Build from the ground up in America's industrial heartland

Companies are bringing production back to U.S. soil at the fastest pace in decades — but industrial construction starts have hit decade lows. The result is rising rents, falling vacancy, and a growing gap between what the market needs and what exists today. The structural growth of e-commerce, domestic manufacturing, and supply chain reconfiguration has driven industrial real estate demand well ahead of available supply — particularly in secondary markets now emerging as critical logistics corridors. This is not a cyclical trend. It is a decade-long realignment of where goods are made, stored, and distributed. Secondary markets like Kansas City sit at the center of this shift. Land costs and development costs remain significantly below gateway cities while demand from logistics operators, distributors, and domestic manufacturers continues to accelerate. For investors willing to move early, industrial real estate offers a compelling path to equity growth — acquiring assets at a basis well below where the market is heading and participating in the value creation as demand catches up to supply. Aspen identified this dislocation in 2019 — well before onshoring became a consensus investment theme — and has been building its industrial platform around it since.