BUILT addresses a $2.3B annual market gap by delivering modern, flexible industrial space to underserved small businesses across high-growth Midwest markets.
CAPTURING MARKET DEMAND
THE MARKET OPPORTUNITY
INVESTMENT OVERVIEW
The small bay industrial sector represents one of commercial real estate's most compelling opportunities—combining resilient fundamentals with significant supply-demand imbalances that create exceptional conditions for both growth and stability.
Traditional industrial real estate has largely overlooked the needs of small and growing businesses, creating a massive gap in the market. While developers focus on large warehouse and distribution facilities for enterprise tenants, small businesses—the backbone of local economies—struggle to find appropriately sized, professionally managed space that fits their operational and financial needs.
This market inefficiency has created a substantial opportunity. The demand for flexible, business-ready industrial space under 20,000 square feet far outpaces supply, particularly in high-growth Midwest markets where manufacturing, e-commerce, and service-based businesses continue to expand. BUILT is positioned to capture this underserved segment with a scalable, proven model that addresses real market needs while delivering strong investment returns.
UNPRECEDENTED OCCUPANCY LEVELS
National vacancy rate for industrial space under 50,000 sq ft sits at just 3.4%—compared to 7-8% for overall industrial space
This represents the tightest market conditions in decades, with virtually all quality space immediately leased
For context, 3.4% vacancy is comparable to New York City apartment vacancy rates, a market notorious for housing shortages
CHRONIC UNDERSUPPLY
Only 23 million sq ft of small-bay industrial space currently under construction nationwide—less than 0.3% of existing stock
More than 115 million sq ft of small industrial space demolished in the last decade, far outpacing new construction
Total U.S. inventory of small industrial properties grew only 3% over the past 10 years
Developers consistently favor large-scale projects, leaving the small-bay segment systematically underbuilt
Employment in construction trades, auto repair, wholesale, and small manufacturing grew 20% over the past decade while small industrial inventory grew only 3%
E-commerce growth creates ongoing need for last-mile distribution hubs in smaller formats
Reshoring trends and light manufacturing expansion drive demand for flexible industrial space
Local service businesses (contractors, HVAC, plumbers, electricians) require modest warehouse bays as communities grow
GROWING DEMAND ACROSS MULTIPLE SECTORS
REGIONAL MARKET PERFORMANCE
Markets across the country demonstrate the strength of small-bay industrial fundamentals. In Charlotte—a comparable Midwest market to BUILT's Indiana focus—the dynamics are clear:
79% of all industrial square footage absorbed in Q1 2024 came from leases below 100,000 sq ft, continuing a trend of robust small-bay demand
Multiple brand-new 400,000+ sq ft big-box facilities sat completely vacant during the same period
Small-bay properties consistently achieve faster lease-up and higher occupancy than large-format industrial
This pattern repeats across Indiana markets where BUILT operates. Businesses need right-sized space, and the market has failed to provide it at scale.
67%
Of manufacturers need under 20,000 square feet of space—our target market
96%
Occupancy rates in existing small bay flex properties demonstrate strong demand
12%
Rent premium versus traditional industrial space creates strong margins
$2.3B
Annual unmet demand for small bay flex industrial space nationwide
MARKET RESEARCH & SOURCES
Personal Warehouse | "Small-Bay Industrial 2025 Trend Report: Micro-Flex Is Booming" (2025)
National small-bay industrial market analysis demonstrating 3.4% vacancy rates, chronic undersupply with minimal new construction, and strong rent growth outpacing bulk industrial. Link
Colliers International | Q1 2024 Charlotte Industrial Market Report
Regional industrial market analysis showing small-bay leasing activity accounting for 79% of total absorption, with strong fundamentals in comparable Midwest markets. Link
Mainstreet Development | Proprietary Market Analysis
Internal research and performance tracking across Indiana industrial markets, including demographic analysis, competitive positioning, and site-specific feasibility studies. Link
All market data current as of publication date. Past performance does not guarantee future results.
WHAT IS BUILT?
BUILT delivers small bay, flex industrial space—purpose-built facilities designed for businesses that need more than self-storage but don't require expensive warehouse space. These units range from 600 to 1,560 square feet and serve contractors, e-commerce operations, small manufacturers, and service companies transitioning from residential to commercial operations.
