Equity Commonwealth (NYSE:EQC) is looking for M&A. David Helfand, President and Chief Executive Officer said during the Second Quarter 2021 Earnings Conference Call, "As the market for industrial product remains highly competitive, cap rates continue to compress. We're looking at a broad range of opportunities, including M&A, large portfolios and working closely with merchant builders to source investment opportunities. Our investment philosophy is less focused on targeting specific markets and instead is guided by identifying opportunities to achieve attractive risk-adjusted returns".