Industrial real estate emerged as a clear winner in an E-Commerce driven post Pandemic world. Warehouse properties benefit from a low cost of leasing for both new and replacement tenants compared to office and retail properties. Unlike multifamily properties, industrial tenants pay the cost of increased operating expenses and real estate taxes protecting net operating income from inflation. Likewise focuses on relative value, seeking out high quality investments and developments in mid-sized markets overlooked by the largest institutional investor. These markets characterized by consistent user demand, lower new supply volatility, and valuations that allow for returns driven primarily by income as opposed to appreciation.