Bruce Duncan, president and CEO of First Industrial Realty Trust, Inc. (NYSE: FR), joined REIT.com for a CEO Spotlight video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
First Industrial owns and operates industrial real estate for multinational corporations and regional customers in major markets across North America.
Duncan discussed the firm’s current development pipeline and the outlook for leasing.
“Leasing is looking very good,” Duncan said. He noted that the company has just announced 300,000 square feet of new leasing , bringing new leasing for developments this year to 900,000 square feet.
“Fundamentals are great, it’s never been better in industrial than what we’re seeing today,” Duncan said. He pointed out that rents and occupancy are higher, while supply and demand are in check.
On the back of solid fundamentals, the acquisitions market is “very intense,” Duncan pointed out. “You should see us continue to be more focused on development because we think we get a better risk-adjusted yield,” he said.
Meanwhile, Duncan has previously announced that he will resign as CEO by the end of the year. He noted that the search for his successor continues.