Real estate underwriting, geospatial intelligence, and industrial systems.

Along the Charlotte–Greensboro–Greenville I-85 Corridor, the shallow-bay segment of the industrial market keeps tightening. Buildings in the 5,000–35,000 SF range serve trades, contractors, and local distributors who need a roll-up door, a small office, and room to park a truck, and that tenant base has few alternatives when space turns over.

The squeeze comes from the replacement cost side. Greenfield construction costs for new small-bay product have risen far enough that a developer needs economic rents above $14.50/SF NNN to justify breaking ground. When existing buildings lease below that line, the math inverts: owning the older asset is cheaper than building its substitute, and new supply stalls.

That inversion is where the pricing power comes from. With little new shallow-bay inventory in the pipeline, owners of functional existing buildings along the Piedmont Crescent can push renewals and new leases toward replacement-cost rents. Our underwriting treats that gap as the core thesis, while still testing each building on its own physical condition and tenant demand.

• piedmont crescent
• shallow-bay
• supply squeeze
• replacement cost

These notes come from walking 1980s flex warehouse inventory at Gastonia Industrial Park, NC. Buildings of that vintage can look alike from the street, so the inspection protocol focuses on the three things that decide whether a property works for modern small-bay tenants: slab depths, power, and truck aprons.

Slabs come first. We check whether the floor is a 6-inch reinforced slab and look for cracking, settlement, and joint failure that would limit forklift traffic or racking. A slab that fails this check changes the capital plan before anything else is discussed.

Power and yard access are next. We confirm whether the building carries 3-Phase Power and whether the existing 480V 800A service is viable for the tenant mix, then walk the 120-foot WB-50 truck courts to see whether trailers can maneuver without blocking neighboring bays.

• yard inspection
• slab depths
• 3-phase power
• truck aprons
• gastonia

The v2.4 performance release ships two pieces of engineering work. The first is a vectorized Monte Carlo simulator that runs 5,000-Trial stochastic cash-flow simulations and returns in sub-250ms, so an analyst can rerun a scenario instead of waiting on a batch job.

The second is automated deed sales ingestion. The CAMA County Ingestion pipeline now collects recorded deed sales across 500+ Southeastern US counties and was deployed alongside the simulator, so underwriting runs start from recorded transactions rather than hand-entered assumptions.

Together these changes shorten the loop between new county data and a stochastic view of cash flow.

• changelog
• monte carlo
• cama
• county ingestion
• deed sales

Infill industrial parcels around the Spartanburg Freight Node, SC rarely have the room that newer big-box sites take for granted. When the site is constrained, truck court design comes down to turning geometries: can a WB-67 semi pull in, swing, and back to a dock or door without clipping a building corner or a parked trailer?

The math starts with the 53-foot trailer. Its swing radii set the minimum depth a court needs for a driver to set up and back in a single, controlled move. Courts that fall short force multi-point turns, slow every visit, and push drivers to avoid the site.

That is why a 130-foot apron width commands a 15% rent premium over legacy 105-foot yards. Tenants running regular trailer traffic will pay for a court that works on the first attempt, and on a constrained infill parcel the apron is often the feature that separates a leasable building from a hard one.

• truck court
• turning geometries
• wb-67
• infill parcels
• spartanburg

Small-bay tenants in the Raleigh-Durham Submarket, NC tend to stay put. This lease roll analysis looks across trades, precision contractors, and distributor tenants to understand why renewal propensity in this product type is so high, the pattern behind the 82% Renewal Advantage.

The pattern that stands out is the combination of bay rollups and yard storage. When a tenant has both a roll-up door into its bay and usable yard space for equipment, vehicles, or materials, the cost and disruption of moving rises sharply, and renewal propensity climbs with it.

For underwriting, that stickiness matters as much as rent. Lower turnover means less downtime, fewer leasing costs, and more predictable cash flow, which is why we weight bay and yard configuration heavily when evaluating small-bay industrial buildings.

• tenant stickiness
• small-bay
• renewal
• lease roll
• yard storage