Podcast: Warehouse vacancy rates and the value of strong partners with Summit Hogue, Managing Partner at Growe

Summitt Hogue, Managing Partner at Growe, joins the podcast to discuss the 2023 industrial real estate market outlook, warehouse vacancy rates, and the value of strong supply chain partners. Let’s dive in.

Transcript

Mike Adkins, VP of Sales at WarehouseQuote: “Here with Summit Hogue, Founder of Growe, a Dallas-based commercial real estate firm focused pretty exclusively on third party logistics firms and supporting them in finding the capacity to service their customers. Summit, really glad to have you on the show.”

Summit Hogue, Managing Partner at Growe: “Yeah, man. Thanks for asking me to jump on. I’m excited to be a part of this, you guys.”

Mike Adkins, VP of Sales at WarehouseQuote: “Sounds good. Well, I know, you know, with both of us being in the wake world of warehousing and distribution, there’s pretty unprecedented times when we talk about some of the challenges that our customers are really trying to navigate, whether it’s your 3PL customers looking for places to set up shop, and, you know, set themselves up for growth for the long term. And from our side really our end customers are looking for space to distribute out of and really have an effective supply chain to really accomplish their goals. I think one of the biggest things we see is really low vacancy rates, really across the country, really historical, specifically around the port cities. I think there’s multiple reasons for this kind of outcome here. You know, I’m interested in somebody who’s really on the broker side and really close to the development firms and the 3PL that are eventually operating like what are you hearing and seeing? And what are folks doing about it?”

Summit Hogue, Managing Partner at Growe: “Man, yeah. So Las Vegas rates are lower than they’ve ever been in the industrial world, which has caused all kinds of challenges for any industrial user really. And, you know, one of the crazy things that happened is now all these developers went out there and they were buying as big of a piece of land as they could and building the biggest building that they could. And then their goal is to lease it itself, right? And nobody out there built any small based stuff like nobody built the 50,000 square foot building for the 150 that they’re chopping up into smaller suites. So anybody that’s a small user, their rates are because they got nowhere to go. And then the big box guys, they’ve been getting the leases that they want. Because a lot of these major corporations have been coming in and just sit long term leases on these huge bombers. And it just made it really hard to go to a secure space. And if you’re needing anything, you know, like if you’re a brand and you want to hire a 3PL or somebody to manage 100,000 feet for you, some of these 500,000 foot buildings, they’re not gonna allow you to take 100,000 of it. Once you take the whole 500. So it creates this challenge in the market where these landlords will sit on their 500,000 foot building and just wait for a full building user instead of chopping it up. So that makes it even harder for your space. So even when you see a vacancy rate at point five percent or one percent in some of these markets, I mean, part of that point five percent is a 1,000,000 square foot building sitting there by itself. And the only person that can go into that building is a 1,000,000 square foot user. In some cases, it was truly zero percent vacancy for groups that were looking for 50 to 250,000 square feet because nobody would devise the bigger spaces.”

Mike Adkins, VP of Sales at WarehouseQuote:  “Are, I think even, you know, from our customers perspective too and working with the 3PL, you know, I think from a strategic standpoint, you know, much like the landlords are waiting for operators to come in and operate the half a 1,000,000, you know, square feet in total rather than a partition of it. Many of the 3PL, you know, partners, we’re talking. They have a goal to manage as few customers as possible. And so what we’re seeing is, you know, forget about 100,000 square feet. The customer that needs, you know, 10, 25, 30 is really in kind of a tough spot as the 3PL operators are really looking to consolidate the amount of accounts they’re managing. And now, I think when business is good like this and there’s as much competition to get paid to play and it seems to especially around those port cities to really, I don’t know, I see end in sight anytime soon. I don’t know what.”

Summit Hogue, Managing Partner at Growe: “I definitely see it is softening big time right now, which is really good to see. I’m starting to get cold called by listing brokers that I’ve reached out to in the past saying, hey, is this building still available? When usually they would respond and just say least and not even give me any other contacts or just not respond? And I’d have to call them and call them. And finally they tell me back when the market was crazy hot. Now they’re responding with like here’s all this information. Can we set up our, yeah. And then on top of that, if I let 48 hours go by, they’re calling me again, hey, man, what’s the update on the deal? And then next week calling me, hey, man. What’s the update on the deal that streams to me that the market is changing, really markets like Phoenix that are kind of these tertiary markets that people move to get out of the port city to get out of la Long Beach. They got priced out of the Inland Empire. So they all go to Phoenix. Well, now that things are really slowing down and Phoenix is really starting to struggle in my opinion from the absorption perspective. Also, not a great lane when you start looking at where to put up a building that’s why Las Vegas and Reno stayed really hot because there’s so many lanes going through Las Vegas and Reno versus Phoenix that you can justify paying the drayage cost to get it up to Vegas or Reno because it’s just cheaper that way. Plus, the rents are way cheaper than the Inland Empire still. So why you’ve seen a lot of that move out that way, but it’s the vacancy rates there have now dropped almost as low as the Inland Empire. So.”

