Why Entrepreneurs Are Moving Into Flex Space | Pavan Shree

In Episode 2 of the Flex Space Network Podcast, host Hamza Ali speaks with Pavan Shree, an entrepreneur and aspiring flex space developer based in Dallas, Texas.

Pavan shares his journey from South Africa to the United States, where he transitioned from a family business developing large industrial warehouses to launching a business in the pet industry before ultimately deciding to pursue flex space and small bay industrial real estate development.

In this episode, Pavan explains why many entrepreneurs are leaving traditional businesses and residential real estate to invest in office warehouse and flex space properties—one of the fastest-growing sectors in commercial real estate.

Hamza and Pavan also discuss why the Dallas–Fort Worth market has become one of the hottest markets in the country for flex industrial development, driven by population growth, service-based businesses, and the need for smaller warehouse spaces.

In this episode you'll learn:

• Why flex space and small bay industrial real estate are attracting new investors
• The biggest mistakes new developers make when entering the flex space market
• Why service-based businesses are the backbone of flex space tenants
• How entrepreneurs are using flex space to start and grow businesses
• Why Dallas and surrounding markets are prime locations for new flex developments
• How joining a real estate network like FSN (Flex Space Network) helps aspiring developers avoid costly mistakes

If you're interested in flex space investing, office warehouse development, or small bay industrial real estate, this episode offers valuable insights into why this asset class is gaining attention from entrepreneurs and investors across the country.

About the Podcast

The Flex Space Network Podcast hosted by Hamza Ali explores the rapidly growing world of flex space, office warehouse, and small bay industrial real estate. Each episode features developers, investors, and industry experts sharing strategies, deals, and insights on building wealth through flex industrial real estate.

Transcript

SPEAKER_01 0:00

Hey guys, welcome to episode two of the Flexpace Network podcast. I'm really excited here. Today we have another member. This one is a little newer. And uh I would like to introduce really quickly uh Pavan Shri, who is an aspiring Flexpace developer, just recently joined the network, but we are here today to talk about uh number one, of course, why he's in the network, but more importantly, what led him to investing in Flexpace, deciding that he wanted to become a Flexpace developer. And those are all topics that I think are extremely important for you guys, uh, in case you guys have been wondering, you know, what you guys need to get started in the world of Flexpace. So, Bavan, welcome. Really good to have you here on the Flex Space Network podcast today.

SPEAKER_00 0:42

Thank you, Hamza. Appreciate it.

SPEAKER_01 0:44

Yeah, so obviously you're an aspiring Flexpace developer, but prior to that, of course, you had a really success, you have a really successful uh story, and we want to get into that. Um, and we also want to get into sort of what got you into Flexpace. Now we will get into that, but why don't you give us a little bit of background uh you know, and tell us a little bit about yourself?

SPEAKER_00 1:04

Yeah, perfect. So um I was born and raised in South Africa, uh, moved across to Dallas, Texas in 2018. Uh prior to moving here, uh I was in the industrial space. I have a family business in South Africa that uh builds and nieces big buck ware big big box warehouses. So know the industry really well, but obviously with the new demographic, uh entering a new country and everything being brand new. Uh my wife and I were looking at maybe looking at going to business together, so we decided to change industries and we ended up uh investing in the pet industry. And with the pet industry, we were in pet supply stores as well as a pet restaurant and uh dog park. So got into that for the last five years. Um bit of a crazy industry to be in, a lot of emotion, but uh always wanted to be in back in the property industry. But um as an immigrant coming to this country, it's the hardest thing to have these fears of barriers to entry and things of that nature, where you have the fear of making big mistakes. Um but routine like the last two years, I knew I wanted to get back into the space, and then funny enough, uh always wanted to be in the industrial side because residential is tricky. But I stumbled across your videos maybe a year ago, and um I wish I did it maybe five years ago when I was making the decision because all the questions that I had at the back of my head of you know going out on this bench on your own, especially on a smaller scale than what I'm used to doing with larger teams, um, I think I would have jumped I would have jumped on in 2019. But uh, I mean, everything is timing and um I'm blessed to be joining this team of and this network of people who are in the same mind of growing wealth and just you know enjoying the process uh as you do it as well. So excited to be here.

