chicken husbandry, and sports, primarily running, biking, skiing, swimming, and

boating.

Teresa Goodwin

Regional Director

HPA Architecture

Teresa Goodwin is a Regional Director for HPA, Inc., a multi-disciplined design corporation that offers services in architecture, planning, and interiors to institutions, corporations, and developers throughout the Western United States with an emphasis in the design of warehouse and industrial buildings. Teresa has master planned more than 40 million square feet of buildings and overseen the design of industrial buildings regionally. She often presents the HPA Rules of Thumb for Distribution/Warehouse Design to developers and brokers.

Danielle Jacobs

Moderator

DCI Engineers

DCI Engineers Principal and Corporate Management Team member, Danielle Jacobs is the firm’s go-to warehouse/industrial design solution expert. She applies her approximately two decades of engineering experience toward leveraging solutions on conventional concrete, post-tension concrete, tilt-up concrete, steel, and cold-formed steel framing solutions. Her clients and AEC collaborators appreciate her ability to swiftly identify project challenges and execute feasible structural solutions to meet design criteria. Some of her recent warehouse achievements include the award-winning Georgetown Crossroads in Seattle and Project Heat, the first multi-level industrial warehouse in Chicago. She is taking that project experience to expand DCI’s warehouse and industrial market presence, which includes global high-tech clients.

Fireside Chat with Commissioner, Sam Cho

Exploring Latest Trends in Port Operations, Strengthening Local and International Partnerships, and Advancing Sustainability Initiatives

Sam Cho
Keynote

Sam Cho

President and Commissioner

Port of Seattle

Sam Cho

Keynote

Port of Seattle

Sam Cho was elected to the Port Commission in 2019 and Commission President in 2023. Cho is the son of immigrants who immigrated from South Korea to the United States through the Port of Seattle in the 80s. He is the youngest and first person of color to become Commission President since the founding of the Port in 1911.

Driven to help shape the economy of the future, Commissioner Cho’s career has spanned from government and emerging startups to established companies in the tech and sustainability space.

Commissioner Cho currently serves as Director of Strategic Initiatives in the Office of Seattle Mayor Bruce Harrell. He also held positions as an analyst at the U.S. Department of State, as a Legislative Assistant to both a Washington State Senator and a member of the United States Congress, and served as a political appointee under President Barack Obama. Prior to his election to the Port, Commissioner Cho was the founder and CEO of Seven Seas Export, an international trading company that exported over 2.5 million pounds of eggs to various countries throughout the Asia-Pacific.

Commissioner Cho earned his Master of Science in International Political Economy from The London School of Economics and his Bachelor of Arts in International Relations from American University.

His priorities as a commissioner include creating economic opportunity, promoting environmental sustainability, equity, diversity, and inclusion, and ending human trafficking.

Why You Won't Want To Miss This CRE Deal-Making Event:

What You'll Learn From This Commercial Real Estate Conference:

  • Gain insight into the leading developments in the Pacific Northwest and identify submarkets facing significant supply and demand imbalances.

  • Discover which types of tenants are driving demand for space and the specific features they seek in developments.

  • Explore the strategies developers employ to overcome challenges such as supply chain disruptions, zoning regulations and financing obstacles to increase supply.

  • Understand how the tenant landscape in the Pacific Northwest has evolved in response to the pandemic and its impact on design strategies.

  • Assess the effects of increased capital costs and a slowdown in new construction activity on the overall market.

  • Analyze the trajectory of industrial rent growth and its potential recalibration in the Pacific Northwest market.

How You'll Do More Business From Attending This Summit: Despite the market slowdown, the PNW’s industrial sector continues to exhibit signs of significant improvement and growth. With supply chains experiencing fewer disruptions, demand for industrial real estate has normalized. The aerospace and retail industries are particularly notable for driving this demand. Join us for an insightful event discussing the supply and demand imbalance, adaptation to evolving tenant needs, overcoming supply chain and financing hurdles, sustainability and the key factors for attracting tenants in today’s market.

Who You'll Network With At This Discussion: Owners, developers, investors, brokers, city and government officials, business consultants, architects, engineers, lawyers, accountants and bankers.

Why You Should Attend This Session: Bisnow events bring together the biggest power players in the industry to help you identify opportunities, build your network and expand your business. With the largest audience of commercial real estate professionals in the world, no one knows how to help your business more than we do.

For questions, recommendations, comments or press inquiries please email our event producer, Bora Altunay, at bora.altunay@bisnow.com. To request disability-related accommodations, please contact rachel.sundin@bisnow.com no later than seven business days prior to the event.

Venue

Embassy Suites Pioneer Square
255 South King Street
Seattle, WA 98104

Ballroom: King Street Ballroom, 6th Floor


Avalara Hawk Tower Garage - 522 Stadium Pl S, Seattle, WA 98104 - Pricing: Before 9:30am (early bird), $20. After 9:30am, 3-4 hours $24, 4-5 hours $30.

Get Directions

Agenda

Time Activity
3:00 PM
4:00 PM
Breakfast & Networking
4:00 PM
4:45 PM
PNW Industrial Market Outlook: Site Selection and Investment Strategies

Analyzing Supply and Demand Dynamics, Leasing Activity, Key Drivers, and Top Submarkets

4:45 PM
5:00 PM
Networking Break
5:00 PM
5:20 PM
Fireside Chat with Commissioner, Sam Cho

Exploring Latest Trends in Port Operations, Strengthening Local and International Partnerships, and Advancing Sustainability Initiatives

5:20 PM
6:05 PM
Tenant-Centric Development and Design: Adapting to the Evolving Needs

Balancing Flexibility, Functionality, Technology, and Sustainability in Tenant-centric Industrial Spaces

6:05 PM
6:35 PM
Closing Networking

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