Mike Adkins, VP of Sales at WarehouseQuote: “Yeah, it’s good. You’re seeing some opting usually by the, we find out about it a little bit after, you know, the way it flows down. So good to hear you’re seeing a little bit of that. And from our customers perspective, they’d be super pleased to hear that, you know, one of the things that we’ve been working with a lot of customers on is just some strategies and potential alternatives to working in the, you know, the inland empire is close to, you know, Oakland, the Oakland or as possible New York, et cetera. Are you seeing any strategies or maybe with some of the movement even or softening, you know, what are you seeing? You know, some, your customers are really looking to do so because maybe it’s not a good time to set up shop in an adjacent, you know, port city or within the area. What are you seeing folks do?”

Summit Hogue, Managing Partner at Growe: “Man, everybody’s going to Las Vegas from what I’m seeing and that’s why the vacancy rates there are dropping really fast because the rates are not. I mean, the rates are pushing like crazy out there too. I mean, you’re still pushing 90 cents a foot for 150,000 for building plus in Vegas, if you can find it. I’m actually looking for it right now for a couple of different clients. And it’s Q3’ 2023 before we’re going to be moving into anything because there’s no sitting vacancy. It’s all future vacancy. And if you’re looking for 50,000 square feet or maybe 75, 80,000. If you have an option, it’s going to be a dollar, five foot, something like that a month. And a lot of times like I’ve got a group out there right now and in Vegas, they at least expire in June and they’re in there. There’s a vacant space right next to him that just came available. And I said, hey guys, we should do a blended extent, you can absorb that space. It’ll drop your rate because you’re getting a lot bigger. And here’s a group that would love to fill it with. And they just said, man like we, we’re probably going to turn that least back because from what we’re paying to what they’re asking, it’s such an astronomical change. We’re just going to be able to play all of those numbers. So, you know, a lot of folks are running into that. And on top of that, there’s no short term deals either, especially in those markets. And that’s one thing that I saw this massive retailer that was asking companies to have 300,000 square foot spaces in, you know, the west coast and Chicago and the northeast. And they wanted to sign a one year contract with all. And I’m like that doesn’t work like the landlords are forcing these 3PL to sign a five year lease at a minimum. And on top of that, they’re pushing four percent escalations, they’re pushing some of these wild numbers. And a 3PL is gonna turn back their lease and back out of a marketing not, they’re not gonna continue to grow. They’re not gonna take on a one year deal with the customer side five year lease. Nobody’s gonna do that. Started to see that a lot like I’ve had, I don’t know how many deals over the last six to nine months. They got pretty close to the finish line and then just halted because they just said, hey, we’re just the uncertainty in the market is really causing us to sit back and relax. Well, my advice to them is like that’s actually a good idea because I think Q1, Q2 of 2023 is going to be the perfect time to really go push expansion. Because one of the things you’ve really got to look at in the market is a pro logs for example, they dropped every link deal they had under contract in the whole country and just said we’re gonna hall development. We’re gonna stop. Well, if Prologis is stopping, they’re the biggest in the world. They have been for many years in industrial landlord. And if they’re doing that, that’s a streaming something’s coming, right? And what I think is actually coming is with interest rate skyrocketing, everybody’s holding development. And there’s going to be this little window in Q1, Q2, maybe three where you’re going to be able to get a really good deal on building somebody that somebody started building it mid this year. Early this year. They had a lot of construction delays and it’s come into the market along with a lot of other stuff while demand has fallen off. And that guy is gonna have to get a lease on this building as soon as possible developer. So you’re going to be able to find some of those situations to get in. Plus you’re gonna see a lot of sub leases on the market which will be good to take advantage of as a 3PL operator or maybe some of your customers that are looking for some short term type of operation. I think you’ll find it then. But then there’s going to be this gap again where no new constructions hitting the market because we had a major stop in development. And then all of a sudden once that space that gets absorbed, that is being delivered right now, there’s just gonna be this huge gap in the market where there’s not very much new construction delivering and you’re gonna see those as pop.”