SPEAKER_01 2:56

All right. Well, I mean, you know, it's funny you say that, and obviously I I I've spoken to you briefly within the network, uh, but um so funny story is me as a child growing up, I actually ran around in warehouses. Well, that's a long time ago. Yeah uh but uh because my my dad was in the textile business, uh the wholesale textile business, and this whole thing of or obsession rather of like industrial or warehouse space, actually, I think somehow was instilled in me from when I was very young. And it seems like it was a similar situation for you as well.

SPEAKER_00 3:30

You know, watching your videos, that's what um inspired me as well, because that's literally how my brother, sister, and I grew up. Uh, my mom and dad have been in business together for 40 years, um, from uh butchery to wholesale butchery to import export of meat down to your import-export of citrus. But in between the uh meat industry and the citrus industry, that's where their property development business started. And in the early stages of that, my brother, sister, and I joined that. So we were always at work. So entrepreneurship has been something in our blood, and um, it's either you hate it or you love it. So we're very lucky and blessed to be in those scenarios than the opportunities they've given us. But coming to a new country, and that's where I also relate with your story, is you you're going on these things and this journey on your own. So it's one thing is to try and do it in a partnership, and then you have to trust the person you're with. And that's the one thing I like about the Flex Based Network is that everyone has the same goal, no one sees you as an oppos as competition, and it's knowledge as power. So I I I've I've really come to appreciate that where you're not just trying to sell us a secret source, you're telling us these are the where your portfalls are, this is what could be done to escalate and grow something for yourself. So I'm I'm really excited about that.

SPEAKER_01 4:47

Yeah, I mean, look, the the truth is when you have these peer-to-peer review groups, like let's just call any network, regardless of whatever it is, yes, everybody in a peer-to-peer review group is going to outperform a person on the outside by 4x. This is like sort of the standard in the industry, right? And we expect the same from all of our members. In fact, we have a leadership board, we're slightly competitive, you know, um, but there's plenty of plenty of room in the space, and there's plenty of people around, and there's plenty of businesses, you know, um that's the space for themselves. So it's not really um something that we have yet to see uh, you know, super saturate. I mean, I think at some point it will get saturated, just like everything else does, but we are still, I think, in the very early stages of the world of flex space, right? Just like AI, I would like to think. Yes. Right? So, okay, so you are an immigrant, you came here. What made you get into the pet space? Like, how did that occur?

SPEAKER_00 5:45

Funny enough, my wife and I were looking for an industry that uh she has environmental uh uh uh science background, so business wasn't her first key. So we were looking for something that had a lot of growth in it, and the pet industry was growing by billions over the year, this consumer spend. And um, we saw a great opportunity to get into it early. Um, it's also a market that's become very saturated by big box players, but um, it's a really good business, but it's very time consuming. And that's the one thing I wasn't used to, especially now myself and uh my wife have uh two daughters in the last three to four years. Um being an invested in those in that industry is super time consuming. And especially knowing that if we could put what the knowledge I have without having the fear with the knowledge I'm gonna grow with you guys, and put that time into something that's gonna actually build better wealth for my kids, especially, um, is something I would have done in a heartbeat because time is money, but your own personal time is what you get by investing in an industry of the real estate industry. So that's the one thing I knew when that coming out of the industry, there's no better space to be in if you're gonna invest yourself and your family as well as they grow. So that's where I really wanted to just exit and get into straight back into it.

SPEAKER_01 7:02

You know, the reason I asked you that is because obviously, you know, we went through a pandemic a couple of years ago, and from what I know, everybody got a pet, right? Everybody needed companionship, everybody wanted something. Uh so I'm I'm assuming like that really accelerated uh your business. Did probably still outrageous back then.

