Report Highlights

• National in-place industrial rents averaged $8.72 per square foot in September, rising 6.1 percent year-over-year.
• Vacancy climbed to 9.5 percent nationally, up 250 basis points in twelve months.
• Developers completed 219.4 million square feet of new space year-to-date.
• Projects under construction total 340.5 million square feet, or 1.7 percent of existing stock.
• Sales volume reached $52.5 billion, averaging $142 per square foot.

Industrial metrics reflect ongoing market reset

Key performance indicators show the industrial sector continuing to rebalance after several years of rapid growth. Rent increases slowed, vacancy rates edged higher and new leasing activity has become more measured. National in-place rents stood at $8.72 per square foot in September, according to Yardi Matrix data. Gains remain strongest in high-demand distribution hubs along the East and Southeast corridors, where population growth and infrastructure access support tenant expansion.

At the same time, vacancy reached 9.5 percent nationwide, a level last seen before the pandemic. The increase reflects both a normalizing pace of demand and the large volume of projects delivered since 2020, which now totals more than 2.7 billion square feet. Leasing conditions have become more balanced as the rent premium on new leases narrowed to $1.28 per square foot, signaling that supply additions are catching up with users’ space requirements.

Development and investment activity hold steady

Construction pipelines are trending toward sustainable levels following a period of record deliveries. About 340.5 million square feet—roughly 1.7 percent of national inventory—is under construction, while year-to-date completions stand at 219.4 million square feet. Developers continue to focus on logistics corridors and emerging secondary markets where modern space remains in demand.

Investment activity held firm, with $52.5 billion in industrial assets trading through September. The national average sale price was $142 per square foot, according to Yardi Matrix research. Pricing varied widely by market: Atlanta ($140) led major metros—up 31.3 percent year over year—followed by the Inland Empire ($178) and Northern New Jersey ($173), both above the national average. Dallas–Fort Worth ($128) and Chicago ($120) posted lower averages, reflecting a higher share of bulk distribution assets.

Read the full Yardi Matrix Industrial Market Outlook: October 2025.

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Report Highlights

• Industrial sales totaled $33.8 billion through July, with properties trading at an average of $129 per square foot
• 170.5 million square feet of industrial space were delivered year-to-date
• 340.2 million square feet remain under construction, accounting for 1.7 percent of total inventory
• The national vacancy rate rose to 9.1 percent, up 270 basis points year-over-year
• In-place rents increased 6.1 percent year-over-year, reaching $8.63 per square foot nationally

Development activity and vacancy trends

Industrial development remained active through July, with 170.5 million square feet of space completed and 340.2 million square feet underway nationwide. Dallas–Fort Worth led all metros with 30.6 million square feet under construction, followed by Phoenix (17.0 million square feet) and Houston (16.5 million square feet). Memphis recorded the highest share of inventory under construction at 4.1 percent, highlighting its expanding logistics footprint.

The national vacancy rate reached 9.1percent, driven by sustained delivery of new supply. Columbus (13.7 percent), Chicago (12.5 percent) and Miami (11.4 percent) posted the highest vacancy rates among major markets, while Bridgeport (3.6 percent) and Kansas City (4.3 percent) remained among the tightest. The increase in vacancy reflects the impact of multi-year development activity across key distribution hubs.

Sales volume and pricing overview

Investment activity remained steady, with $33.8 billion in industrial assets trading through July. The average sale price held at $129 per square foot nationally. Regional pricing varied significantly: Baltimore recorded $193 per square foot, while Chicago and Houston remained below the national average at $95 and $94, respectively. Orange County ($301) and Los Angeles ($285) continued to command higher pricing.

National in-place rents rose 6.1 percent year-over-year to $8.63 per square foot. Leases signed over the past 12 months averaged $10.08. While rent growth has moderated in some metros, overall pricing remains supported by long-term logistics demand.

Read the full Yardi Matrix Industrial Market Outlook: August 2025.

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Report Highlights

• In-place rents averaged $8.60 per square foot nationally in June, up 6.2 percent year-over-year
• The vacancy rate rose to 9.0 percent, the highest level recorded this decade
• 146.6 million square feet of industrial space were completed year-to-date
• Projects under construction totaled 341.8 million square feet, accounting for 1.7 percent of national inventory
• Industrial sales volume reached $27.6 billion through June, with assets trading at $130 per square foot on average

Vacancy rate reaches decade high

The national vacancy rate climbed to 9.0 percent in June, marking a 290-basis-point increase over the past year. This shift follows a multi-year development surge, with more than 2 billion square feet of new industrial space delivered between 2020 and 2024. Leasing activity has moderated in 2025, as companies reassess supply chain strategies and delay commitments amid tariff-related uncertainty.

