[trimethylpurine]

The moat is definitely smaller when labor, your biggest cost, is smaller. You can finance a purchase that's much larger if you are able to make the monthly payment because you don't have high labor costs. Purchasing has an ROI, and labor doesn't.

What am I missing?

[oblio]

The fact that warehouses are huge and need a lot of supporting infrastructure?

[trimethylpurine]

What infrastructure? Whatever it is you're talking about isn't cheaper when you add more labor.

I have a warehouse that's one aisle 4 shelves high. And another that's much bigger.

They come in all sizes and costs.

Labor is by far the greatest of those.

I think you're guessing about things...