What are people seeing for the Industrial Outdoor Storage (IOS) market?

I've been following the space for the last two years or so (based in the Pacific NW). It seems in the last several months there's been increased interest in making it an institutional asset class, i.e. several money managers and finance adjacent people dealing with alternative assets are commenting to me about hearing about it for the first time, in an out-of-the-blue what they are exploring at the moment way. Am also seeing more articles on the big CRE websites and podcast episodes about IOS too.

This is interesting to me because obviously the concept of storing stuff outside has been around for a while -- in addition to the zoning that makes this possible in certain parts of town. (Usually in the most industrial classifications, like manufacturing park, but occasionally light industrial / business park types of zonings as well.)

Is anyone else in the CRE space (probably those already dealing in industrial) seeing an uptick in interest?

I would imagine given that the most valuable IOS is going to be "grandfathered" in and infill locations, this interest would lead to money chasing the best properties and so, all else being equal, cap rate compression. (Which, of course, could be furthered or reduced by other economic conditions.) I do wonder though whether the paucity of great IOS areas, especially near core urban, means that it would be hard to deploy large amounts of money to make it into an institutional asset class unlike, say, self storage or other types of real estate which have seen this happen over the last decade plus.

So would be interesting in hearing other people's thoughts as to whether continued interest in this kind of real estate will increase its value just due to large scales of money actively pursuing deals in the space, which never really saw this kind of financing before. (In part because lenders skittish about "vacant" land without much improvements, less creditworthy and often shorter term tenants, etc.)