We’re pleased to share the latest State of the U.S. Industrial Market, our quarterly report featuring key insights on industrial real estate supply, demand and pricing. The report also includes analysis of broader economic conditions and demand drivers such as ports, e-commerce, manufacturing and the potential implications of recent federal legislation.

Highlights from the report:

• ●Shifting trade policies are delaying leasing decisions, leading to short-term renewals and outsourcing; activity may rebound with clearer tariff direction.
• ●Occupancy gains have slowed sharply in 2025, with positive absorption driven by Class A space, while Class B and C buildings continue to lose tenants.
• ●Over 40% of markets have now seen average asking rents fall 5% or more from recent peaks, though declines vary by location, segment and ownership profile.
• ●Dallas and Houston report year-over-year vacancy declines, bucking national trends, while buildings over 750,000 square feet show the most stable rates.
• ●Bonus depreciation and other provisions could boost manufacturing investment, especially in chips and defense, but clean tech likely to stall as incentives are cut.