The easy last-mile trade is over
Pricing for clean, single-story logistics assets already reflects the demand story. The more interesting basis now sits in properties that require operational judgment rather than a simple cap-rate comparison.
What we are screening for
Small-bay industrial with multiple loading patterns can serve a wider tenant pool and absorb vacancy in smaller pieces.
Clear heights above 16 feet
Reliable power and legal manufacturing use
Truck access that works at peak hours
Floor plates divisible below 10,000 square feet
Underwrite the exit tenant first
Before pricing the in-place rent, identify who can physically occupy the building after the current tenant leaves. The depth of that future tenant pool is a better risk signal than a few extra basis points of going-in yield.