Around 700 Colliers professionals and clients gathered for the National Industrial Conference in San Antonio on September 18-19. Here are 10 takeaways and observations surrounding capital markets:

• The Union Pacific and Norfolk Southern merger has the potential to unlock land for rail-served industrial parks and manufacturing opportunities.
• Industrial capital once concentrated on North America is now spreading to EMEA and APAC instead.
• Fundraising is improving, with previous investors re-upping for future funds.
• Allocations to industrial are leveling out after years of heavy investment into the asset class.
• Buyers are once again starting to push at best-and-final, a trend not seen in recent months.
• Investors aren’t just focused on the macro and market story but also on submarkets, where performance can vary widely.
• Market-by-market investment strategy is evolving, targeting bulk assets in some cases and small bay space in others.
• Several investors and developers discussed the need for larger blocks of space in various markets, despite what appears to be elevated vacancies.
• Some investors are selectively acquiring land again, while others are putting their land banks into service.
• Manufacturing is a tailwind for the industry, creating supplier demand for additional warehouse/distribution space roughly 3X the size of the manufacturing facility.