Ovadia: There are very limited infill land opportunities available and pricing has gotten very competitive with mostly pension, REIT and sovereign wealth investors chasing the large development sites. With infill land scarce, redevelopment of existing older product or vacant lower asset class facilities have been the focus of a lot of investors looking to create value opportunities.

GlobeSt.com: What submarkets are hidden gem areas for distribution that many aren't talking about? Why should we be paying attention to them?

Ovadia: Some of the region's submarkets such as the North Bay (Marin, Sonoma, Solano counties) the Central Valley, Sacramento and Reno, Nev., have lower land values than other major markets and industrial product in these markets prices very competitively against the U.S. median. The development focus is now on emerging markets like Richmond, Napa/American Canyon, Livermore and the Central Valley.

GlobeSt.com: What distribution trends will we be talking about in your market at this time next year?

Ovadia: The ongoing growth at the Port of Oakland will likely be a key talking point. The Port is responsible for 99 percent of the container traffic moving through Northern California and witnessed its busiest month in more than a decade this past June/July. There are limited development opportunities and warehouse-distribution space is tight. The few new development projects underway, are going to be closely

SAN FRANCISCO—JLL recently released its list of top 18 distribution markets. Markets from New Jersey, to Southeast Texas, to Florida and Minneapolis made the list. In addition, Northern California made the cut. GlobeSt.com exclusively caught up with the firm's managing director, Jason Ovadia, to discuss what makes the area a top distribution market.

GlobeSt.com: Please describe one factor that makes Northern California a top distribution market.

Jason Ovadia: Technology and advanced manufacturing have been huge drivers in terms of economic and population growth in Northern California in the last two to three years and this, in turn, has boosted the region's position as a top distribution market. Simply put: more people means more goods needed.

GlobeSt.com: What opportunities for industrial investors or tenants exist in Northern California?

Ovadia: There are very limited infill land opportunities available and pricing has gotten very competitive with mostly pension, REIT and sovereign wealth investors chasing the large development sites. With infill land scarce, redevelopment of existing older product or vacant lower asset class facilities have been the focus of a lot of investors looking to create value opportunities.

GlobeSt.com: What submarkets are hidden gem areas for distribution that many aren't talking about? Why should we be paying attention to them?

Ovadia: Some of the region's submarkets such as the North Bay (Marin, Sonoma, Solano counties) the Central Valley, Sacramento and Reno, Nev., have lower land values than other major markets and industrial product in these markets prices very competitively against the U.S. median. The development focus is now on emerging markets like Richmond, Napa/American Canyon, Livermore and the Central Valley.

GlobeSt.com: What distribution trends will we be talking about in your market at this time next year?

Ovadia: The ongoing growth at the Port of Oakland will likely be a key talking point. The Port is responsible for 99 percent of the container traffic moving through Northern California and witnessed its busiest month in more than a decade this past June/July. There are limited development opportunities and warehouse-distribution space is tight. The few new development projects underway, are going to be closely