In this episode of The Industrial Real Estate Podcast, Chad Griffiths hosts Ben Fraser, Chief Investment Officer at Aspen Funds, to break down the current industrial market development trends and what’s really driving tenant demand across the U.S. as we move into the next phase of the cycle.

Ben shares how reshoring and nearshoring are reshaping industrial location decisions, why demand has shifted away from mega-box distribution facilities toward mid-sized industrial buildings, and how developers are adapting their strategies to changing tenant requirements. The conversation also explores site selection, infrastructure, incentives, and why markets along the I-35 corridor—including Kansas City—are seeing outsized activity.

Key topics include:

• Where industrial tenant demand is strongest today

• Why not all industrial assets are performing equally

• Manufacturing vs. warehousing demand in today’s market

• How investors should think about industrial development risk vs. reward

Whether you’re an investor, developer, broker, or simply tracking the industrial real estate market, this episode provides a grounded look at what’s working, what’s not, and where the next opportunities are emerging.

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