YardDogs -
Couldn’t make it to the NAIOS 2025 Industrial Outdoor Storage Summit in Dallas? We’ve got you covered. In this recap, we break down the biggest takeaways from each panel — including capital markets trends, leasing outlooks, and what’s next for IOS investors.
From the C-suites to the Streets, here’s what’s happening in IOS. Let’s dive in.
NAIOS SUMMIT - PANEL HIGHLIGHTS
First up: Some of the biggest YardDogs in the game
This panel featured major players who are actively building and buying some of the largest IOS portfolios in the country. Moderated by Justin Horowitz from Cooper Horowitz, the conversation brought together:
Ryan Kavanaugh, Executive Director at JP Morgan Asset Management
Max Kaminsky, Senior Director at Peakstone
Tim McCahill, Founding Principal at Transport
Steve Azar, Principal at Ambient
Dan Haroun, Co-Founder and Partner at Catalyst
Let’s get into the highlights.

🧭 1. Focus Wins: Long-Term Vision Beats Chasing Every Deal
Success in IOS isn’t just about moving fast—it’s about executing with focus.
Specialization matters—trying to be “everything to everyone” rarely works. It’s helpful to develop a clear business plan and stick to defined target markets
Building a high-quality portfolio takes time, effort, and patience—there are no shortcuts and quality matters a lot to buyers and investors these days
Buyers today value portfolios with assets in major MSAs, high-barrier markets, clean diligence, and a clear story
🛑 2. Zoning and Entitlements Are Still the Biggest Risk
Even the best site won’t work if the city won’t play ball.
Zoning hurdles are rising—even “entitled” sites often carry hidden restrictions
Cities remain tough—IOS needs strong messaging around the positive impact on the local economy and the growth of a city, plus crisp renderings help
Other key risks include: fluctuating Treasury yields (impacting leverage and cap rates) and the site-specific unknowns every property brings
🚀 3. IOS Is Heating Up—But Still Early
We’re still in the early innings of IOS institutionalization—but momentum is building quickly.
The space is poised to attract more players in the near future—including REITs, ODCE (“Odyssey”) Funds, and Sovereign Wealth Funds, that have yet to fully enter
The CapEx-light, infrastructure-like profile of IOS is appealing compared to other alternatives like manufactured housing, data centers, and self-storage
Most believe we’re in inning 2 or 3—with a long runway ahead where relationships, execution, and portfolio quality will separate the winners
NAIOS SUMMIT - PANEL HIGHLIGHTS
Next up: A coast-to-coast perspective from active dealmakers on the ground
David Guinn of Davidson & Bogel led a lively discussion with IOS brokers from across the country, each bringing firsthand insights from their regional markets. The panel featured:
Ryan Turnquist, Vice President at Lee & Associates
Jon Dandurand, Vice President at Burr & Temkin
Christian Samartino, Vice President at Piedmont Properties
Patrick Sheehan, Vice President at Rein & Grossoehme
Here are the top 3 takeaways from their time pounding the pavement.

📦 1. Institutional Capital Has Reshaped the Leasing Game
The biggest shift in recent years? The arrival of institutional capital—and it’s changing everything from pricing to downtime.
Pre-COVID, end users were the main buyers of IOS—today, institutions are setting the pace
Rents are being pushed higher—but so is downtime (now often underwriting 9–12 months vs 1–2 before)
Site functionality and tenant flexibility are key: "What uses can work here, and who will pay for it?"
🚦2. Not All Markets—or Tenants—Are Created Equal
Site size, location, and user type drive wildly different outcomes in different cities in the same region.
There are three main market types within most regions: logistics hubs, port markets, and fast-growth metros
A 10K SF building on 4 acres is a versatile product—this profile works nearly everywhere; but that doesn’t mean that there isn’t a market for smaller or larger sites in the right areas
Tenant budgets vary by region and user: big names may be able to pay more, but they’re more rare—most tenants have fixed, practical monthly budgets
🏗️ 3. Winning in Today’s Market Means Doing the Work
From seller relations to site readiness, deals are still largely relationship-driven—and there’s no shortcut around effort.
Leasing a yard is hard—make-ready work that differentiates your product matters: fencing, lighting, signage, clean layout
Buyers who stand out are the ones who show up prepared, move fast, and communicate clearly—things like quick feedback, real offers, covering fees, and even bonuses can help you win, but being reliable matters most
It only takes one re-trade or broken promise to lose trust—do what you say, and educate sellers appropriately when unexpected challenges are uncovered
New to IOS?
Start with our guide: What is Industrial Outdoor Storage?
Got Deals?
Get your listings in front of the right people! If you have an IOS sale or lease listing (or something else you want to highlight), just shoot us an email at [email protected] and we’ll make sure it reaches the right audience.
Disclaimer: The authors of IOS YardDogs are not finance or tax experts. We love big yards, small buildings. This email is for educational uses and is not financial / investment advice. Please conduct independent research and consult with industry professionals before making financial or investment decisions. Our content, which may contain affiliate links, is subjective and not to be used as the only basis for such decisions. We are not responsible for any losses from relying on this information.