Zen and the Art of Real Estate Investing with Jonathan Greene

140: The Emergence of Flex Business Parks in Industrial Real Estate with Cody Payne


Industrial flex space may not be at the top of your mind—especially if you’re a new investor—but today’s guest makes a compelling case for getting into this asset class.

On this episode of Zen and the Art of Real Estate Investing, Jonathan welcomes Cody Payne, Senior Vice President at Colliers International in Fort Worth, Texas. Cody specializes in selling office industrial space and flex investment properties. With almost two decades of experience behind him, Cody operates, owns, and sells as a real estate agent and industrial specialist.

Jonathan and Cody start their discussion by exploring how Cody began his career in the industrial space, who the typical flex space tenants are, and why more companies are choosing flex spaces as satellite locations. You’ll hear what’s contributing to the rise in popularity of industrial assets, Cody’s thoughts on developing new properties versus existing ones, and why he advises investors to develop new builds in phases. They delve into the appeal of industrial spaces for business tenants who can’t afford a traditional retail or office space, the demographics to look for in a potential investment area, and how Cody guides new investors into this asset class. Finally, Jonathan and Cody cover doing due diligence, the must-have amenities, and Cody’s advice for those interested in finding an industrial investment.

Industrial assets aren’t on every investor’s radar, and if they aren’t on yours, Cody makes an excellent case for considering this investment class.

In this episode, you will hear:

  • How Cody Payne began his career in industrial real estate
  • The typical tenant profile of a flex space today versus in the past
  • More parking in industrial spaces in comparison to retail, in addition to versatility
  • Flex space as satellite locations of larger companies
  • The qualities of industrial that make it a good investment
  • Growth of this asset class and what’s contributing to its rise in popularity
  • Cody’s thoughts on existing spaces in comparison to developing new properties
  • Why he advises those who choose to build to do it in phases
  • What’s driving office tenants toward industrial space instead of traditional office space
  • The appeal of industrial spaces for business tenants who can’t afford traditional retail or office space
  • Questions to ask to look for a great deal in the industrial asset class along with the ideal demographics of an area
  • Finding the right investor for this asset class and who it appeals to
  • How Cody guides new investors into the industrial asset class
  • The importance of due diligence for these properties
  • Areas around the country ripe for industrial flex space
  • Amenities that are important right now in growing flex space income
  • Cody’s advice for investors who are interested in getting into industrial

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Supporting Resources:

Flex Parks USA website –

Cody Payne on YouTube –

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