In this episode of the Big Mike Fund Podcast, Mike Zlotnik sits down with Chase MacLeod, Founder and CEO of MacLeod & Co., a boutique industrial commercial real estate brokerage specializing in Southern California, Dallas–Fort Worth, Houston, and Miami. Chase shares his journey from Texas to California, discusses why industrial real estate remains one of the most dynamic sectors in commercial real estate, and provides an insider’s perspective on today’s warehouse market.
The conversation explores the significant differences between the Inland Empire and Texas industrial markets, highlighting how supply, demand, regulations, and economic uncertainty are shaping leasing and investment decisions. Chase explains why today’s market strongly favors tenants in Southern California while Texas continues to experience exceptional demand driven largely by data centers and logistics infrastructure.
Mike and Chase also discuss the challenges investors face when underwriting industrial acquisitions, the impact of California’s AB98 legislation on future warehouse development, and why constrained future supply may create attractive long-term opportunities despite today’s softer leasing environment. The episode concludes with practical advice for investors, business owners, and CEOs navigating major industrial real estate decisions.
Key Takeaways
Industrial real estate remains one of the strongest long-term sectors.
Despite current market fluctuations, demand for logistics, warehousing, and distribution facilities continues to be supported by e-commerce, manufacturing, and data center expansion.
Dallas–Fort Worth continues to experience exceptional industrial demand.
While many believe Dallas has been overbuilt, Chase explains that millions of square feet of active tenant requirements – particularly from data center-related businesses—are keeping the market remarkably active.
Southern California has become a tenant’s market.
High vacancy rates and slower leasing velocity have created favorable conditions for tenants, allowing businesses to negotiate better lease terms, rent concessions, and tenant improvement packages.
Geography still drives warehouse economics.
Choosing the right location involves balancing rental costs with transportation expenses, particularly proximity to the Ports of Los Angeles and Long Beach. Lower rents farther inland may be offset by higher drayage and logistics costs.
Building specifications matter.
Not every tenant requires the newest 40-foot-clear warehouse. Many businesses can significantly reduce occupancy costs by leasing functional older buildings with lower clear heights while still meeting operational needs.
California’s AB98 legislation may limit future supply.
New regulations restricting industrial development near residential areas make future warehouse construction considerably more difficult, potentially increasing the long-term value of existing industrial assets.
Investors should focus on downside protection.
Rather than chasing appreciation, Chase recommends acquiring industrial properties at a price that provides a comfortable floor value, allowing investors to withstand slower leasing periods or tenant turnover.
Uncertainty – not lack of demand – is slowing leasing decisions.
Many companies continue delaying major commitments due to uncertainty surrounding tariffs, international trade, and capital flows rather than a fundamental decline in business activity.
Port markets remain strategically important.
Markets such as Miami, Houston, Savannah, and Jacksonville continue to benefit from international trade and evolving supply chain strategies, creating attractive long-term industrial opportunities.
Understanding how deals are structured creates a competitive advantage.
Chase emphasizes that successful industrial real estate transactions require far more than finding available space – they involve careful strategy, negotiation, and understanding each client’s operational priorities, which is why his firm shares behind-the-scenes insights into major transactions.
Overall, this episode provides valuable insights into today’s industrial real estate market, helping investors and business owners better understand where opportunities exist, how different markets compare, and what factors are likely to shape the sector over the next several years.
Contact Chase MacLeod
Website: 🌐 MacLeodCo.com
Email: 📧 media@publicityforgood.com
Instagram: 📸 @MacLeod_co
LinkedIn: 💼 @MacLeodCo
Youtube:▶️ @CMacLeod1118
X: ✖️ @ChaseMacLeod
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Email: mailto:invest@tempofunding.com
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