With 24/7 keypad access, flexible lease terms, and optional business amenities like signage and office space, BUILT provides the functionality growing businesses need at rates that make sense for their bottom line. It's commercial-grade space without the premium price tag—positioned strategically to capture demand from businesses priced out of traditional commercial real estate or outgrowing standard storage solutions.
This asset class represents a compelling investment opportunity: essential infrastructure for the small business economy with consistent demand, strong unit economics, and proven performance across market cycles. Small bay, flex industrial fills a critical gap in the commercial real estate market, serving a tenant base that continues to grow as entrepreneurship and small business formation accelerate nationwide.
WHY SMALL BAY, FLEX INDUSTRIAL?
Small bay industrial has demonstrated remarkable stability through economic cycles, making it an attractive investment for risk-conscious capital. Unlike traditional retail or office spaces that suffer during economic downturns, small bay industrial facilities serve essential businesses that continue operating regardless of broader economic conditions.
The businesses that lease these spaces—contractors, manufacturers, service companies, and logistics operators—provide critical services that communities depend on. This creates consistent demand even during recessions, as evidenced by the sector's performance through the 2008 financial crisis and 2020 pandemic disruption.
KEY PERFORMANCE INDICATORS
Remained stable through recent recessions with minimal occupancy decline
Consistently high occupancy during downturns averaging 90%+ even in challenging markets
Top-quartile rent collection performance exceeding most commercial real estate sectors
Essential to local economies serving businesses that provide fundamental community services
Small bay, flex industrial provides business-ready capabilities with maximum flexibility—security, commercial use, and adaptable leasing without long-term commitments or premium pricing. This unique positioning creates a defensive investment with strong upside potential.
THE BUILT SOLUTION
6-MONTH BUILD TIME
Rapid deployment enables faster returns
on investment
Unit sizes serve
the underserved middle market segment
600-2,500 SQ FT
Diversified tenant
base minimizes risk and vacancy exposure
35-60 UNITS
Flexible design
maximizes market appeal and tenant retention
VERSATILE USES
THE MAINSTREET
ADVANTAGE
BUILT operates as a specialized vertical of Mainstreet, a multi-vertical real estate company with decades of proven experience across residential, commercial, and specialized care sectors. This partnership provides BUILT with institutional-quality infrastructure, financial stability, and development expertise that would typically take years for a standalone operator to establish.
Mainstreet's track record of successfully developing and managing over $200M in real estate assets across multiple verticals demonstrates the operational capacity and financial strength that supports BUILT's aggressive expansion strategy.
Decades of development experience with $200M+ portfolio under management
FINANCIAL STRENGTH
Strong capital backing enables strategic growth and facility improvements
PROVEN TRACK RECORD
Systems and processes refined across multiple property types and verticals
OPERATIONAL EXCELLENCE
BUILT's success is anchored by strategic relationships with best-in-class partners across every phase of development and operations. From initial site selection and market analysis through construction execution and long-term asset management, our partner network provides the specialized expertise and proven track record that drive consistent performance and de-risk investment. These relationships aren't transactional—they're built on years of collaboration, shared values, and mutual success across multiple projects.
Our construction partners bring cost efficiency and timeline reliability that protect investor returns. Our capital partners provide flexible financing solutions that optimize leverage and enhance project economics. Our technology and operational partners enable data-driven decision making and streamlined property management that maximize occupancy and minimize operating expenses. This ecosystem of proven relationships allows BUILT to move quickly on opportunities, execute efficiently, and deliver the operational excellence that converts strong underwriting into realized returns. When you invest in BUILT, you're not just investing in real estate—you're investing in a platform built on relationships that consistently deliver results.
BUILT ON PROVEN PARTNERSHIPS
PARTNER WITH US
BUILT represents a unique opportunity to participate in an emerging asset class with compelling fundamentals and significant growth potential. As traditional industrial real estate continues to overlook the needs of small businesses, BUILT is strategically positioned to capture substantial market share in an underserved sector. With proven demand, a scalable development model, and the backing of an experienced multi-vertical real estate company, BUILT offers investors a rare combination of defensive characteristics and aggressive growth potential in one of commercial real estate's most attractive opportunities.