Rent growth remains steady, with Miami leading all metros at 9.4 percent year-over-year. The average national rate for leases signed in the past 12 months was $10.17 per square foot, $1.57 higher than the overall in-place average.

Development and sales trends

Construction activity held firm in June, with 341.8 million square feet underway across the country. Year-to-date completions reached 146.6 million square feet. Phoenix (4.0 percent of inventory), Memphis (4.3 percent) and Dallas (3.0 percent) remain top markets for active development.

Industrial investment totaled $27.6 billion in the first half of the year. Southern California markets saw pricing adjustments from recent highs: Inland Empire averaged $247 per square foot, Orange County $301 and Los Angeles $279. These regions continue to command premium pricing despite a cooling trend.

Read the full Yardi Matrix Industrial Market Outlook: July 2025.

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Report Highlights

• In-place rents averaged $8.54 per square foot in May, up 6.3 percent year-over-year 
• The vacancy rate declined to 8.5 percent, a 30-basis-point drop from April 
• 86.9 million square feet of construction starts through May, lowest year-to-date total since 2018 
• Projects under construction accounted for 1.7 percent of national inventory, totaling 342.3 million square feet 
• Industrial sales volume reached $21.4 billion through May, with assets trading at for an average price of $133 per square foot 

Construction activity slows amid cost and policy challenges

Industrial development is decelerating as developers face rising costs and policy uncertainty. Through May, new starts totaled just 86.9 million square feet—marking the slowest five-month period for groundbreakings since 2018. A 50 percent tariff on imported steel and fewer-than-expected interest rate cuts are contributing to the slowdown. 

Despite the overall pullback, several markets remain active. Memphis led the nation with 4.2 percent of its inventory under construction, followed by Phoenix (3.9 percent) and Dallas (2.8 percent). These metros continue to attract tenants and capital, even as broader development momentum slows. 

Rents rise, investment activity concentrates

Rent growth remains positive across most major markets. Miami led all metros with a 9.8 percent annual increase, while Orange County posted the highest average rent at $16.69 per square foot. The national vacancy rate edged down to 8.5 percent, though it remains elevated compared to mid-2024. 

On the investment front, Phoenix continues to draw strong interest. The market logged $862 million in sales through May, with average pricing up 14.2 percent year-over-year. Nationally, industrial assets traded at an average of $133 per square foot, totaling $21.4 billion in volume. 

Read the full Yardi Matrix Industrial Market Outlook: June 2025.

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Report Highlights

• The average national in-place rent for industrial space reached $8.44 per square foot in March, rising one cent from February and up 6.8 percent year-over-year.
• Nationwide industrial vacancy averaged 8.5 percent at the end of March.
• The gap between in-place rents and new lease rates was $1.92 per square foot as of the end March.
• The under-construction pipeline featured 345.5 million square feet of industrial space as of March.
• Industrial sales in the first quarter of 2025 totaled $11.7 billion, with industrial assets trading at an average of $126 per square foot.

Moderation tempers rent gains

The average national rent for industrial space in March reached $8.44 per square foot, edging up by just one cent from February and marking a 6.8 percent year-over-year increase. New Jersey led the country in rent growth, with a notable 11.74 percent jump. The Sun Belt remained the most dynamic region, with in-place rents surging 10.2 percent in Nashville, 9.5 percent in Atlanta, 9.2 percent in Miami and 8.5 percent in Dallas.

Still, signs point to a moderation in growth. The gap between leases signed over the past 12 months and the average in-place rent narrowed to $1.92 per square foot, down 21 cents from the previous month.

Nationally, the industrial vacancy rate ticked up to 8.5 percent in March, an increase of 30 basis points compared to February. While vacancies have been trending higher, Yardi Matrix anticipates stabilization in the latter half of 2025, with potential decreases beginning next year.

Among the country’s largest markets, Miami posted the highest vacancy rate at 11.5 percent, followed by Chicago (10.6 percent), Dallas (10 percent), Denver (9.8 percent) and New Jersey (9.6 percent).

