ATLANTA—For all the talk of e-commerce's impact on real estate, much of it focuses on the industrial side of the equation. What about the retail side?

GlobeSt.com caught up with NAIOP president Thomas Bisacquino to talk more about how e-commerce is influencing real estate decisions from a location perspective and the emerging trends he sees on the retail front in part two of this exclusive interview. You can still read part one: When E-Commerce Players Go Bricks-and-Mortar.

GlobeSt.com: What are some of the topics you'll be discussing, specifically?

Bisacquino: E.CON packs a lot of information into a day and a half meeting. We have a terrific session that looks into what institutional investors must analyze: a building's reusability and sustainability, capital requirements, future rental rates. We'll talk about key drivers for site and building selection with a panel e-commerce leads from major brokerage houses like JLL, CBRE, and Cushman & Wakefield.

If you build it, will they come? We'll discuss bigger footprints, taller ceiling heights, stronger slabs and foundation and location, location, location—all key to speculative developers. Not all e-commerce retailers are Amazons—plenty of small- and medium-size companies have growing online sales, so we'll talk about shared e-commerce campuses for multiple uses and the role of third-party logistics providers. Finally, no e-commerce conversation is complete without envisioning how to shorten that last mile, including the best use of drones and driverless vehicles.

GlobeSt.com: How is e-commerce influencing real estate decisions from a location perspective?

Bisacquino: With e-commerce, customers increasingly expect not just endless choice, but also instant gratification. E-commerce giants like Amazon have more than 35 fulfillment locations and can reach more than 90% of consumers with one-day ground shipping.

By contrast, just 11% of the population can be reached, with the same type of shipping, by an average retailer with just two optimally placed fulfillment centers. That leaves a lot of room for growth—and a lot of opportunity for commercial real estate.

GlobeSt.com: What emerging trends do you see with regard to the impact of e-commerce on industrial?

Bisacquino: Industrial real estate is shifting from traditional distribution (warehouse to store) to greater fulfillment centers (warehouse direct to consumer). There's a change for retail too.

Merchants like Walmart are not only expanding their distribution and fulfillment networks, but they're using actual retail locations to satisfy online orders. Think about it: Walmart has 4,200 stores within five miles of two-thirds of the US population. They announced earlier this year that more than 20% of online sales are now shipped two-day from a store. It's significantly lowered their delivery costs and times.