Cody Payne explains the rise of Small Bay and what is happening in both acquisition and development

Can you justify building small-bay flex at $15 to $16 NNN when vintage local inventory sits at $12 NNN ?

On this episode of Storage Unlocked, I sit down with Cody Payne, partner at FlexParks USA and founder of Small Bay Feasibility . Cody brings two decades of transaction and feasibility data to show developers how to separate viable flex dirt from costly mistakes .

In this episode, I cover:

Cross-Asset Capital Flows: How post-2023 rate pressure in storage, office, and multifamily is driving investors toward low-TI small bay industrial assets .

The Sideline Bottleneck: Why conference attendance is surging, but first-time developers often struggle to take dirt vertical—leading to a spike in shovel-ready land sales .

The 3X Radius Rule: Why population and business counts must expand by at least 3X from a 2-mile to a 5-mile ring to support steady tenant absorption .

The Spending per Capita Metric: Why areas with under $10,000 to $10,500 in per capita spending struggle to achieve rates above $12/sq ft .

Size vs. Absorption Speed: Why 1,000–1,500 sq ft bays lease in 30 to 60 days, while larger 2,000+ sq ft spaces linger for 3+ months .

Bank Underwriting Strategy: How to prove to lenders that a new flex park will capture a 20% premium over older 1980s stock .

Connect with Thaddeus Campbell (S3 Partners):

Email: thaddeus@s3.partners

LinkedIn: https://www.linkedin.com/in/itsthadcampbell/