Birtcher: We're launching the next iteration of Birtcher Development to continue carrying out the fourth and now fifth-generation family legacy of commercial real estate investment and development. Our focus is on developing logistics warehouse facilities ranging from 100,000 square feet to 1.5 million square feet in the highest-barrier-to-entry markets of the US. that also demonstrate the highest absorption.

GlobeSt.com: Why is now the right time to announce the next iteration of the company?

Birtcher: Birtcher has ventured with more than 100 partners over our 78-year history, including Southern Pacific Railroad, Mitsui, Mutual of New York, Xerox Corp., State Farm Insurance and, most recently, Goodman Group. After a successful four-year partnership as Goodman Birtcher North America, establishing Goodman's presence in US, Brandon [Birtcher, CEO] and I decided it was the right time and window of opportunity to relaunch Birtcher Development given the continued strength of the US economy and growth within the industrial sector. Owning and operating Birtcher Development together, as 50/50 owners, has always been part of our vision for the company and its legacy for years to come.

GlobeSt.com: Do you feel it's necessary for real estate companies to reinvent themselves periodically? If so, why?

Birtcher: I believe it is imperative. Reinvention has been a cornerstone for Birtcher's multi-generational success over the years. Whether it's the product we develop, the partnerships we make or the programmatic platform we create, reinvention has allowed Birtcher to maintain a unique edge in a highly competitive space. As market conditions, technologies and customer preferences are ever changing, adaptability and flexibility are critical components for any real estate company that intends to remain relevant in their respective sector.

In addition to relaunching the operating company, Birtcher is coming to market with a new brand identity. Our new logo and website—which prominently feature the Birtcher family crest, a nod to our company's rich 78-year family heritage—visually communicate a modern look and feel that celebrates the future of Birtcher.

GlobeSt.com: Why is there so much demand in the industrial sector right now?

Birtcher: While it has been a profitable development cycle for commercial real estate development as a whole, industrial demand is one sector that is proving to be stronger than ever. Although CBRE reports that the national industrial occupancy reached 95.2% during the first quarter of 2017, it's reached over 98% in a handful of core markets in which Birtcher develops.

Retailers are competing to implement the most effective supply-chain and fulfillment strategies in order to meet the same- and next-day delivery preferences of consumers. These tight timelines are driving demand for smaller logistics facilities localized near high -density population centers. Additionally, building-design criteria—required to better service the fulfillment and distribution needs of these same retailers—is driving redevelopment opportunities for class-A industrial space in core and infill markets where existing product has now become obsolete.

GlobeSt.com: What is your outlook for industrial moving forward?

Birtcher: In markets where barriers are high, supply is low and demand is strong, I believe a well-positioned developer can build through the cycle.

Changes in the retail supply chain are driving significant opportunities for industrial speculative development. E-commerce sales are forecasted to rise by 9.3% annually over the next five years to approximately $523 billion, according to research firm Forrester. With demand clearly outpacing supply in core, infill markets of the US, industrial absorption will remain strong well into the foreseeable future.

Additionally, opportunities to reposition and repurpose class-B and -C industrial product in these infill markets will continue to provide strong investment returns. As the lines between retail and warehouse continue to blur, the industrial sector has everything to gain well into the next cycle.