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 and manufacturing.

A few noteworthy facts from our research:

• Trade policy volatility in 2025 continues to unsettle trade-dependent markets and manufacturing ahead of the November 5 Supreme Court hearing.
• Manufacturing momentum has shifted to defense and AI sectors, replacing clean energy and EVs, with construction outlays 9.6% below 2024 highs, yet still strong.
• Despite elevated construction, Southern markets continue to post solid absorption and firm rents, contrasting with stalled demand on the coasts.
• Leasing gains from 3PLs and renewals mask still-soft net absorption in a market that’s grown by 2.3 billion square feet over the past five years.
• Construction has stabilized around 307 million square feet, with build-to-suits now accounting for 33.3% of projects; elevated supply will keep recovery gradual.