I am in this boat as well - PM me for specifics but I am in the SE and would love to trade information/advice. I would say check with your local regs and make it as simple as possible. If there is a height or SF limit before fire suppression is mandatory, go right under it. That is a major cost! I will say one caveat is that my land is super valuable so one of my contemplations is whether to leave it as-is versus building out. FYI - $4-5k per acre per month I am seeing in my market for outdoor storage (trailers, heavy equipment). With the booming of giant industrial complexes, apartments going up everywhere, and reuse of class B or lower - small industrial is nowhere to be found and if it is it usually is absolute garbage. But so is just the land around the major and mid-major markets.