Mike Adkins, VP of Sales at WarehouseQuote: “Yeah, stop and go kind of the new, normal, right?”

Summit Hogue, Managing Partner at Growe: “Down the highway and bumper to bumper traffic and you get, you go go go. Then it just all of a sudden, it just stops again and just goes stops. We got a long way to go, I think in the bounce back of what COVID actually did to the overall supply.”

Mike Adkins, VP of Sales at WarehouseQuote: “Yeah, I agree. And it’s interesting like we actually have been structuring a couple of our deals to, on behalf of our customers with 3PL, to actually commit to the longer term period and really work with them to fill their building within customers. So that, you know, some of these like the shorter term on your, to your type of deals are at least able to be considered. I think, you know, when you have that on balance like the time frame, the term and then the outlook on construction. Like everybody’s reading the same news. And I think the question of when and how long some of those windows is going to be. I think, you know, certainly up in the air, but I think everybody’s waiting for the right time, right? And so it’s kind of difficult to get everybody on the same day, so.”

Summit Hogue, Managing Partner at Growe: “Yeah. I really think this peak season was really pivotal and I think a lot of companies and retailers sat down and said, okay, how are we going to get rid of all this excess inventory? Like obviously you still have people bringing in Christmas inventory, people bringing in their spring inventory, and they kind of have these seasons where they’re bringing stuff in. Well, they brought in so much extra inventory and they sat on it for so long and paid all that debt service, paid those ridiculous high storage rates and pick and pack fees, and all that stuff. Been going up through the roof because the supply chain costs just tripled because of rents because of gas prices because of all these different factors, right? So they have this huge cost in the inventory that they had on hand and it was getting more expensive every time the Fed raises rates. So they needed to sell as much of it as possible to kind of hit the reset button, take their losses and go into 2023 with a better game plan and get sort of back into just in time manufacturing. I feel like this might be just my opinion, but I think the world needs to move back to just in time manufacturing because that’s when things were the most smooth and everybody’s processes were humming and they were making the right margin that they needed to make. I don’t know that we’ll ever get back to it like it was. But I do think we got to move sort of back to that direction instead of this just in case inventory that everybody’s been sitting on. I think a lot of that stuff is gonna move out over this black Friday cyber Monday we just went through. And over the rest of the year, you’re still gonna see the sales run in. And then I think once they deplete that inventory or groups are not going to be replacing it with near as much as they had, which is gonna free up a ton of warehouse space across the country. And that’s where I think you see the sublease wave sort of come in and you’re able to kind of get a 40,000 foot space out of the back of somebody’s building. I’ve already had three clients say, hey, man. I got a 400,000 foot building in California and I signed a dedicated contract with a major retailer and that retailer is planning to deplete it all the way down to where they only need 50,000 feet and they’re committed to the full space. They’ve got to pay me on it. But they’re not going to be using it. And if I can’t figure out another solution to back fill that space. They may have to just completely pull out and it’s just going to be bad all the way around for everybody. So, can you help me fill the building? And I’m like, well, there’s this huge retailer that is planning to deplete their inventory that much and go from 300,000 to down to 50 inches. I mean, I think that’s going to be something we see across the whole country and a lot of these markets, it’s gonna really start softening the market more and more.”

Mike Adkins, VP of Sales at WarehouseQuote: “Nice. Well, we’ll have to keep chatting about things like that offline for sure. There’s plenty of folks looking for the avenue in, you know, I think we’ll get to this a little bit later, but, you know, this partnership and kind of just knowing people right now, I think is incredibly important and just, you know, some of the nuances like that, right? And that some options that either haven’t been on the table for the last 12 to 24 months or are just kind of new scenarios that are response to really some of the things we’re seeing, you know, it’s I think important to have people that are close to going on. So like Los Angeles, you know, southern California is obviously just insane from a cost perspective, vacancy perspective. I know it’s close to New York and New Jersey ports, which was also just almost as bad. And at times, you know, Charleston and, you know, just depending on where people were sending product, it seemed, what do you see is kind of the market or region to kind of stay weary of? If you’re if you have to make a decision today on where to be or where to set up shopping?”

Summit Hogue, Managing Partner at Growe: “Stay weary of and try to avoid?”

Mike Adkins, VP of Sales at WarehouseQuote: “Yeah. So just in terms of kind of the higher rates and more expensive?”