SPEAKER_00 7:23

Good numbers at certain parts, and some parts we were we opened uh a location at one point, literally the day the pandemic uh was announced. So no one knew what was going on. Um the local government started closing uh retail down. So we had grand openings with zero people and no one entering our store for the first six months. Whereas as time passed, um, we got to a stage where people were sitting at home, dogs that were becoming the new best friends. So we were very lucky in that stage where the growth wasn't there initially, but um we finally picked up towards the end of it. But it again, it's an industry where there's a lot of emotion. And an emotional industry is something that can either be very uh it takes a lot of toll on the owner of the business, not the not the customers or the employees. And that's where it gets a bit tricky, especially when you're trying to manage your personal time between the business time.

SPEAKER_01 8:17

So I would actually compare that in the world of real estate to basically residential real estate, you know?

SPEAKER_00 8:21

It is, it's too personal, it's um that's the one thing. Like going into um residential, if you don't put the right color on the wall, you might not sell the property. Right now, that's that's a fear that I'm adding. Have you explored residential real estate? I have, I have, I mean, down to almost going in and starting to flip houses, but I knew that fear of not allowing um myself to just jump straight into it and thinking that's a sort of a sideline project. You really have to have the expertise when you come into that industry. Whereas the flex space or in any industrial space, you're leaving it up to the tenant and you're creating that sense of security for them where they have a space where you know you don't have to sell them on anything, it's mainly the location and giving them the best service they can over a period of time. And that's one thing I've been selling for the last 15 years when I was in South Africa. So it's something I knew second nature in the back of my head. I just uh didn't want to go into the industry without knowing too little. So um, it might be self-doubt, it might be many things, and I I could say I want to do it in 2019, but what I've learned over the last five years in the industry, especially the pet industry, is the it the macro change of what's happening in America, and that is service-based businesses are the only thing that's gonna thrive, and that's 80% of Flexbase's tenants. So they there's there's a growth that is happening right now where people don't have the space to grow their businesses in the service-based industry, and flex is the place where they can harbor that, and that's why I feel like as much as it's a known term and everyone's might be only hearing about it now, and it's a smaller warehouse, it's really a space that hasn't thrived the way it's going to thrive. And I'm very lucky to feel that I'm just at the beginning of the stage of that, even in a space like Dallas, um, there's warehouses everywhere, but the availability of warehouses for the smaller people that's the one, that's the one thing that is lacking. So I feel like I'm in the early stage.

SPEAKER_01 10:21

I I agree. I totally think that we are in the early stages. You know, when I see people talk about AI today and, you know, the things that are going on in the world of AI, we have all this agentic news coming out over the past couple of weeks and whatnot. This reminds me of the very early flex space days when we were still when I personally was still compliment contemplating, you know, oh, do I want to go to 13 feet as opposed to 12 feet elevations? You know, like is someone gonna want that high of an elevation? Yeah, you know, and we it was like such a big deal for us back then, thinking about it, like, oh, you know, will they pay, won't they pay? And now the world of flex is like 16 feet is like the bare minimum, and tenants are gonna go higher because they want more options, they want more facilities. And like literally 10 years ago, if you told me, yeah, you're gonna go high and tenants are gonna pay you for a mezzanine, and you know, there's gonna be all these car condos, I'd be like, no, you're crazy, man. These are all like working called people. We just sell a roller day. They want a bare minimum, you know, they don't want anything, and now the designs that we're seeing, even within the network, is just fascinating. Um, and these things are leasing up faster than ever.

