We’re open to looking at most major and growing markets across the country. As it sits today, we’re in 12 different states, ranging as far west as Omaha, Nebraska, down into Texas, and all the way over to the East Coast in Norfolk, Virginia. Overall, we’ll play in just about any market as long as there’s adequate population growth, demand drivers, and a strong small-bay/flex industrial tenant base

Krystal - Welcome! Let me know if you have time to chat about our buy box as we active in the GA markets.

I think this is where the market may start to split a bit, especially in markets seeing more competition from new development. There is clearly demand for basic shell space from contractors, trades, and small operators who just need secure, functional space at an affordable rent. That said, I do wonder how well that product competes long term versus more traditional small-bay flex space that includes heat, restroom, and some office component. My concern is that shell-only space may be more rate-sensitive over time. If a user only needs the cheapest functional option, they may also be quicker to move when a lower-cost alternative comes available. By comparison, a more traditional flex unit may attract a slightly more established tenant with a more substantial business operation that can justify paying for better space, better image, and more functionality. So while I agree there is a market for shell space, I think the long-term question is whether it can continue pushing rents as new supply enters the market. In my mind, the best product probably depends on the depth of local demand, but I’d be cautious about assuming shell space competes equally with true flex product over a full cycle.

I just receintly had a conversation with Kojak Chiu who is being out claude to do indepth analysis of flex and storage deals. Might be worth connecting with him.

We continue to see deal flow in the major markets — Texas, Florida, Georgia, etc. — where capital is still active and transactions are continuing to move. That said, we are seeing secondary markets feel a bit slower and more spotty, especially on the stabilized side of the market. I think the better question is less about whether deal flow has slowed overall, and more about whether the bid-ask spread remains the bigger challenge. From what we are seeing, quality deals are still coming to market, but seller expectations and buyer return requirements are not always aligned, which continues to make pricing and execution more difficult.