Podcast Summary: “The Portfolio Behind 5% of U.S. GDP: Link Logistics on What’s Driving Demand”

Supply Chain Now | November 12, 2025
Host: Scott Luton
Guests: Brandon Page (EVP, Link Logistics), Glenn Wy (Senior Managing Director, East Region, Link Logistics), Ward Richmond (Real Estate Advisor/Industry Expert)

Episode Overview

This episode of Supply Chain Now reunites hosts Scott Luton and Ward Richmond with industry leaders Brandon Page and Glenn Wy of Link Logistics. The discussion dives deep into the dynamic world of industrial real estate, highlighting demand drivers, post-pandemic shifts, new trends, and how AI and technology are reshaping the industry. The conversation is rich in actionable insights, drawing on panelists’ hands-on experience across markets that constitute 5% of U.S. GDP. The episode strikes a balance between high-level strategy and market-level nuance, addressing everything from emerging industry impacts to the role of relationships and technology in market resilience.

Key Discussion Points & Insights

Introductions & Industry Backgrounds (02:06 – 11:05)

• Link Logistics Scope:
  • Nearly 3,000 buildings, 500M sq. ft. coast to coast, 8,000 customers.
  • “5% of U.S. GDP runs through our facilities.” — Brandon Page [09:55]
• Roles of Guests:
  • Brandon — EVP, leasing, customer solutions, credit risk, and supply chain board.
  • Glenn — Senior Managing Director, East Region (Boston to Miami), oversees 130M sq. ft. and 125+ team members.

How Industrial Real Estate Has Changed Since 2022 (13:52 – 18:29)

• 2022 as the Peak:
  • “It was a once-in-a-career cycle—relentless demand, record high leasing, record-low vacancy, record-high rent growth... It was just like the perfect storm from a landlord's perspective.” — Brandon [13:54]
• Shift to Cautious Decision-Making:
  • “It’s become much more methodical, calculated, risk averse.” — Brandon [14:37]
  • Customers now “double, triple check” before committing; process is drawn out.
• Tenant Experience:
  • Ward: Post-pandemic, tenants were often left with too much space, resulting in a new, conservative approach to real estate decisions. [16:42]
• Important Analogy:
  • “You were fine driving the rickety old truck until you got in a brand new BMW and then your truck didn't look so great. It's sort of that sports car vs. steady Eddie truck.” — Brandon [18:06]

Biggest Post-Pandemic Surprises (19:06 – 21:28)

• Resilience of Industrial Returns:
  • “Consumers want products faster. E-commerce penetration continues. Onshoring and nearshoring have provided real tailwinds.” — Brandon [19:36]
• Enduring Importance of Relationships:
  • “Two things really matter: relationships, and getting product to consumers as quickly as possible.” — Glenn [19:57]
• Core Takeaway:
  • “Relationships are everything.” — Ward [21:45]

Top Demand Drivers in Industrial Real Estate (23:52 – 27:14)

• E-Commerce:
  • “Still a massive driver. Delivery times are shrinking—what started as 3-5 days is now same day. It's only going to get faster.” — Glenn [23:52, 19:57]
  • 95% of Link’s buildings are within a 1-hour drive of 1M+ people.
• Domestic Manufacturing:
  • “We’re seeing more local groups and 3PLs taking space to enhance delivery efficiencies. Manufacturing demand takes longer to play through but is significant.” — Glenn [24:41]
• Data Centers:
  • Industrial space needed in proximity for both construction and ongoing service support. [25:41]
• 3PLs (Third-Party Logistics):
  • “Historically 25-30% of leasing; last year dipped to 15-18%, now north of 30%... 3PL allows quick market entry and flexibility for users.” — Brandon [26:00]
• Ward’s Industry Lens:
  • “There are three PL real estate brokers—it’s its own operation... Extreme flexibility, very fast-moving.”

Bonded Warehouses, FTZs & Mitigating Uncertainty (29:06 – 33:09)

• Bonded Warehouses Not A Panacea:
  • “You’re not avoiding taxes, just delaying them... It’s usually tenant-specific, often portions of facilities within 3PLs.” — Brandon [29:49]
  • “Quite an arduous process...which is why most people run them through 3PLs.” [31:44]
• Ward’s Take:
  • “Bonded warehousing was like playing blackjack for newbies trying to capitalize on tariff swings… Most established 3PLs, that’s their core business.” [32:13]

Current Market Supply & Regional Dynamics (40:00 – 52:03)

• Supply Equilibrium:
  • “It’s extremely nuanced – markets can be over- or under-supplied even within the same city.” — Glenn [40:22]
  • “Bulk space (400,000+ sq. ft.) oversupplied; sub-150,000 sq. ft. very tight.”
  • “Construction starts are at historic lows; we’re a couple of buildings away in some markets from ‘too much’ to ‘no supply.’” — Brandon [41:56]
• Region Hotspots:
  • Houston cited as potentially “the healthiest US industrial market right now.” — Brandon [46:59]
  • Sunbelt cities (Atlanta, Charlotte, Nashville, Dallas, Phoenix, Miami) highlighted for dynamic activity. [44:59]
• Volatility of Options:
  • “Markets can shift fast; five options one day, zero the next.” — Ward [48:08, 49:46]