SPEAKER_00 11:27

It's crazy to see how people have now come to appreciate uh their own space. That's the one change that I've seen in real estate is that everyone doesn't like even with our business in the pet industries, we didn't own our spaces. Even though I built out a dog park with the modular building, for instance, I learned most of my construction in the US in that project. But I wish I owned the land because I put so much time into it and I just had to walk away from a lease. So people have walked in and out of businesses where they didn't have that ownership, and I think that's where people are realizing I can have it for be it a condo version where I can just, you know, why pace public storage all the space when I can have a space I can call my own, or actually make money out of the space in in their businesses. So it's something that people can't work out of their garage any. It's uh life has gone bigger in the service industry, so they know they stunned their growth. They might be able to start their business there, but you can't go from uh a garage all the way into uh half a million square foot warehouse. That's the gap. Yeah.

SPEAKER_01 12:26

And you know, it's interesting you mentioned that. I actually tell people today that the time of Steve Jobs or you know, uh, or Bill Gates starting their companies in their garage are no longer the case because most families don't allow that anymore. Like I know if I told my wife, hey, I'm gonna over I'm gonna buck business, she's gonna be like, no, get out of the house, you know. And then yeah, I'm gonna have to find the flex space. Like it is and go where?

SPEAKER_00 12:49

Yeah, yeah.

SPEAKER_01 12:49

It is it is the starter. A lot of people don't think that maybe flex spaces is the end goal, but for a lot of us flex space developers, we clearly understand that flexpaces are generally like a stepping stone for a lot of people to grow into either something or ultimately then rent more space uh from us, you know, as developers.

SPEAKER_00 13:07

That's the misconception, especially when you drive past the flex space space. It looks like a storage facility. It's not, it's it's a place where it you can harbor business and and thrive out of. And that's what people are now coming to realize. Yeah, that you know, there there is a need and there's also a a huge want for it. They just want to have their own space that they're not gonna get uh moved from one place to another and have the uh flexibility to even grow into even more units. So that's that's the one thing that I see is where people are like pushing towards the flex space.

SPEAKER_01 13:38

Yeah. So if you had um obviously, I mean you've just reached it. How long ago did you join the network?

SPEAKER_00 13:45

Two weeks.

SPEAKER_01 13:45

Two weeks.

SPEAKER_00 13:47

I've been following your journey for the last year.

SPEAKER_01 13:49

Right. But I mean that's a little different than what you learned in two weeks within the you know what I mean? Yeah. Um what do you envision? Like, what does your ideal flex space look like? Who are your tenants? Like, what are you thinking?

SPEAKER_00 14:03

So for me, uh being in Dallas, especially, um, there's a lot of the uh out of city, uh out-of-city limit cities that are growing exponentially, like uh for instance, Princeton. Um those spaces don't have good spaces for service-based industries as it is right now, even when it comes to the point of um places that are in under construction right now. The people that are building those homes don't have space to use it. So that service side of the business will be a good spot start to uh for the for the area, which will eventually convert to when the place is populated, every other uh facility will every other uh person in that space will want who's living in that area would want to go and open up a business or need storage, or so I feel like it's those areas around the surrounding of Dallas is a place that is not really tapped into yet. So that's what I'm really focusing at as my first project. Um, my idea overall is build as many as I can. That's that's where I'm at. I think I don't ultimately it's not something one-off of the uh rinse and repeat.

SPEAKER_01 15:09

Similar to the hotel real estate investor, similar to the gas station real estate investor, similar to the multifamily guys, is build as much flex as possible and own it over time. Yeah. Well, I mean, that's a great idea. Um, you know, um lots of tax incentives, lots of good stuff happens in commercial real estate overall. I think the thing that we as flex space developers enjoy that other people don't is one, the fact that we can build a little bit of it, get it occupied, and then continue building. Because you know, you can't build half an office building, get it leased, and then rent it out, yeah, and then and then build out, you know, more. Um, and the other thing that we enjoy is our management is relatively, I would say, out of every other commercial real estate asset class, we're probably the least hands-on because there's really nothing to do once these things are built.