Construction stays strong despite headwinds

As of March, the under-construction pipeline featured 345.5 million square feet, representing 1.7 percent of the total industrial inventory. Although new project starts have slowed in recent years, they continue to outpace pre-pandemic levels, according to Yardi Matrix. That trend may shift in 2025, however, as rising development costs—partly due to a 25 percent tariff on imported steel and aluminum—begin to weigh on the sector. Roughly a quarter of the steel and aluminum used domestically is imported, adding further pressure.

Some metros still boast significant construction pipelines relative to their existing stock. Memphis leads with 4.2 percent of its inventory underway, totaling 12.5 million square feet. Phoenix and Kansas City follow, each with 3.5 percent under construction—15.1 million and 10.5 million square feet, respectively. Other active markets include Dallas (2.4 percent, 24.8 million square feet), Denver (2.3 percent, 6.4 million square feet) and Houston (2.2 percent, 14.7 million square feet).

Industrial sales volume reached $11.7 billion in the first quarter of 2025. Investment was concentrated in New Jersey ($832 million), Dallas ($711 million), Chicago ($616 million) and Phoenix ($449 million).

Read the full Yardi Matrix Industrial Market Outlook: April 2025.

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Industrial property sales totaled $6.1 billion during the first two months of 2025, the latest Yardi Matrix industrial report shows.

Report Highlights

• The average national in-place rent for industrial space reached $8.43 per square foot in February, rising eight cents from January and up 7.1 percent year-over-year.
• Nationwide industrial vacancy averaged 8.2 percent at the end of February.
• The gap between in-place rents and new lease rates was $2.13 per square foot as of the end February.
• The under-construction pipeline featured 344.9 million square feet of industrial space as of February.
• Industrial sales in the first two months of 2025 totaled $6.1 billion, with industrial assets trading at an average of $127 per square foot.

Industrial rent growth cools

In February, the average national in-place rent for industrial properties climbed to $8.43 per square foot, reflecting an eight-cent increase from January and a 7.1 percent year-over-year rise, according to Yardi Matrix.

Southern California markets continued to show signs of cooling, with in-place rents rising 8.9 percent annually in the Inland Empire and 7.7 percent in Los Angeles. The strongest rent growth over the past year was recorded in Columbus, Ohio (14.1 percent), followed by New Jersey (11.3 percent) and Nashville, Tenn. (10.0 percent).

The spread between new leases and the average rent across all leases narrowed to $2.13 in February. This premium has been gradually shrinking in recent quarters as higher vacancy rates have shifted more negotiating leverage to tenants.

Meanwhile, the national vacancy rate edged up to 8.2 percent in February, increasing by 20 basis points from the previous month. Over the past two years, the vacancy rate has doubled, driven by a steady influx of new supply entering the market while demand has remained stable.

Industrial construction adjusts to market shifts

In February, a total of 344.9 million square feet of industrial space was under construction across the country, accounting for 1.7 percent of the nation’s total inventory, according to Yardi Matrix. Construction starts saw a sharp slowdown last year, a trend that is expected to continue as demand stabilizes and rising tariffs push up material costs.

Phoenix led all U.S. markets in industrial development, with 16.1 million square feet—or 3.7 percent of its inventory—actively underway. Other high-growth markets included Memphis, Tenn., where 10.5 million square feet (3.5 percent of inventory) was in progress, followed by Kansas City, Mo. (10 million square feet or 3.4 percent), Dallas-Fort Worth (23.7 million square feet or 2.3 percent) and Denver (6.2 million square feet or 2.2 percent).

During the first two months of 2025, industrial property sales reached a total of $6.1 billion, with assets trading at an average price of $127 per square foot. Between 2019 and 2022, the national average sale price for industrial properties surged by 54 percent, though growth slowed significantly, rising by just 5 percent from 2022 to 2024.

Read the full Yardi Matrix Industrial Market Outlook: March 2025.

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Following a 1.1 billion-square-foot boom in 2022-2023, industrial deliveries slowed to 358 million square feet in 2024, according to the latest Yardi Matrix U.S. industrial market outlook.

Report Highlights

• National in-place rents for industrial space averaged at $8.30 per square foot at the end of December 2024, up 6.6 percent from December 2023 and 3 cents more than the month prior.

• Nationwide industrial vacancy recorded a 50-basis-point increase from the previous month and averaged 8.0 percent at the end of 2024.
• The gap between in-place rents and new lease rates narrowed to $2.04 per square foot as of the end of 2024.
• The under-construction pipeline featured 349.6 million square feet of industrial space as of December 2024.

Industrial vacancy rates edge higher

In December 2024, the average national rent for industrial properties climbed to $8.40 per square foot, marking a three-cent increase from November and a 6.6 percent jump year-over-year, according to Yardi Matrix.

