Michael Landy, president and CEO of Monmouth Real Estate Investment Corp. (NYSE: MNR), joined Nareit for a video interview at REITworld 2017.
Monmouth specializes in single-tenant, net-leased industrial properties. The company’s portfolio consists of 108 properties located in 30 states.
Landy told Nareit that he expects the demand drivers for industrial real estate to remain in place. He said a “secular shift” has occurred, as consumers continue to favor online shopping.
Other likely demand drivers include a resurgence in domestic manufacturing activity and synchronized growth in the global economy, according to Landy.
Meanwhile, Landy also noted the trend of repurposing existing properties into industrial real estate. He pointed out that one of Monmouth’s FedEx locations in Dallas used to be the largest enclosed mall in Texas.
“There’s been a changing of the guard; industrial is the new retail,” Landy said.