Industrial Real Estate Leasing in Phoenix and Las Vegas With Ed Valerio 

Meet Ed Valerio, assistant vice president, Leasing, at Link Logistics. Ed supports the firm’s Asset Management team across its industrial real estate portfolio in Phoenix and Las Vegas, two of the fastest-growing logistics real estate markets in the country. Read on to learn how he approaches the competitive landscape of warehouse and distribution center leasing and what he does to unwind outside the office.

How long have you been with Link Logistics and what are your primary responsibilities?

Ed: I just hit my five-year anniversary at Link Logistics. I started as an associate director on our Property Management team and transitioned to the Asset Management team about three years ago. Today, my primary focus is driving new leasing and lease renewals across Link Logistics' industrial real estate portfolio in the Phoenix and Las Vegas markets.

What led to your move from property management to leasing?

Ed: Throughout my career, I'd always worked closely with owners and asset managers, but I never had the opportunity to sit on the operator’s side of the table. When I joined Link Logistics, I could see a path to make that move from property management to asset management, so I raised my hand and said I'd love to make the transition when the time was right. Eventually it happened, and here I am.

Can you describe the industrial properties and markets you oversee?

Ed: Phoenix and Las Vegas each have their own character. Las Vegas tends to feature newer, big-box warehouse and distribution centers, with buildings generally ranging from 75,000 to 200,000 square feet. Phoenix skews toward older, second-generation product and smaller buildings, and our logistics real estate portfolio there generally features properties between 50,000 and 150,000 square feet. Both the Las Vegas and Phoenix markets see strong demand from warehouse and distribution occupiers supporting supply chain and last-mile delivery operations.

What makes Phoenix and Las Vegas attractive for businesses with warehousing and distribution operations?

Ed: For several years, high operating costs in Southern California drove a significant migration of businesses to nearby markets like Phoenix, Las Vegas and Reno. Our markets benefited from that trend for a good two to three years. More recently, Inland Empire-East pricing has dropped, so the migration has slowed. That said, Phoenix has cemented itself as a tier-one industrial market—it ranked first or second nationally at times in new industrial development during the pandemic. Las Vegas has seen strong growth as well, just on a somewhat smaller scale.

How have you seen the industrial real estate sector evolve during your time in the industry?

Ed: The most significant shift is the flight to quality. Tenants are moving out of older, second-generation buildings and into new Class-A distribution centers that are fully air-conditioned with higher clear heights and more amenities. It's a national trend playing out across both the Phoenix and Las Vegas markets. The demand for newer, higher-spec logistics real estate is reshaping leasing conversations across the board.

What advice would you give someone just starting out in industrial real estate?

Ed: You have to be patient and aggressive at the same time. The market moves slowly sometimes, and deals fall through, but you can't get flustered. You have to keep pushing forward and finding creative ways to get deals done. Equally important is building relationships with tenant rep brokers. The more visible you are in the market, the more they think of you when a client is looking for warehouse or distribution space. Solid financial and analytical skills are essential since you need them to structure competitive deals that work for both sides.

Who do you partner with at Link Logistics to lease industrial real estate in Phoenix and Las Vegas?

Ed: My closest day-to-day partners are Matt Duplantis, our market officer for the region, as well as Austin Dippel, our leasing analyst. We're constantly communicating about active deals. Beyond that, our local Property Management teams in Phoenix and Las Vegas are critical. They're the boots on the ground keeping tenants happy in our warehouse and distribution facilities so that when the time comes for them to renew their leases, they want to stay with Link Logistics. Our Regional Construction team is just as important. Once a lease is signed, it's their responsibility to execute tenant improvement scopes on time and on budget. It's a true team effort.

What do you appreciate most about working at Link Logistics?

Ed: The level of communication from leadership is impressive. I've never worked for a company that does it as well. Information flows from the top-down in a way that speaks to the culture. From an operational standpoint, leadership gives everyone the autonomy to do what's right for the real estate, so we can get creative with our deals, respond quickly to tenant issues and make sound decisions in the field. That trust means a lot.

What do you like to do outside of work?

Ed: I'm a sports fan through and through. I spend most of my free time with my wife and two kids. This time of year in Phoenix, spring training baseball is in full swing, so we'll catch some games around the valley. Beyond that, I enjoy being outdoors, hiking and playing golf.