More than 700 Colliers professionals and clients attended the National Industrial Conference in Chicago on September 25-26. Here are 10 takeaways and observations surrounding capital markets:

• The potential of industrial outdoor storage (IOS), cold storage, and data centers is massive. Predictions suggested that each sector’s growth and business opportunities are still in the early innings. 
• Basis is a key focus today. Investors are able to acquire assets at a discount to replacement cost. 
• Markets matter. Pricing is differentiated between markets and submarkets. Tertiary submarkets within secondary markets see far less liquidity. 
• Credit matters, too. In recent years, occupier credit has not been as scrutinized as it is today, and term and credit are driving pricing. 
• A border strategy is emerging for capital sources. With so much of the global supply chain arriving through Mexico, there are opportunities to capture growing demand on both sides of the border. 
• Regulation is a concern. Pushback on development, forms of trucking, who pays for what, and more are focal points at the local level and could spread to other markets. 
• At mid-year, industrial makes up the largest share of the NCREIF Property Index (NPI) value at 32.4%. It is also the only asset class still seeing its share grow. 
• The Fed’s decision to cut rates by 50 basis points has bolstered investor sentiment.  
• The market has bottomed. Pricing is beginning to improve and will continue to do so. 
• The time to act is now. There are opportunities to acquire assets or land and start developing the next generation of product. History has shown that investing in the early stages of a market recovery, or at a bottom, results in outsized returns.