Port markets remained among the strongest performers in terms of in-place rent growth, though their dominance has become less pronounced. New Jersey led the way with a 9.8 percent annual increase, followed closely by Miami at 9.6 percent. The Inland Empire and Atlanta both saw rents rise by 8.7 percent over the same period. Southern California, once a hotspot for rapid rent appreciation, experienced a noticeable slowdown in 2024.

In contrast, the Midwest posted the weakest rent gains. Kansas City saw in-place rents increase by just 2.0 percent, while Detroit and St. Louis recorded modest upticks of 2.3 percent and 2.4 percent, respectively. Across the U.S., newly signed leases in the past year averaged $10.36 per square foot—$2.20 higher than the overall average. Miami led in lease premiums, with new agreements surpassing market rates by $5.65 per square foot, followed by Bridgeport, Conn., at $4.38 and Boston at $3.70.

At the same time, the national industrial vacancy rate ticked up to 8.0 percent in December, increasing by 50 basis points from the prior month. The gap between in-place rents and new lease rates shrank to $2.04 per square foot, signaling a continued trend toward a more balanced industrial leasing environment.

Industrial construction slows as development pipeline shrinks

At the close of 2024, a total of 349.6 million square feet of industrial space was under construction across the U.S., representing 1.7 percent of the nation’s total inventory, according to Yardi Matrix. However, new industrial starts dropped significantly last year, reaching just 236 million square feet—a 35 percent decline from 2023 and more than 60 percent below 2022 levels. High borrowing costs and softer demand have slowed development activity, with no major rebound anticipated in the near term.

Among the most active industrial markets, Phoenix led the country in construction relative to its existing stock, with 5.7 percent—or 22.3 million square feet—of its inventory underway. Kansas City, Mo., followed with 3.9 percent (11.5 million square feet), while Memphis, Tenn., recorded 3.5 percent (10.5 million square feet) under development. Other notable markets included Philadelphia, where ongoing projects accounted for 2.4 percent (11 million square feet) of inventory, along with Denver at 2.4 percent (6.8 million square feet) and Columbus, Ohio, at 2.2 percent (7.1 million square feet).

Read the full Yardi Matrix Industrial Market Outlook: January 2024.

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The average new lease rate over the past year was $10.30 per square foot, exceeding the overall lease average by $2.08, according to the latest Yardi Matrix industrial market outlook.

Report Highlights

• National in-place rents for industrial space averaged at $8.22 per square foot at the end of October, a 6.1 percent increase from October 2023 and 6 cents more than the month prior.

• Nationwide industrial vacancy recorded a 20-basis-point uptick from the previous month and averaged 7.2 percent at the end of October.
• The under-construction pipeline featured 358.8 million square feet of industrial space as of October.
• Total industrial transaction volume amounted to $49.2 billion year-to-date in October.

Industrial rents climb, vacancies rise to 7.2 percent

In October, the national average rent for industrial space climbed to $8.22 per square foot, a six-cent increase from the previous month and a 6.1 percent rise year-over-year, according to Yardi Matrix. Miami led in rent growth, posting an impressive 11.0 percent annual increase, marking a rare deviation from Southern California markets typically leading in this metric.

The Inland Empire followed with a 10.3 percent year-over-year increase, while New Jersey saw rents rise by 10.2 percent. Southeastern markets also performed strongly, with Atlanta recording a 9.0 percent increase and Nashville up by 8.7 percent over the past year.

New leases signed within the last 12 months averaged $10.30 per square foot, surpassing the national average by $2.08. Miami recorded the largest gap, with tenants paying $5.25 more per square foot for new leases compared to in-place rents.

The national industrial vacancy rate rose to 7.2 percent in October, a 20-basis-point uptick from the previous month. This marks a steady increase from the sub-4 percent vacancy rates seen in recent years. The highest vacancy rates were reported in Denver (9.6 percent), Indianapolis (9.1 percent), Baltimore (8.7 percent), and both Dallas and Chicago at 8.3 percent.

Industrial construction slows, sales hit $49B

By the end of October, 358.8 million square feet of industrial space was under construction nationwide, accounting for 1.8 percent of the total inventory. Industrial construction activity slowed in the third quarter, with only 69.3 million square feet delivered, down significantly from 119.3 million in the first quarter and 101.5 million in the second, according to Yardi Matrix.

