In this forum, we've seen many list of who the largest developers for product types and regions but I would like to get a bit more granular. Who are the largest R&D industrial developers? When I speak to R&D, the intended use might be robotics, self-driving cars, data storage, etc. Basically, who builds the high-tech, high-value industrial parks for the leading tech firms, etc.
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Probably the largest industrial developers and owners who in turn lease to companies who put in these high-tech, high-value tenant improvements. They are too specialized to build spec, and unless amortized into their lease rate, are not something an owner will front capital for during a BTS development.
Anecdotal, but we almost did a logistics facility for a certain tech firm out of Seattle, and have executed/looked at several data center deals with firms of similar caliber.
In all those deals the tech firm's land guys were concerned with getting a chunk of land that was essentially a clean slate, with the right entitlements and no environmental issues, along with other use-specific characteristics - power availability, highway access, median income within a certain radius, etc.
In some cases they planned on taking title and peforming the work themselves somehow (for security purposes), in some cases they would have a specialized BTS developer come in and execute then sign a long term lease. In all cases the acq guys at the tech firms were 100% in the driver's seat. I have no idea what the involvement of these developers in the actual TI buildout would be but I would imagine it's pretty minimal.
I don't think there is an "R&D" Industrial specific group that I know of. Any of the largest industrial developers will however have R&D/light manufacturing type tenant profiles. The tough thing about these types of tenants is their books don't look that great because they are putting everything back into it and so are not that liquid. But they do pay crazy rent rates compared to a typical logistical DC tenant or even small industrial guy. These buildings typically have a ton of power, employee parking and lots of mezzanine/office (iewwww if your an industrial guy). But back to my point, any of the large industrial guys - Prologis, DCT, Duke, Westcore, First Industrial I'd assume have this kind of tenant make up somewhere. There are a ton of similar product in Fremont, CA here locally that come to mind. Kinda makes sense - its between Silicon Valley engineering/tech and the very industrial east bay Hayward/San Leandro markets.
Prologis, seefried, Duke will ultimately capture this type of product
Thanks gents. This is helpful. It's getting late on my side but I'll follow up tomorrow.
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