Highlights from NAIOP's I.CON Conference Thomas J. Bisacquino, NAIOP President; Joseph Taylor, Matrix Development Group and NAIOP Chairman-elect; and Laler DeCosta, Invesco Realty Advisors catch up on industrial trends and projects at one of the networking events.   The distribution challenge, as Stephen Crosby, CSX Real Property and NAIOP Chairman, noted is, "How does the nation's freight rail system -- designed to serve a 19th century East-West oriented domestic economy -- integrate with a 20th century grid-based truck freight system, to form a hub-based system capable of efficiently serving a 21st century global economy?" Panelists discussed the promising future of intermodal transportation: (L-R) Patrick Gallagher, The Alter Group; Stephen Crosby, CSX Real Property; C. Vann Cunningham, BNSF Railway Co.; Michael Berry, Hillwood Properties; James Ford, CenterPoint Properties Trust.   The panelists at the Emerging Capital Sources session shared how they manage their investors' expectations, while battling the "cocktail party" syndrome of vague, but sweet deals that they are forced to compete against. (L-R) Russ Blackwell, CalEast Industrial Investors; Kenneth Baber, Maier Siebel Baber, James Carpenter, First Industrial Realty Trust; (not shown in photo) Richard Flohr, Prudential.   The exhibit hall provided a great opportunity to meet new contacts and show projects, related Jaime Weiss, Jaime M. Weiss Realty Company.   In the lively and provocative David vs. Goliath panel, Charles Klatskin revealed his David's research and acquisition strategy: "We don't do analysis. We do a lot of talking. We look at [a property.] If it smells good, we buy it." And Luis Belmonte gave a Goliath's nod to the Davids' nimble nature, "The money is going to be made in entitlements. Having a building permit is everything. A centrally located corporation is the worst thing to get a building permit. That's why we partner with Davids." (L-R) Luis Belmonte, AMB Property; Charles Klatskin, Binswanger/Klatskin; Michael Komppa, Corum Real Estate Group; Jeffrey Kelter, Keystone Property Trust; not shown in photo, panel moderator Jose McNeill, III, CalPERS.   "Fundamentals have been extraordinary for owners of real estate, and although rises in interest rates pose some risks, we are unlikely to see investors pull back (as in 1998-2000) - but this is not impossible. The risks of a systemic downturn are low, but all bets are off if there is a fundamental shock," predicted keynoter Professor Chris Mayer, Paul Milstein Center for Real Estate, Columbia Business School.