I'm trying to get smarter on replacement cost for small bay industrial — specifically concrete, sub-10K SF units, in infill, established MSAs. Every conversation seems to produce a different number and I'm curious whether anyone out there is actually making institutional-quality product pencil at today's construction costs in supply-constrained infill locations — and if so, how. If you have a development budget you're comfortable sharing (even anonymized), I'd genuinely love to see how the sources & uses stack up and try and understand the underwriting. Trying to build a better framework for evaluating replacement cost vs. acquisition pricing.