SPEAKER_00 15:56

Yeah, that's that's also a the good part about it. It's the the the office service for these properties is just minimal compared to everything else. No, especially if we look at uh an industry like multi-family. I mean, multi-family you left with 200 unit apartment that you had at least 10% of it a daily is something wrong in each unit.

SPEAKER_01 16:17

So that's something I I have multi-family background. I had 1,400 doors at some point. I have 56 doors left today out of the 1400s that I own that are mine. It's the you know, it's complete, it's a complete, in my opinion, disaster. Uh because like I'll be you know doing a meeting where I'm talking about like raising capital for let's say my next fund or whatever, and then I get a call, hey, we have a down unit, we need I don't know, eight thousand dollars to fix this whole thing because you know it was damaged by the previous tenant, and I'm like, guys, that the the property itself is barely cash flowing, which is a reality, right, in the world of multifamily. Um I mean, to have these types of expenses over such intricate things that are then gonna break again in the next two to three years, it just for me personally doesn't make any sense. I don't understand, like the rents are not gonna go up, you know, indefinitely multifamily, and the repair bills are due basically, you know, every month. Um, and so it's just very much hands-on, even with smaller deals, and this is something that a lot of people just don't understand. They get in it and then they realize, oh, okay, now I'm in it, now what do I do?

SPEAKER_00 17:26

Also, the factor of releasing, um, uh if you compare the year-on-year leases with if you're leasing out a one-bedroom apartment or a one-unit flex, it's location is key for the flex. So if you're in the right area for the the tenant, they're not gonna move. If you give them the right service that you as you would in the multi-family, they're not gonna move. Whereas there's multi-family popping up next to multi-family, and there's a new deal where you're getting $200 off of your next year's rent. So it's a lot of movement between the multi-family units where I feel on the flex side is if you give good service from day one to your tenants, location works for them, they re they resign. So I I think that's also where it makes the job easier keeping the set tenants in in your bowling compared to a multifamily.

SPEAKER_01 18:12

Yeah. Now you you mentioned a specific location uh in Dallas. Ultimately, that'll be your first deal. Uh, I'm sure you've thought about a second deal, third deal. I've got 10 in my head right now. But yeah.

SPEAKER_00 18:33

So everything in Dallas is moving north, as everyone knows. Um, I think the biggest thing for uh what people aren't seeing is the east and west markets. Um, those are thriving right now for areas like Denton and stuff like that. Wherever the housing boons are happening right now, um just trying to be adjacent to those, those, those nodes is where I'm looking at as we speak. Um, there's areas like Frisco and stuff that have a couple pieces of land that are not over the top priced, um, that have opportunity. But I think as a first project, I'm looking for something that'll really hit the ground running because if you look at where Flex in the DFW area has really thrived in the last five years, it's been more Fort Worth. And most of the projects are out there in Fort Worth. But there's different classes of the Flex that is still available, and vacancies are starting to creep up a little in Fort Worth, but not as much as Dallas and outside Dallas City right now. So my main focus would be just uh the outer uh areas of Dallas itself.

SPEAKER_01 19:30

Okay. I mean, Dallas, in my opinion, right now, is the number one market for Flex Space. Um we're seeing that in our membership, we're seeing that in people who want to develop who are out of state, whether they're coming from Arizona or California or you know parts of Florida. Um, everybody's attracted uh to Dallas, and of course, Houston, because I'm based out of Houston, there's a lot of activity in Houston as well. I think Dallas, the the thing is is because it's just such a larger city and it's more like um sort of like a hub, there is more room to play in Dallas than there is everywhere else, I think, um, around this. Do you feel the same thing?

SPEAKER_00 20:10

And where I'm seeing, oh, without a doubt, and where I'm seeing is where if a new city is thriving uh outside of Dallas, the first thing to go is the retail hard corners. And those are like on the 10 to 20 acre spaces, which developers jump on straight away and get it. But they know that they only want to focus on the front five or the front ten acres. So there's those 10 acres in the back they just want to get rid of. They're gonna be servicing anyway. Those are the opportunities for flex, especially with the price point of five to six dollars that you can get really good location be in the next 10 years and be a first comer right behind those main roads. So that's where I'm really focused at right now.

