MIAMI—E-commerce has grown rapidly in the past five years alone, but what will be the impact on commercial real estate five years from now? Curtis Spencer, president of IMS Worldwide, has some idea.

GlobeSt.com caught up with Spencer to get his thoughts on this and other topic in part two of this exclusive interview. You can still read part one: SMBs Could be Boon for Industrial Landlords.

GlobeSt.com: What challenges do industrial real estate providers face in working with e-commerce-minded SMBs?

Spencer: Frankly, it can primarily be a credit risk issue, and the real estate community will need expertise in the industry analysis to be used by underwriting. That type of knowledge is very rare today but will become increasingly required and critical in the decision-making process for both the developer and the financial institutions backing such a project.

GlobeSt.com: What role do third-party logistics providers (3PLs) specializing in this sector play?

Spencer: Their role is huge. Remember that Amazon and Ebay wrote the book on this and now a host of other players—Alibaba, Exel Logistics, NFI Trucking and others—are perfecting it.

The issue is whether or not the SMB needs the platform and the accessibility. If not, they can use fulfillment 3PLs and perfect the sales piece and the promise piece, and then leave the logistics and the delivery to the 3PL.

GlobeSt.com: Looking five year ahead, how will e-commerce further change industrial real estate?

Spencer: With the rapid pace that e-commerce has escalated in the last five years, it's almost inconceivable to predict what we'll see by 2020. But this is clear—the changes in industrial and the supply chain are here to stay and will intensify as businesses grow e-commerce practices and mobile technology makes online shopping and spending even more convenient. I expect that we'll see it continue to drive large percentages of the growth in industrial markets and impact development's size, shape, location and design.