11/04/2026
The industrial headlines are about big-box. The opportunity isn't.
Most coverage of industrial real estate tracks million-square-foot logistics facilities, and that segment has absorbed a real correction as speculative development caught up with demand.
Shallow-bay runs on different physics.
New supply barely exists. Construction costs make a multi-tenant park with 3,000 to 15,000 square foot suites difficult to pencil, and older stock keeps getting converted to other uses. Meanwhile the tenant base — contractors, light manufacturers, regional distributors, service businesses — keeps needing space close to the customers they serve.
Supply shrinking. Demand steady. That gap is the thesis.
It's also why we cap any single tenant at 20% of a park and underwrite for ten or more tenants across different industries. When the rent roll is diversified at the property level, one departure is a leasing task instead of a crisis.