SPEAKER_01 20:47

Okay. Well, I mean, that's a great focus. Speaking of focus, brand new person watching this episode wants to get started sort of in the world of flex, right? Yes, what are some things um that they need that are maybe overglorified by people in the world of flex that they need to look out for? Like, what is real advice for someone who's looking to build one of these?

SPEAKER_00 21:10

Look, um there's two ways to look at it. People who know the real estate market um might be just changing industries, be it from uh retail or residential to uh industrial, and the the the flex space side of it. The pitfalls for that is knowing not to just pick any contractor or not or just any type of design. And that I've already uh I mean, just from one call that I've had with you guys last week, have picked up because the calls aren't a set course or anything, it's real life ad advantages of what everyone's going through right now, and it's not these case studies, it's everyone's going through the city and different planning, and that's the one other misconception is there is no set plan. Every piece of property has its own challenge or advantage, and you Pick up by being on those calls already what the market wants, what to avoid, and that's joining a network like this gives you that that that confidence to go, okay. I know what to look out for. Number one, I know what questions to ask when I do have to meet the people in the be it the city or uh GCs or contractors, and it's just that little knowledge to be having your finger on the pulse of being able to fast track your projects and being confident in what you do. Um, that's why I would rather join someone in this nature where it's it once you learn the formula, it's not that you know everything, it's just that you know enough to get the next project done. And you know, partnerships are something I don't really believe in. I come from a franchise background, it's a really good uh method of getting a business started, but the onus is still on you as the business owner. Whereas this is different, it's not a it's not you're not trying to sell us a course, you're selling us a group of people who are on the same path and are doing the exact same thing. And it's the knowledge that you share on a daily basis that we all are learning. I you know, we we learn things all together, and that knowledge is what's going to push people through to have the confidence to build more. And that's why I wouldn't go alone on this.

SPEAKER_01 23:17

Yeah, let's I mean I mean, the the truth is I bet you learned more on that one call that you were on than you would probably in like a year of talking to people, literally because 100% ground.

SPEAKER_00 23:31

It's it's it's it's it's the little things that count because we can all use AI, we can you all use Google and tell us what I should do to build a property. But real life hits you hard when you don't know the the smaller things, and that's that's what the missing puzzle piece of this whole thing is is being with a people, a group of people are doing the exact same thing and uh willing to help and willing to question your questions and give you answers. It's that's that's the stint that I see in this group.

SPEAKER_01 23:57

Yeah, and I think most people don't realize as developers, one mistake, and I say this all the time Oh yeah, one eight is a $50,000 mistake minimum, you know?

SPEAKER_00 24:05

I've I've been down that route. And that's the thing. I like when I built out this modular uh restaurant uh for one of my dog parks, I didn't have confidence in building on myself. And when I went through the process after paying a GC that wasn't even in my city, I ended up doing all the work. And only at the end of the project, I'm like, I could have saved a hundred thousand dollars.

SPEAKER_01 24:25

Very well.

SPEAKER_00 24:26

So it it's it's it's also not what you're gonna learn, it's also giving you the confidence to go in and get projects done that will ultimately be your achievement when you look back. It's your hard work put in. So that's it, that's that's what I'm looking for, and that's what I'm really getting from this.

SPEAKER_01 24:45

Well, I think look, the more time you put in, honestly, you know, uh that land you acquire, it's it's it's the way we look at things is we want everyone to have a successful project, right? Yes, and if your success is end of the day, ultimately everybody else's success. I mean, I've been doing this long enough to where I'm sort of at this point now emotionally detached to all flex space, just like you know, it's just like it's all I do, it's all I've been doing for the last 10 years, you know. Yeah, um, but the but the good thing is is that I still don't see a better path forward in the world of real estate. I really don't like I've done everything, I've started a business, I've uh you know, uh uh run organizations, I've uh helped take on like ultimately there is no better longevity play than real estate, just like what you said earlier, you know, and that's sort of how I feel, and I think that's how everybody in the network feels.

