Strong tenant relationships are one of the biggest drivers of success in industrial leasing. In this interview, Kelly Willson Harvey, Director of Leasing at DREAM Industrial REIT, shares how building long-term tenant partnerships, staying organized during rapid portfolio growth, and using commercial real estate technology have helped support leasing performance across a large industrial portfolio. She also discusses industrial real estate market trends, development strategies, and why flexibility, collaboration, and data-driven decision-making will continue to shape the future of industrial leasing.
Industrial leasing is built on more than transactions. Long-term success comes from understanding tenant needs, staying organized as portfolios grow, and making informed decisions based on reliable data.
As industrial real estate leasing continues to evolve, leasing professionals must balance tenant expectations with changing market conditions. They also need the right technology to manage properties efficiently while maintaining strong relationships across their portfolios.
In this edition of the VTS Innovators Spotlight, we sat down with Kelly Willson Harvey, Director of Leasing at DREAM Industrial REIT, to discuss career growth, tenant relationships in commercial real estate, industrial market trends, and how technology supports leasing portfolio management.
The Value of Strong Tenant Relationships in Industrial Leasing
VTS: Hello Kelly! First of all, thanks so much for your time. You've made a very steady and inspiring climb up the corporate ladder in your time at Dream. Thinking about your initial role as a leasing manager and what your responsibilities are today, what has been consistent about the way you operate that's led to your career growth?
Kelly Willson Harvey:
I've always been excited to learn new skills and take on new challenges, and I've never been afraid to say "yes," even if I was really kind of stretching. I've always felt like I can figure it out and make it happen.
Dream is a very supportive organization that encourages internal growth. They're happy to provide opportunities to people who want to learn and grow, and that's been a big part of my success.
I also really care about my tenants.
I've been working in industrial leasing for a long time, even before the industrial market became as active as it is today. Throughout those years, I've realized that the relationships with my tenants are what have truly contributed to my success. I value those relationships because they're my customers.
Building Long-Term Trust with Industrial Tenants
Tenant relationships don't end once a lease is signed. Staying connected, understanding business goals, and keeping track of previous conversations help create stronger partnerships over time. This approach benefits both landlords and tenants by making future leasing decisions easier and more informed.
Kelly Willson Harvey:
That was actually one of the main things that drew me to VTS when we first evaluated the platform.
The fact that I can see every touchpoint, historical document, and previous deal with my tenants in one place is amazing.
Even if I don't speak with a tenant every day, I can quickly go into the platform, review what's been happening, and understand the full relationship before reaching out.
Having that complete history helps me provide better service because I'm always working with the full picture.
Scaling Industrial Leasing Operations Across Large Portfolios
Managing a growing industrial portfolio requires more than experience. As properties expand across multiple markets, leasing teams need consistent processes, visibility into leasing activity, and tools that help them stay organized.
VTS: Speaking of your portfolio, DREAM Industrial's Ontario portfolio is enormous. That also suggests your leasing resources have grown significantly. How do you ensure your leasing teams remain successful across so many properties?
Kelly Willson Harvey:
Great question.
When I started at Dream in 2016, the REIT had only been formed four years earlier.
At that time, our entire Canadian portfolio was about 16 million square feet.
Today, we've grown to approximately 70 million square feet across Canada, the United States, and Europe, and I personally oversee about 9 million square feet in Ontario.
Throughout that rapid growth, the ability to stay focused and organized has been one of the biggest reasons for our success, and VTS has played a major role in helping us do that.
Managing Rapid Portfolio Growth with Better Organization
Rapid growth creates new opportunities, but it also brings new challenges. Leasing teams need accurate information to manage deals, monitor tenant activity, and support multiple properties at the same time.
Kelly explains that having real-time visibility became especially valuable during one of the busiest periods in the industrial real estate market.
Kelly Willson Harvey:
Back in 2020 and 2021, the Greater Toronto Area experienced a major surge in industrial real estate demand.
Being able to see every deal, every property tour, every inquiry, and everything my team was working on in real time allowed me to manage our leasing operations much more effectively.
It also helped me coach my team while making sure we continued providing the best possible experience for our tenants.
That level of visibility remains just as important today.
Using Lease Management Software to Improve Visibility
Technology has become an essential part of industrial leasing. Instead of replacing relationships, it gives leasing teams better access to information that helps strengthen those relationships.
Having one centralized system allows teams to:
- Track tenant communications.
- Review historical lease information.
- Monitor active deals and property tours.
- Improve collaboration across leasing teams.
- Make faster and more informed leasing decisions.
For organizations managing large industrial portfolios, this level of visibility helps improve efficiency while creating a better tenant experience.
Industrial Real Estate Market Trends Shaping Leasing Decisions
Industrial real estate has changed considerably over the past several years.
Following the pandemic, many markets experienced record leasing activity, increasing rental rates, and significant new development. More recently, some U.S. markets have seen slower demand and rising vacancy rates, creating discussions about where the industrial market is headed next.
VTS: There's been recent debate around industrial market fundamentals in the United States. After several years of strong leasing activity and new construction, some markets are now seeing softer demand. What's your outlook on the Canadian market, and what trends are you seeing within your own portfolio?
Kelly Willson Harvey:
I agree that we've been watching those trends very closely in markets like the Inland Empire, Atlanta, Philadelphia, and Chicago.
We have seen some cooling demand and vacancy rates increasing slightly in those areas.
However, I still believe we haven't built enough industrial real estate supply in the Greater Toronto Area.
At the end of the third quarter, overall vacancy remained around 1.9%, even after bringing more than 4.6 million square feet of new industrial space to the market.
