I
ndustrial real estate has seen investors chase distribution hubs along highways, led by Amazon and Walmart. Hidden beneath this trend is a $300 billion niche: shallow‑ and mid‑bay warehouses. These sites, on city outskirts, account for over a third of industrial inventory yet attract attention. Unlike credit‑heavy distribution centers that are sensitive to rates and oversupply, shallow‑ and mid‑bay assets command price power through scarcity and supply constraints. While the top ten owners dominate the distribution‑center market, the shallow‑and mid‑bay sector remains highly fragmented.