We still buy buildings, we will always buy buildings!

This week’s Shop Talk is a real-time look at what’s actually happening in the market, from acquisitions to macro trends to where things may be headed next.Jeremy and Will break down where they’re actively buying today, with a heavy focus on small bay industrial in North DFW, Austin, and San Antonio. They walk through their current buy box, what they’re avoiding, and why older, overlooked assets can still outperform when bought right.A big part of the conversation centers around replacement cost—and whether it even matters in infill markets where you can’t realistically build new supply. As rents continue to rise, values are pushing past traditional replacement metrics, creating tension with equity and forcing a rethink of how deals are underwritten.They also touch on:Where supply could create pressure (and where it won’t)Why zoning and infill constraints matter more than theoretical replacement costThe ongoing debate around IOS pricing and land valueOffice market uncertainty, AI-driven layoffs, and what that means for demandWhy fundamentals—and showing up consistently—still winThis is a candid, unfiltered discussion on what operators are seeing on the ground right now.