What is a Flex Property?

Industrial real estate is a broad term that can be broken down into the following categories:
1. Manufacturing properties;
2. Warehouses;
3. Flex properties.
I've done longer videos on the first two categories (links below) and in this video I walk you through a great example of a flex property while pointing out a number of common characteristics. At the end I also give a really important tip when working with flex properties.
The Basics of Warehouse Properties: • Warehouse Property Bas...
The Basics of Manufacturing Properties: • The Basics of Manufact...
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🙋 Chad Griffiths, MBA, SIOR
NAI Commercial Real Estate Inc.
#industrialrealestate #flexproperty #flexindustrial

[@industrialize]

My wife and son make a short cameo in the bloopers reel at the end 😜

[@confidentrealestateinvesti9152]

Awesome tour and breakdown. Definitely check that zoning. Great bloopers with the Family in the background. 😂

[@industrialize]

Thanks JC! When I saw them walk through I figured that had to make it's way to the blooper reel haha!

[@jkirk91]

Thank you Chad!

[@jayvettivel4282]

I see this property when I drive by Whitemud or 99 St. It's in a great location. What do you think it's highest and best use would be now? What do you think about a co-working space? with open concept office space and separate kitchen, board room, meeting rooms etc? I hear a lot about office/warehouse combination space. This looks like it would well for that kind of application. great vid as always 👌

[@industrialize]

Figuring out the highest and best use is what we're focusing on right now actually! A co-working space is a very interesting idea, particularly as the building is situated next to three office buildings already. The high exposure to those two busy roads lends itself well to another showroom space (furniture would be a natural continuation, or perhaps cars even). Also looking at the potential of converting it back to be a traditional office / warehouse configuration. Thanks for the comments and feedback Jay, very much appreciated!

[@chadmharris7061]

What do you think of the idea of smaller mini flex properties which could be made cheaper, progressively and easier entry.

[@industrialize]

Love them. Very high demand and often not a ton of supply

[@chadmharris7061]

@@industrialize are there any materials on this topic? I didn't know it was a thing

[@locks4]

Hi Chad. I live in the new york area. how do you feel about industrial property in new jersey? Do you think thats a good area to look into?

[@industrialize]

I think NJ and other coastal markets will always have high levels of demand but there are a few things I'd be a bit cautious about. First, rental rates are already quite high so I'd have to wonder how much higher they can go before other markets start looking attractive. There is also a lot of inventory coming online at the same time the economy is showing some fatigue. So long as you buy the right property I think there will always be tenants in the market, but personally I'd be a little cautious right now until we get a better sense of how interest rates affect values. Right now there aren't a whole lot of sales / comparables to draw off but I do think prices will dip a bit in the short term.

[@locks4]

@@industrialize thanks for the quick response Chad! My train of thought is that the northeast and central part of NJ is primarily industrial zones with access to the parkways/ highways...i will surely do more due diligence