Last night I presented our third project to a local Planning Commission here in PA. Several neighbors in attendance asked about noise control & potential sound buffering, outside of normal landscape screening. The township engineer hopped on the bandwagon and suggested a noise study might now be required. Has anyone run into this? Interestingly, the Township’s noise disturbance ordinance is limited to animals & birds!

Built for 25, not 250. A curated, high-impact working session for serious small bay industrial developers This is a two-day working session, capped at 25 seats, for developers who are actually building small bay deals — Site → Entitle → Build → Lease, taught by people doing it right now. Real numbers, real sites, real deal-room access with the experts. Join a 30 min Q&A call to see if it is right for you: - Tuesday October 27th at 4pm ET - Wednesday October 28th at 11am ET -> call links are on the community calendar.

I’ve been checking out some of the newer small-bay flex developments around northern MA and southern NH. Some impressive properties coming online, and it’s interesting to see the different approaches to pricing and leasing. My experience leasing this type of space is still limited, but it’s got me thinking about what smaller businesses really value when choosing a location. Is it the rate, total monthly cost, lease flexibility, or something else? For those with more experience in small-bay flex, what are you finding matters most to tenants? Anything that’s surprised you?

I am in the process of refinancing a 5 unit building and was caught off guard when I saw that the appraiser used a 9% Cap Rate. Be careful with your underwriting in this market. I would hate to see your deals go upside down. The appraisers and lenders see this shift first. Talk to them often.

Anyone selling bonus depreciation to investors as part of their strategy? Here is an example of a small deal that I closed in April. Deal: 14,000 PEMB Purchase Price: $910,000 Equity Invested: $240,000 1st year depreciation: $175,807 -> see attached schedule from a Cost Seg Study That is a $161,350 difference in year one over the standard depreciation schedule. I know not everyone can benefit from the bonus depreciation, but it meaningfully impacts the IRR for me if I include the value of the tax deduction. Love to get your thoughts and insights.