Alignment options to outside (top, bottom, left, right) of key object
I would really benefit from options to automatically align an object to the outside edge (top/bottom/left/right of its bounding box) of a key object. For example, "Align below" would put the top edge of the bounding box of the repositioned object flush with and below the bottom edge of the bounding box of the key object.
While I can try to achieve the same results by dragging the object around and using smart guides and snapping, that may require a lot of time (and a little luck) when there are several nearby objects that smart guides are being generated from, particularly as some objects appear more likely to be used as the basis of a smart guide than others. This can make the smart guide I want (an outside edge of a given object) hard to "find".
Spike E. Dog commented
You are correct; that does achieve the desired results. Thanks! I never would have thought to try the distributed space functions on just two objects -- I would have assumed that would have no effect.
You can do it, if I got it right. Almost though.
If your target object is below your key object, pressing Vertical Distribute Space in Align panel will move the target object below the key. If the target is above the key — will position above.
Does it work for you?