17 Names, One Asset Class
Small-bay industrial goes by many names. Here's the complete list for when you're searching comps, listings, or just trying to sound like you know what you're talking about.
TL;DR: Small-bay industrial is a fragmented asset class with no standard naming convention. Use all 17+ names when searching for comps and listings.
The Identity Crisis
Small-bay industrial has a branding problem. Unlike "multifamily" or "office," there's no industry-standard term. Brokers, developers, and investors all use different names, often for the exact same product.
This matters when you're searching for comps, analyzing listings, or underwriting deals. Miss a name, miss a deal.
The Complete List
Use these terms when searching Crexi, Facebook Marketplace, CoStar, LoopNet, or local MLS:
- Car condos
- Car vaults
- Contractor bays
- Contractor condos
- Contractor garages
- Flex industrial
- Flex space
- Flex warehouse
- Garage bays
- Garage condos
- Mechanics warehouse
- Office warehouse
- Service bays
- Small bay flex
- Small bay warehouse
- Small warehouse
- Vehicle condos
Why So Many Names?
Small-bay industrial evolved organically with no central authority dictating terms. You might hear "contractor garage" in Missouri, "flex park" in Texas, or "garage condo" in Arizona. But ask a broker in any of those markets and they might call it something completely different. Regional preferences exist, but nothing is standardized.
Unlike asset classes dominated by institutional players, small-bay is still mostly owned by local developers and mom-and-pop operators. Terminology never got standardized from the top down.
Pro Tip
Set up saved searches using all these terms. You'll surface deals that competitors miss because they're only searching "flex industrial."
The name doesn't matter. The fundamentals do.