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Smaller industrial spaces are the workshops of the US economy.

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Industrial real estate emerged from the COVID-19 pandemic as a powerhouse in commercial real estate. Small bay industrial offers a compelling investment thesis going forward: limited supply of small bay properties, high construction costs to build new small bay product, and suitability for a wide range of tenant uses.

Development of new small-bay industrial spaces has not kept pace with demand, contributing to their low availability. Only 4% of new industrial space under construction falls into the small-bay category, even though these spaces constitute over 36% of the total U.S. industrial inventory. The limited supply has resulted in reduced time on the market for these properties, with spaces under 10,000 square feet averaging just 3.6 months on the market. This quick turnover, coupled with diverse tenant bases and short Weighted Average Lease Terms (WALTs), enhances the investment appeal by minimizing risks and maximizing income stability through frequent lease renewals and rent adjustments.Small-bay industrial properties have also experienced substantial rent growth, especially in major markets where rent increases have reached up to 90% between 2021 and 2023. This growth is supported by ongoing demand from e-commerce expansion, supply chain optimization, and onshoring of manufacturing operations. As technology continues to transform industrial operations and as the U.S. economy remains robust, the demand for small-bay industrial space is expected to stay strong, offering promising returns for investors in this asset class.

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