Asset Classes
Industrial
Institutional industrial underwriting — logistics, the Class A spec stack, cold storage, data centers, and manufacturing/flex. Built for the 2026 industrial cycle.
Industrial is now five different asset classes wearing the same label. Generic bulk distribution, last-mile urban infill, cold storage, data centers, and manufacturing/flex each underwrite with their own rent stack, capex profile, credit framework, and 2026 cap-rate matrix — and the institutional capital pools targeting each have already separated. The physical spec sheet (clear height, dock doors, ESFR, column grid, IOS yard) governs the bulk product; tenant credit and pass-through power economics govern cold storage and data centers; CTL mechanics govern manufacturing.
These five articles cover the full industrial stack as institutional underwriters actually use it. Start with the logistics piece if you are comparing bulk regional against last-mile. Start with the underwriting piece if you are reading a single 350,000 SF Class A spec sheet. Cold storage, data centers, and manufacturing/flex are specialty layers — each with its own credit overlay and worked example — for teams pricing those deals specifically.
5 articles
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Logistics & Distribution: Last-Mile vs Bulk Regional, Ecommerce Sensitivity
The institutional CRE underwriting reading of distribution facilities — port DC, inland hub, regional fulfillment, and last-mile urban infill — with dual-product economics walked side-by-side. Ecommerce penetration at 16.8%, the 50–70M SF per percentage point Prologis elasticity, 3PL credit overlay, and a dual worked example: 850K SF bulk regional Inland Empire East vs 180K SF last-mile urban infill.
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Industrial Underwriting: Clear Heights, Dock Doors, IOS, and the Class A Spec Stack
The institutional reading of an industrial acquisition in 2026 — clear height tier, dock door count and configuration, ESFR sprinkler, column grid, floor load, trailer parking, the four-tier 2026 stratification (Modern Class A / Class A / Class A-minus / Class B-Legacy), the IOS yard adjacency, and a worked 350,000 SF Inland Empire East acquisition.
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Cold Storage: Operator Credit, Temperature Mix, and the 2024–2026 Re-Pricing
The institutional cold storage underwriting discipline at the operator-credit bifurcation that defines the sector. The four-tier operator hierarchy, the 2026 cap-rate matrix by operator credit × temperature mix × class × lease structure, the 24.9 kWh/SF energy-intensity overlay, the FSMA / EPA SNAP regulatory stack, and a worked 280,000 SF Atlanta Lineage-leased Class A acquisition with a Tier 3 comparison isolating the 175 bps operator-credit spread.
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Data Centers: Power Pricing, PUE, and the Hyperscaler Build-To-Suit
The institutional CRE underwriter's read of the data center asset class in 2026 — the capex stack at $11–20M/MW, the ISO-by-ISO wholesale power-cost stack, behind-the-meter and nuclear-PPA architecture, PUE benchmarks translated into OpEx pass-through math, the hyperscale vs colo vs retail framework, the 2026 institutional ownership map, the interconnection-queue chokepoint, and a 50 MW Atlanta hyperscale BTS worked end to end.
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Manufacturing & Flex: Reshoring, R&D, and the 2024–2026 Capex Wave
Manufacturing and flex sit at the two ends of the industrial spectrum — manufacturing underwrites as a credit-tenant lease, flex/R&D as a multi-tenant real-estate underwrite. Walks the industrial spectrum, the institutional CTL vs flex distinction, the honest temper of the reshoring narrative, the biotech R&D Cambridge vacancy reset, and a dual worked example: Phoenix advanced manufacturing CTL vs Cambridge Kendall Square biotech R&D flex.
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