Summit Hogue, Managing Partner at Growe: “The Inland Empire man, they’re trying to make it as hard as possible to bring stuff in there. They want to kill the warehousing and fulfillment and distribution import, export. They wanna kill that as much as they possibly can. But unfortunately their location is not gonna allow them to just, it is simply going to just keep driving up costs, but people are still gonna do it because that is the cheapest place to bring stuff in from China. And ultimately, if you do the math and you’re sitting there saying, well, I could set up a warehouse, pay a dollar 75 a square foot a month for a 200,000 foot warehouse in the inland empire and have my drag cost X or I go to Phoenix or vegas or Reno, and my drag costs go way up and my rent drops, you know, 50 cents or 75 cents, maybe a little over. I mean, depending on how many containers you’re doing it’s still probably gonna make sense for you to be in, if you can find it. Now, you have to also add in the indirect source role which is now being implemented, which is a whole topic in itself of how on earth this got past and the impact it’s gonna have on overall costs to do business in southern California. But the indirect source role is basically blaming all the warehouses for they’re the indirect source for all the admissions in the error of the structure. So if you have over 100,000 square feet of warehouse, then you’re going to have to pay an extra tax for every single truck that comes to your building. And in some cases, it’s gonna cost guys, you know, anywhere from 1,000,000 to two and a half 1,000,000 dollars a year extra in taxes that they’re going to have to pay to the south coast air quality management district for that reason. So it’s gonna add another major cost that’s going to be passed on to the brands. And ultimately, it’s gonna turn on and get passed on to consumers. And those are just factors we’re going to have to deal with moving forward. And, you know, then you also have every city ordinance out there is battling industrial developers more than they ever have because they’re not letting you build buildings in two and a half years to get tied up to land, get the permits, get it resell, get it permitted, and then get the work done. So the demand is staying really hot out there. And I think if you will in the Inland Empire, they can’t build more inventory fast enough to keep up with the demand. So the rates are probably gonna stay really high out there for a very long time. Time and you’re gonna have to commit long term or you’re not gonna play ball in that market. And I think a lot of 3PL are getting pushed out because they have to resell the space.”

Mike Adkins, VP of Sales at WarehouseQuote: “Right.”

Summit Hogue, Managing Partner at Growe:  “And if I can’t resell the space because I’m paying such a crazy number, then the cost of doing business there is too high. So those guys moved in and so they moved to Reno and Las Vegas, but those markets are getting more and more expensive every day too. So I don’t know what the future looks like out there. I wish I had a crystal ball, but I can tell you it’s definitely slowing down. So we’re not going back to the market growth that we saw pre COVID, where it’s like, hey, you know, the deals are getting done around these rates, maybe slightly more. And you actually have to make a case for why you should be more expensive than the other versus what we’ve been going through where it’s like, hey.”

Mike Adkins, VP of Sales at WarehouseQuote: “Take or leave.”

Summit Hogue, Managing Partner at Growe: “A, like I got a deal, right? Engaged, the landlord, we start conversations on a Monday. Okay. They basically have this in the like they’re basically had a 48 hour window that was like if we don’t sign a lease in 48 hours, these rates are subject to change. So if you don’t just come in and say, give me a lease, I’ll take it whenever I won’t counter you on anything on the lease, just give me the lease. I’ll take the building and you just sign whatever it is. That’s how you had to win a building for a while. And then now we started moving into where you have three or four buildings to choose from. And you can actually go negotiate. Now, you’re still going to pay a pretty high rate, but you actually negotiate a lot of the deal terms, you know, all the way through and from a capital operating expenses to, you know, some protection and a lot of these different other items in the lease. You didn’t really have a choice. Before one more little point out there. I had a deal that started negotiation at 75 cents a foot a month. That’s what the landlord proposed to us. By the time my client got their client to the 3PL, got their client to actually agree and say, okay, we’ll do. It was about a week and a half and the landlord came back and said, sorry. Now you’re in, you’re at 92 cents a foot because you waited 75 to 92. It was like it was like a week and a half two week period. And that’s how fast the rates were moving in the inland empire. And we didn’t move within 48 hours when they gave us 92 and they at least somebody else, I, this was new and they got to get out here and they signed up somebody else for 95 cents a foot. It was like it was because the 3PL couldn’t get their customer to move fast enough. So they ended up having to board the whole mission, but that’s how crazy it was.”