SPEAKER_00 25:38

Yeah, I see it, especially with the residential shift, because everything is getting more costlier per square, and the designs are changing down to you, you're getting these houses that are looking like the the terminologies or Zampic homes. Like, as much as I understand that those are better priced than you going and buying a home than renting it, it's a great offer. But it doesn't have longevity. You know those those projects in 20 years' time are gonna get smashed down to put something new in. Whereas Flex Space, the only way I see it changing is that as much as it's a landhold for the next 10 years or 20 years for a space, it's gonna be a bigger industrial park. It's it's you it's in the right space in the right time, and you would be the one to probably redevelop it yourself in 10 years or 20 years' time. So you're betting on yourself in something that has much more guarantee than residential or commercial right now.

SPEAKER_01 26:28

Yeah, I totally agree with you. Okay, final question, okay? Yeah, obviously, you join the network, you're a smart individual, successful business, all of that. Where do you see flex space going in the next 10 years? Like, what are we doing as a community, as an asset class?

SPEAKER_00 26:47

I think we're gonna see uh a real uh dissection of different types of flex space that we can't even think of right now. I mean, as you said, five years ago when I told you garage condos are uh something that's gonna be it. I mean, garages, uh garages of America right now own six or seven locations that I don't even see coming. And they some are selling for a million a pop, which is crazy to even think about. So I think we're gonna see newer types of uses for the space. Um, leave alone just the generalization of whatever um spaces are in use right now, maybe a growth for bigger units or um more people looking to own their spaces and how us as us developers are gonna be able to cut that up and be able to do bigger parks as some are doing right now, where you're selling it like a home. Um I see I see growth no matter what in the industry itself, where flex space will be at a name of just how co-working space has grown in the we work side of things. It's it's gonna at least 3x in the next five to ten years, where you'll see them more visible on the roadway.

SPEAKER_01 27:58

Yeah, I totally agree with you, man. I think we've we're just scratching the surface on the types of tenants that are gonna come in. A lot of them probably don't even exist today, so we don't even know that's the thing.

SPEAKER_00 28:10

You know, we could end up with many data centers because AI takes up. We don't know yet. It all depends because we don't have the power inside. But if that's what's gonna be the demand, then we're gonna, as developers, go find that power. You know what I mean? So it's gonna be interesting to see where it goes. But definitely because of the service industry being the longevity play, you we're already servicing that customer. So I don't see it as the the rug getting pulled from our feet, whereas you see some retail uh strips right now are back into fullness spaces because no one's selling products in store anymore. Everything's getting delivered to your door. But where is that product coming from? A flex space up the road, as as Amazon might shift as well, all the way into single bay industrial now, from moving all the way from uh an AR facility all the way into uh last mile. Now with drones coming in, it's gonna be little little flex spaces that they'll just have tons of everywhere. So that's where I see it going.

SPEAKER_01 29:07

I totally agree that we the the thing is, I feel like as flex space developers, we are currently blessed because we have a stable set benchmark of tenants who are available to us. Um, we're only building on top of that, you know? And so there's a lot of disruption still to come in the space, and there's a lot of potential for different types of businesses. And last mile is huge, by the way, in in what we do. So definitely I see that already happening right now.

SPEAKER_00 29:32

Yeah. Yeah. I think that's going to be a big, big one for us in the next three to four years. Yeah. Yeah.

SPEAKER_01 29:37

All right, excellent. Well, Pazan, thank you for uh being on the podcast once again. This is the Flex Space Network Podcast episode two. Uh, I really appreciate your time and I look forward to speaking to you within the network.

SPEAKER_00 29:50

Also, thank you, Hanza. Appreciate it. Take care.