More freight does not automatically mean more warehouse space.

Craig Fuller, founder and CEO of FreightWaves, joins Justin Smith to explain why large importers can handle more volume without expanding their real estate footprint—and why freight data needs to be read by customer, transportation mode and location.

We discuss the pickup in warehouse leasing, industrial activity moving inland, the differences between rail, flatbed and dry van, and Craig's views on AI data centers, defense spending and energy as drivers of industrial demand.

For owners, occupiers and advisors, the question is which activity creates a need for additional space and which can run through a network that already exists.

Guest: Craig Fuller, Founder and CEO, FreightWaves
Host: Justin Smith, SIOR, Lee & Associates Irvine
Recorded October 23, 2026. Market assessments and forecasts reflect the speakers' views at the time of recording.

FreightWaves

00:00 Why more freight can use existing warehouses
00:15 Craig Fuller and FreightWaves
01:16 Consumer demand versus industrial demand
02:25 The pickup in warehouse leasing
03:24 Freight activity and the shift inland
04:14 More volume through existing warehouse networks
05:30 Rail, flatbed and dry van
06:49 Busy ports and Southern California leasing
08:18 Orderly freight, rates and carrier capacity
10:07 Working through excess warehouse supply
11:23 Craig's case for AI, defense and energy
12:45 Energy access and industrial location
15:13 How long can the industrial cycle last?
16:39 Political risk to the buildout
17:12 Closing