Peter,

Buy the Gap in the Market. By the Gap I mean you're going to have to do your homework to find out what's missing in the area that you're investing in. Example, in a town the I work in the Gaps in the market are Multi-family and Spec warehouses 50,000 sq ft. There just aren't any available. The multi family you need to find out how many there are, the vacancy rates, the last one built, the sizes, where in the community would it best fit. This would be more along the lines of development. You're area will determine the Gap in the market.

Dave