State of the U.S. Industrial Market - Q2 2026
We’re pleased to share the latest State of the U.S. Industrial Market, our quarterly report offering key insights into industrial demand drivers, leasing trends and capital markets activity.
The U.S. industrial sector closed out the first half of 2026 with its clearest signs of broad-based recovery in years, even as elevated energy costs and regional imbalances keep the rebound from being universal.
The U.S. industrial sector closed out the first half of 2026 with its clearest signs of broad-based recovery in years, even as elevated energy costs and regional imbalances keep the rebound from being universal.
Highlights from the report:
• Leasing activity climbed to 490.6 million square feet in the first half of 2026, up 27.1% year over year and the third-highest first-half total on record.
• The construction pipeline rose to 303.9 million square feet in the second quarter, up 7.3% from Q1 but still down 61.2% from its 2022 peak.
• Warehouses of 750,000 square feet and larger remain the market’s tightest segment, with vacancy down 160 basis points from a year ago.
• Companies that build, cool, power and equip data centers are emerging as a fresh source of leasing demand.
• Industrial sales posted their second-strongest first half on record, while refinancing volume climbed to an all-time high of $91.3 billion over the trailing four quarters.
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