As industrial moves from being an operations decision to a financial product, it’s no longer a sleepy backwater of the investment world. Institutional Capital has permanently changed markets from locally owned and operated to globally owned and tenanted. It’s a 40-year trend beginning with the first wave of Japanese corporations and now exploding with institutional capital since the 2008 Financial Crisis. The influence of institutional capital makes it a different business. The driver is no longer business operations but financialization.