Mike Adkins, VP of Sales at WarehouseQuote: “Yeah. I mean, we ran into a similar situation with the customer and unfortunately, we all got through it, right? And at some point it’s just like I got to do what I got to do in order to stay there. So, yeah, we saw about it’s about, I don’t know five months ago, six months ago, there was a, you know, the least renewed for the three is, you know, kind of again and it’s all passed down the line and we were looking at about a 35 percent increase across the board once not only real estate but labor and some of the other challenges that are outside of the building and materials came into place. So that’s difficult. And then, you know, that, you know, you brought that indirect sourcing rule to my attention and like who man, it just blows my mind. And yeah, I think when you opened up with the point, we’re just trying to make it as hard as possible to try to push out all of the warehousing and distribution activity as much as they can. Like that’s the only explanation.”

Summit Hogue, Managing Partner at Growe: “That’s exactly what they’re trying to do as a city, they wanna go back to slow moving, chill California. And the reality is where that city is located, it is going to maintain the most user containers coming into that port because it’s truly, it’s dealing empire. I mean, that’s where it’s gonna be. It’s gonna remain there. You can’t really have it.”

Mike Adkins, VP of Sales at WarehouseQuote: “Yeah.”

Summit Hogue, Managing Partner at Growe: “A lot of cases, other port markets are gonna start taking some of that just because they can’t keep building warehouses because they’re making it even harder at capacity, but, you know, I think Houston is a great second market if you just kind of keep coming around Oakland, you know, coming into like Sacramento or coming in through San Francisco through that area. Also still a really good area. The pacific northwest is really tough. It’s such a tough market to put a distribution unless you’re really serving something up there. Yeah, really?”

Mike Adkins, VP of Sales at WarehouseQuote: “Have a pretty high concentration of goods going in that region. I feel it’s hard to get, you know, once you’re up there, it’s tough to move product out at least efficiently and a lot of it, I think what we’ll see too is just focus on planning from, you know, customers too. I think, you know, if you can plan ahead and take a week’s transit on rail, you know, that may open up some opportunities for you too, right? So, you know, I think we have our own customers really looking at ways to get better at running your business so that they don’t have to rely on just time. They can plan a little bit ahead, but using that lag time is kind of part of the chain far from being good at it.”

Summit Hogue, Managing Partner at Growe: “Yeah, the port of Savannah is wonderful. I mean, that city is really growing. The port has so much growth coming. I mean, they’ve got all this land. They can just keep adding and adding. They’re one of the only ports in America that actually has a plethora of room to continue to expand. So, I think you’re gonna see the port of Savannah really grow over the next five, 10 years. They’ve got so much land and just keep building and keep building. That’s a wonderful market. I think you’re gonna see a lot of.”

Mike Adkins, VP of Sales at WarehouseQuote: “I agree. And, you know, what we’re also seeing is a little shift on the manufacturing side on getting out of China just because of some of the unpredictability with plants shutting down and those types of things. So like the goods are being produced somewhere else. So they’re looking maybe for small… there’s a lot of interesting things happening. And, you know, I think one of the things everybody’s dealing with and I’m sure you’re seeing it on both the real estate and the 3PL side. It’s just like it’s the economy man, right? Like the fee rate increases and cost of capital to get some of this done. You mentioned, you know, that kind of the strategy of sitting and waiting, maybe waiting is the best thing to do right now. You know, what else would you recommend either 3PL out there looking for the next phase? Or, you know, customers that would potentially use some of the folks that would come into your building?”

