12/12/2019 | By Nareit Staff
Mike Landy, president and CEO of Monmouth Real Estate Investment Corp. (NYSE: MNR), participated in a video interview at Nareit’s REITworld: 2019 Annual Conference in Los Angeles.
Landy discussed overall fundamentals in the industrial market and expectations for 2020.
“Industrial fundamentals are incredibly strong,” Landy said. He pointed to 10 years of positive net absorption and record occupancy of over 95% for the entire industrial real estate market. Monmouth’s portfolio, meanwhile, has a vacancy rate of only 1%, he noted, while rents are at record levels. Solid fundamentals are “here to stay,” he said.
Landy also discussed the positive attributes of the Indianapolis market, where Monmouth recently made an acquisition. He noted that Indianapolis is FedEx’s second largest hub in North America.
Looking to 2020, Landy pointed out that “competition has never been stronger.” The REIT currently has a $150 million acquisition pipeline, representing over a million square feet, with deals set to close in the next four to eight quarters.