We're no longer seeing the 35% year-over-year rental growth we experienced a few years ago.
However, we still recorded approximately 11% growth last year and around 5% growth this year.
While the pace has slowed, the market remains healthy, with low vacancy rates and continued demand.
In my opinion, logistics continues to be one of the biggest drivers of industrial leasing demand, but manufacturing is also playing an increasingly important role.
During COVID, businesses had to rethink how products were manufactured and distributed.
Today, many companies are bringing more production closer to home to reduce future supply chain risks and improve long-term resilience.
How Industrial Development Opportunities Are Evaluated
As industrial demand changes, developers need to carefully evaluate where and when to build. Successful industrial property development depends on understanding local market conditions, future demand, and tenant requirements.
Kelly explains that leasing teams play an important role throughout the development process, helping ensure new projects align with market needs.
VTS: On the topic of construction, Dream has engaged in some recent development projects, like 203 Abbotside Way. How does Dream identify new opportunities for industrial development? Does leasing get involved in that analysis and decision?
Kelly Willson Harvey:
So, we just delivered Abbotside Way, and we have four more projects under development across the GTA that will be delivered over the next two years. Together, they're totaling just under 2 million square feet, and we're optimistic and excited to introduce them to the market.
I think the key when identifying development opportunities is to understand the local micro market you're working in.
It's important to do your homework on population, workforce, and transportation, while setting realistic, market-reflective rental rates that can actually be achieved.
Often, when you're underwriting these projects, tenants won't be paying rent for another year or two. So, you have to look ahead and make informed decisions. You want to stay competitive and keep up with the market, but you also have to be realistic in case market conditions change.
Collaborating Across Leasing and Development Teams
Successful industrial development doesn't happen in isolation. When leasing and development teams work together from the beginning, they can create buildings that better meet tenant expectations and market demand.
Kelly believes this collaborative approach is one of Dream Industrial's strengths.
Kelly Willson Harvey:
What's great about Dream Industrial is that our development process is collaborative from day one.
Leasing is involved throughout the entire process.
We work together on building design, property features, underwriting, and the rental rates we believe are achievable in the market.
Every two to three weeks, Development, Leasing, and senior management meet to review progress, discuss market conditions, and make sure everyone is aligned.
That ongoing collaboration helps us make better decisions and deliver projects that meet tenant needs.
The Future of Industrial Leasing and Tenant Success
The industrial real estate market will continue to change, but some fundamentals remain the same. Strong relationships, good organization, and the ability to adapt will continue to separate successful leasing teams from the rest.
VTS: Final question—please fill in the blank. _____ is what will separate the winners and losers in industrial leasing over the next five years.
Kelly Willson Harvey:
I think it's going to be a combination of creativity, flexibility, and organization.
As the market cools or corrects itself, we need to remain focused on providing value, support, and opportunities for both expansion and contraction to all of our tenants.
Why Flexibility and Creativity Drive Leasing Success
Industrial leasing isn't just about today's available space. It's about helping tenants plan for the future.
Organizations that understand changing tenant requirements will be better positioned to retain customers and build lasting relationships.
Kelly explains that technology helps make those conversations easier.
Kelly Willson Harvey:
That's where a platform like VTS becomes incredibly valuable.
I can quickly look across our entire portfolio.
If a tenant in the Greater Toronto Area tells me they're closing one location but want to expand into Calgary or even the Netherlands, we can immediately identify available opportunities and connect them with the appropriate leasing team.
Likewise, if someone is considering space within my portfolio, I can review their history and discover that they're already leasing space with us in another market, like Quebec.
Having that information allows us to build a stronger relationship from the very beginning.
Understanding each tenant's business, knowing where they're coming from, and speaking to their specific needs helps build trust.
That has always been an important part of how we operate, and I believe it will remain one of the biggest factors behind long-term success in industrial leasing.
Frequently Asked Questions
Why are tenant relationships important in industrial leasing?
Strong tenant relationships help improve retention, support long-term occupancy, and create opportunities for future expansion while improving the overall leasing experience.
How does technology improve industrial real estate leasing?
Commercial real estate technology centralizes leasing data, tracks tenant interactions, improves collaboration, and provides real-time visibility into leasing activity across multiple properties.
What trends are shaping the industrial real estate market today?
Key trends include changing demand levels, continued logistics growth, increased domestic manufacturing, portfolio expansion, and the use of technology to improve leasing operations.
How do industrial property owners manage large leasing portfolios?
Large portfolios are managed through organized leasing processes, centralized data, regular collaboration between teams, and technology that provides visibility into deals, tenant activity, and property performance.
What should companies consider before developing industrial properties?
Successful industrial development requires understanding the local market, workforce, transportation access, future demand, and realistic rental expectations while preparing for changing market conditions.
What skills are most important for success in industrial leasing?
According to Kelly Willson Harvey, creativity, flexibility, organization, and strong tenant relationships will continue to define successful industrial leasing professionals.
Key Takeaways for Modern Industrial Leasing
Kelly Willson Harvey's experience highlights that successful industrial leasing goes beyond managing properties or completing transactions. Long-term growth comes from building trusted tenant relationships, staying organized as portfolios expand, understanding local market conditions, and using technology to make better decisions.
As industrial real estate continues to evolve, leasing professionals who combine market knowledge with collaboration, flexibility, and reliable data will be better prepared to meet changing tenant expectations.
Whether managing a single property or a large international portfolio, keeping tenants at the center of every leasing decision remains one of the most effective strategies for long-term success.
Looking to improve your industrial leasing operations? Discover how VTS helps leasing teams strengthen tenant relationships, centralize portfolio data, and make faster, more informed leasing decisions across every property.