Summit Hogue, Managing Partner at Growe:  “Man, I definitely believe that in Q1, Q2 of next year, maybe even Q3 that we’re gonna see landlords really sitting there ready to play ball with whoever wants the least they’re building versus today. I think the softening is gonna really start to happen after the season, right? We kind of moved past black Friday. So Monday now and I think no matter what market you’re in, you’re going to actually be able to negotiate on a deal and secure some space going into next year. Now, you know, I got some guys that pre COVID, they say, listen, we know we want to be in this market. We know this is a market that we’re gonna put our roots down in. And we don’t want to deal with any variability in the market, how crazy things can be before any of that. Even. Have a 10 year lease on their buildings, and they go find really good class space. They commit to it for a long time too, you find a merchant developer that’s their whole model is built at least to sell it. You go sit down with that guy and you structure a really good deal with them and you sign a 10 year lease. And those guys, they did that man, they are for the next eight and a half years, they are so far below market. It’s unbelievable and they have very set their costs over the next, you know, for the remaining eight years, eight and a half years at least are fixed and they know they’re going to be a problem from now till then because their buildings are full. They’re really good customers. They’ve got a great client mix and they’ve committed to their buildings for a long time and their customers commit to them for a long time. And I think that’s ultimately one of the better ways to really establish a sound supply chain is find a good partner, commit to that partner and that partner can commit to a building. And you don’t have to deal with all this craziness nearly as much if you can really forecast and plan and get a good partnership with the 3PL to make that move. And a lot of 3PL is out there. They’re too scared to sign longer term leases. In some cases, you can’t you need short term overflow, you need this, that’s I’m not talking about that, just talking about the guys that every single deal they do is like, you know, give me a sublease on a one year deal, a two year deal or whatever here and there, and those guys and getting crushed because when that renewal comes up or they get kicked out of the building because the master release is done, you know, there’s no way for them to go where they have to take those customers and move them into a building, well market moved. And now they got to pay 30 percent higher if those customers leave them and they get caught in a jam. I literally had a client online who didn’t raise his rates on his customers as he had a really low rate and his renewal is coming up. A total buddy is going to be a pretty big jump. You need to be preparing. Now, you need to let your customers know you start moving their rates up. But he had everybody on a 30 day contract. So he didn’t do that. And the last three months of his lease, we were in the final stages of trying to get the renewal done. The dude literally vanished. He left his customers. He left his building, he left his clients. He left his people on the doc. I mean, he just vanished, nobody could find him, his house empty. He just packed this stuff and went to Costa Rica. I’m not even leaving the country and getting in contact with his main customer, got them all their inventory and stood up signing the lease and took everything over and hired all the people. But I’m just saying it was just one of those situations where he just wouldn’t commit to term and he just kept getting hit with these. He couldn’t get his customers to commit to him and it was a pretty rough deal. But the guys that do the sign these long term leases and sign long term contracts with their customers, they’re very sound customers. And that seems to be a way that you’re really setting yourself up for long term success.”

Mike Adkins, VP of Sales at WarehouseQuote: “There’s a lot of moving pieces here, right? And it’s hard to get all of them in balance. So, you know, the partner ecosystem whether you’re a 3PL using grow for their next, you know, expansion or maybe, you know, speculative move or something like that versus, you know, our end customer is looking, you know, for, you know, some creative solutions that a little bit more managed the landlords looking for as we get to this bottle, potentially bottle time where it’s difficult to really put a price on something and be confident. It’s gonna move through the leasing process, like.”

Mike Adkins, VP of Sales at WarehouseQuote:“Partners can make all the difference in the world, I believe. So, you know, I know you have a lot of them and are benefiting from your service. I certainly, you know, just in our discussions, learned a ton about southern California marketing. I do a lot of work out there. So I, it’s great. You know, it’s your expertise here. And we really appreciate having you on a day. I think we talked about a lot of things that are affecting really anybody moving product or helping people move product today in the us and some of the challenging markets that are out there. So really appreciate your contributions today and your time and wish you the best.”

Summit Hogue, Managing Partner at Growe: “Yeah, man. I appreciate you guys having me on it’s. Always fun to dive in and talk about all the things I’m dealing with every day because it is the front lines and I think there’s, you know, a lot of 3PL out there. It’s interesting whenever you’re sourcing a building and you don’t have somebody on your team that really understands your business model and understands why you’re going in pursuing this building this way and where you need it and all the different nuances around the 3PL business. It’s really challenging to go make those deals happen and secure that space, get the growing schedule, get the, you know, the free rent and the cap on this cap on that. So we really pride ourselves on the ability to serve 3PL very specifically because I think there’s you know, in the marketplace, they don’t get represented well in a lot of ways. And we came in to fill that niche and serve those guys. I think as a 3PL company, your closest business partner is your real estate broker, 100 percent, just like you tell, you know, 3PL, tell their customers, your closest business partners, your 3PL in the same way, a 3PL, your closest business partner, your guy that can go out and make deals happen and find the buildings and get you in so that you can win these contracts. I think that’s a big deal. So I appreciate you having me on and talking through the market and talking through everything. We’re seeing out there love to help any of your, any of your 3PL, you guys are covering concrete on man. If they’re taking more space, you let me know. I’ll be happy to help them. We’ll go create that space for you guys to fill.”

Mike Adkins, VP of Sales at WarehouseQuote: “Absolutely, absolutely partners at work there. Now, hey, if somebody wants to get a hold of you, what’s the best way to do?”

Summit Hogue, Managing Partner at Growe: “Man, I’m so active on LinkedIn, I love LinkedIn. Or you can just email me summitt@growe-co.com. 

Mike Adkins, VP of Sales at WarehouseQuote: “Summitt Hogue, Everyone. Managing Partner at Growe.”