Key Takeaways:

Flex spaces are one of the easiest commercial real estate assets to own, with low vacancy rates and high demand

Developing flex spaces can be profitable if land costs are below $5/sqft and building costs are around $136/sqft

Underwriting deals with an 8-9% cap rate upon completion and an exit at a 7% cap rate can provide good returns

Selling deals allows investors to complete more deals over time for higher returns than refinancing

Flex warehousing provides easier ownership than multifamily due to triple net leases