Customer Priorities & Headwinds (36:09 – 38:32; 52:37 – 57:25)

• Flexibility & Optimization:
  • “Corporate users have been on the sidelines; uncertainty and margin pressure make big capital investments hard. Customers crave flexibility and warehouse efficiency.” — Brandon [36:09]
  • “Today’s biggest customer focus is on optimization—inventories, right-sizing, power for automation.” — Glenn [37:21]
• Response Time:
  • “Customers value extreme speed and patience. Analysis paralysis interspersed with urgency—data-driven decisions now dominate.” — Ward [38:32]
• Top Headwinds:
  • Economic uncertainty, consumer health, and slower customer decision-making. [52:48]
• Market Stability:
  • “If you strip away big-picture uncertainty, the fundamentals on the ground feel pretty stable.” — Glenn [52:48]

The Role of AI & Technology (52:37 – 59:39)

• Three AI Focus Areas at Link Logistics:
  • Productivity, Automation, Insights/Data (“We have data scientists and a rent modeling tool analyzing billions of data points.”) — Glenn [53:54]
  • “Data will be a key differentiator in the future.” — Brandon [55:17]
  • “Imagine having two bots put together a lease in 15 seconds… That’s a realistic concept.” — Brandon [55:57]
• AI Perspective:
  • “I think AI is at the pre-email/Internet stage—it’s so early, but it’ll expand exponentially... Core human relationships will become even more important as other jobs are automated.” — Ward [58:07]

Market Misconceptions (60:23 – 63:34)

• Not Just a Big-Box/Fortune 50 Game:
  • “Most of our leases are with small, regional businesses… It’s entrepreneurship on display and the backbone of America.” — Brandon [60:23]
• Industrial Is Not a Commodity:
  • “10-20 years ago, it was just a ‘box’—today, you need power, data, fiber, right configuration, and to be positioned for future trends.” — Glenn [61:21]
• Industrial’s Hidden Role:
  • “Most people do not know industrial real estate exists until you notice—and then you can't unsee it. You see the whole supply chain working within those walls.” — Ward [63:14]

Notable Quotes & Memorable Moments

• “5% of U.S. GDP runs through our facilities.”
  — Brandon Page [09:55]

• "The lease it now and figure it out later mentality is definitely to the wayside."
  — Brandon Page [14:37]

• "Relationships are everything and getting product to customers more efficiently—that's not going to slow down."
  — Glenn Wy [19:57]

• "Imagine having two bots put together a lease in 15 seconds—that's a realistic concept."
  — Brandon Page [55:57]

• “AI is at the pre-email/Internet stage—we can’t predict what it will do to society.”
  — Ward Richmond [58:07]

• “The coolest thing about industrial real estate: Most people do not even know that it exists—until it can't be unseen.”
  — Ward Richmond [63:14]

• “We're in a balanced market; this era requires flexibility and relationships still trump everything.”
  — Ward Richmond [65:44]

Timestamps for Key Segments

• Introductions & Company/Role Backgrounds: 02:06–11:05
• Market Changes Since 2022: 13:52–18:29
• Biggest Surprises Post-Pandemic: 19:06–21:28
• Top Demand Drivers: 23:52–27:14
• Bonded Warehouses & FTZs: 29:06–33:09
• Market Supply & Regional Dynamics: 40:00–52:03
• Customer Priorities & Headwinds: 36:09–38:32, 52:37–57:25
• The Role of AI & Tech: 52:37–59:39
• Misconceptions: 60:23–63:34
• Closing Takeaways & Key Lessons: 65:44–66:07

Conclusion & Key Takeaways

• Market Philosophy:
  The industrial real estate market has swung from historic highs to a measured, balanced period prioritizing flexibility, optimization, and resilience.
• Technology & Relationships:
  The integration of AI/data will enable smarter, faster decisions, but the industry will always hinge on relationships and on-the-ground knowledge.
• For Newcomers:
  Industrial real estate is complex and deeply entrepreneurial—80%+ of deals are with small/local companies. Not just the realm of Fortune 50.
• Strategic Outlook:
  Stability is desirable after years of volatility, but continued headwinds and rapid tech shifts require an adaptable approach.
• Industry Advice:
  Flexibility, speed, and strong relationships are the keys to thriving in today’s environment.

Contact Info:

• Link Logistics: linklogistics.com / LinkedIn (Brandon Page, Glenn Wy)
• Ward Richmond: Industry events, podcast “Trucking On,” LinkedIn

This episode is a must-listen for supply chain professionals, real estate practitioners, or anyone tracking the pulse of American industry and logistics.