DOUG ROBERTS President, National Development Group for Panattoni Doug Roberts is president of National Development Group of Panattoni Development Co. He brings over 34 years of knowledge and experience to Panattoni Development Company, Inc. His expertise is in overseeing development managers, during preliminary and ongoing stages of the budget and throughout the construction process.
1. You have been named President, National Development
Group for Panattoni. What will your new role look like?
There are many initiatives as a company we are looking at in the
coming few months and my role will focus on several of those
initiatives including continuing to lead one of our main national
accounts with a major e-commerce company, expand our national
build-to-suit platform and, in general, pursue Panattoni’s entry into
growing sectors of the industrial market.
2. Of the projects you have built in Northern Nevada, which are
you most proud of and why?
I think the culmination of actively developing in northern Nevada
was the North Valleys Commerce Center in Stead. With over
4,000,000 square feet and 300 acres, the project had so many
complexities and challenges but through local relationships, hard
work, great market conditions and a little luck, the project was a
phenomenal success.
3. What does Panattoni Development have planned in northern
Nevada over the next 12-24 months?
Panattoni Development Company continues to be very bullish on
the northern Nevada industrial market. We have approximately
425 acres of owned land and expect to be under construction on
new projects by the end of the year. Although there continues to
be challenges in the economy and the debt and equity markets, we
see great opportunity in the area given the low vacancy rates and
continued tenant interest.
4. In a rapidly changing market conditions, what do you expect
to see in the coming year for industrial development?
Like most industrial developers, we pay very close attention to the
needs of our customers, as they are the best indicators of how we
need to design our buildings to be both accommodating to their
needs but also give our buildings the best chance of being leased
as soon as possible. Examples would be adding trailer parking
near our truck courts. This historically hasn’t been a big need for
area tenants but trends have shown that more tenants are storing
trailers on site as opposed to the trailers being unloaded quickly and
leaving the property. In addition, power needs continue to escalate,
as our buildings are more fulfillment-oriented than simple storage
and distribution. Fulfillment equipment requires more power as well
as more employees to fulfill customer order leading to more car
parking needs.
5. What product type or asset does northern Nevada need
most?
Northern Nevada continues to be a mecca for tenants and users
seeking a strategic location in the middle of the eleven western
states that is frankly, not in California. Even with rising vacancies
in the west coast markets and diminishing tenant activity, both
northern and southern Nevada are bucking these trends and are
continuing to see good leasing activity, tenant tours and relatively
low vacancy rates.
Of course, coupled with a vibrant industrial market, is the need
for housing for employees of these companies and obviously, that
strains the local housing market. Developing affordable housing will
continue to be an issue for the area.
6. What do you see as the biggest challenge and opportunity
for your industry in the coming year?
By far the biggest challenge for the industrial sector, and frankly all
of the real estate industry, is access to debt and equity at interest
rates that would allow developments to proceed. Mortgage rates
for home buyers remain relatively high which has stifled buyer
interest in the housing sector but the interest rate issues have also
materially impacted the home builders and land developers from
starting projects in the first place. This applies to industrial, office
and retail development so the rental rates and tenant activity have
to be high to justify going vertical.
7. How long have you been involved in NAIOP and what made
you choose to get involved?
I personally have been involved in NAIOP for the last 25 years.
The organization serves as the preeminent organization serving
the industrial market throughout the country. Membership in this
organization allows developers like ourselves to both network with
other members but also voice concerns among our colleagues and
competitors, which enables NAIOP to address issues at a local,
state and federal level.
DOUG ROBERTS
President, National Development Group for Panattoni
Doug Roberts is president of National Development Group of Panattoni
Development Co. He brings over 34 years of knowledge and experience
to Panattoni Development Company, Inc. His expertise is in
overseeing development managers, during preliminary and ongoing
stages of the budget and throughout the construction process.
