1315_Nareit Testimonials_Crooker_2023-06-16_v2
06/26/2023 | by Diane Rusignola

Bill Crooker, president and CEO of STAG Industrial, Inc. (NYSE: STAG), participated in a video interview at Nareit’s REITweek: 2023 Investor Conference, held in New York June 6-8.

Crooker said that industrial fundamentals are “extremely strong” due to record cash-releasing spreads driven by continued growth in e-commerce, as well as near-shoring and on-shoring demands, a new trend within the sector.

“Supply is elevated this year as compared to past years; however, that’s primarily in the big box, 750,000 square foot requirements and above,” he said. “Our product…is about 150,000 square feet, so we’re not really competing with that new supply.”

Turning to the near- and on-shoring trend withing manufacturing operations from overseas, Crooker said mega-site investments that began in 2021 are focused on states including North Carolina, South Carolina, Georgia, Texas, Arizona, and some Midwest states, which is almost a direct overlay with STAG’s portfolio.

“It’s very hard to quantify that demand and how much that will impact market rent growth…but it’s going to happen, it’s real, it’s going to positively impact our portfolio and the sector as a whole,” he said.

Crooker also said the acquisition market has been “really quiet” so far this year, but he expects it will continue to thaw into the fourth quarter.