Curious to know those who are developing from raw land what is the max price to pay per acre to get the deal to pencil. If we go too far away from somewhat metro areas the land becomes cheaper but it doesn't command the mid teens rent. I just did a site/building estimate for 23,100 SF comprised of two buildings with 7 each 30x55 suites on 3 acres. The asking price on the land is $257k/acre zoned for small bay and the site is mostly flat with stone base in place, was used for a trucking company laydown yard. With no contractor OH&P and limited general conditions the site cost is $33/sf, building at $71/sf, land/capital/soft cost $61/sf and assuming $15/sf NNN, NOI $283k, 30% equity = DSCR at 1.19.

I get asked some version of this question almost every week: "Is [Charlotte / Nashville / Orlando] a good market for small bay industrial?" My honest answer is that market selection matters less than most people think, and market knowledge matters more than almost anyone admits. I operate in Cincinnati, Dayton, and Columbus. Not because they're the best markets in the country. Because I know them very well. I know which submarkets are tightening before the data shows it. I know which owners have been sitting on tired properties for 20 years. I know which brokers will actually call me when something worth looking at comes available. That's the edge. Not picking the right metro on a spreadsheet. So here's the question I want to put to the room: What market are you targeting, and what's one thing you know about it that isn't in any report?

What market are you investing in or targeting? Drop your city below.

Former airport executive now focused on operational industrial infrastructure in the Carolinas. Currently building a contractor-focused yard/platform model around underserved one-to-three crew operators using phased deployment, portable infrastructure, and low-basis industrial sites. Interested in the intersection of:• small bay• IOS• contractor yards• operational systems• infrastructure ownership Looking forward to learning from the group and contributing where useful.