Markets
Our criteria stay consistent even as the specific geographies evolve. This page sets out how we evaluate a market, not a claim about where we already own.
Market Criteria
A market has to clear all four. Strong small-business demand in a market where we cannot buy at a sensible basis is a market we study and do not enter.
The tenant base is generated by local economic activity, so we start with the businesses rather than the buildings.
We want markets where functional small-format space is genuinely difficult to add.
A favourable market at the wrong price is not an opportunity.
We prefer several assets in one market to single assets in several markets.
Where We Look
Infill and well-connected suburban positions, close to the businesses that occupy the space.
Geographic Focus
Our focus is the United States, in infill and well-connected suburban locations where the tenant base already operates.
We are deliberately not publishing a map of target markets. Market selection is an active part of the strategy and a live output of the screens above — publishing a fixed list would misrepresent both how we work and where we are.
If you are a broker or owner with small-bay industrial in a market you believe fits these criteria, we would rather hear about it than have you assume it is outside our scope.
Submit an OpportunityRelationships
Local knowledge is the part of this business that cannot be bought. We value relationships with brokers and owners who know their submarket better than any dataset does.