Year-to-date industrial completions reached 310.2 million square feet, reflecting the impact of a sharp decline in new starts. After reaching 1.1 billion square feet during 2021-2022, new starts dropped to 352.1 million in 2023, with just 184.4 million initiated so far in 2024.

The most active pipelines as a percentage of inventory were in Phoenix (6.7 percent, 28.1 million square feet underway), Kansas City, Mo. (4.0 percent, 11.7 million square feet), Memphis, Tenn. (3.5 percent, 10.5 million square feet), Philadelphia (2.8 percent, 12.7 million square feet) and Columbus, Ohio (2.6 percent, 8.1 million square feet).

Year-to-date industrial sales through October totaled $49.2 billion. Industrial investment activity was concentrated in Dallas ($3.8 billion year-to-date in October), the Bay Area ($3 billion), Chicago ($2.6 billion), Houston ($2.5 billion), Los Angeles ($2.4 billion), Phoenix ($2.2 billion) and New Jersey ($2 billion).

Read the full Yardi Matrix Industrial Market Outlook: November 2024.

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The average new lease rate over the past year was $10.36 per square foot, exceeding the overall lease average by $2.20, according to the latest Yardi Matrix industrial market outlook.

Report Highlights

• National in-place rents for industrial space averaged at $8.16 per square foot at the end of September, up 7.1 percent from September 2023 and 5 cents more than the month prior.
• Nationwide industrial vacancy recorded a 30-basis-point uptick from the previous month and averaged 7.0 percent at the end of September.
• The under-construction pipeline featured 362.6 million square feet of industrial space as of September.
• Total industrial transaction volume amounted to $43.7 billion in the first three quarters of 2024.

Industrial rents up 7.1 percent y-o-y in September

In September, the national average rent for industrial space rose to $8.16 per square foot, a five-cent increase from August and a 7.1 percent jump year-over-year, as reported by Yardi Matrix. In-place rents saw the highest annual growth in the Inland Empire (12.1 percent), followed by Miami (11.2 percent), Los Angeles (9.5 percent) and New Jersey (9.1 percent).

Among inland regions, the Sun Belt experienced the steepest increases, with Nashville (8.4 percent), Atlanta (8.2 percent) and Dallas (8.1 percent) seeing significant growth, a trend driven by strong in-migration and job expansion over the last decade that has bolstered demand for industrial space in major logistics hubs.

New leases signed over the past year averaged $10.36 per square foot, $2.20 higher than the national average, Yardi Matrix data shows. Miami led in new lease premiums, with recent leases priced $5.65 above the market average per square foot, while Bridgeport, Conn., and Boston followed with premiums of $4.38 and $3.70 per square foot, respectively, for newly leased spaces.

The national industrial vacancy rate climbed to 7.0 percent in September, a 30-basis-point rise from August, as new supply has gradually pushed up vacancies in recent quarters. Charlotte registered one of the lowest vacancy rates at 4.1 percent, with Detroit close behind at 4.6 percent.

Industrial construction surges amid strong investment

A total of 362.6 million square feet of industrial space was under construction across the U.S. as of the end of September, accounting for 1.8 percent of the national inventory. Meanwhile, industrial completions totaled 283.1 million square feet at the end of the third quarter. Although this year’s new supply will fall short of the peak levels seen over the past two years, it will still exceed all pre-2020 figures recorded by Yardi Matrix.

The markets with the largest pipelines based on percentage of existing stock were Phoenix (8.3 percent, with 33.8 million square feet underway), Kansas City, Mo. (3.7 percent, 10.7 million square feet), Memphis, Tenn. (3.4 percent, 10 million square feet), Philadelphia (2.8 percent, 12.7 million square feet), Columbus (2.7 percent, 8.6 million square feet) and Denver (2.7 percent, 7.5 million square feet).

Industrial investment during the first three quarters of 2024 reached $43.7 billion, with properties trading at an average of $130 per square foot. Sales activity was concentrated in Dallas-Fort Worth ($3.3 billion), the Bay Area ($3 billion), Los Angeles ($2.2 billion), Houston ($2.1 billion) and Chicago ($2.1 billion).

Read the full Yardi Matrix Industrial Market Outlook: October 2024.

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 Despite a slowdown in total sales volume, the average sale price of an industrial asset continues to grow, reaching $135 per square foot in July, according to the latest Yardi Matrix national industrial market outlook.

Report Highlights

• National in-place rents for industrial space averaged at $8.15 per square foot at the end of July, a 7.3 percent increase from August 2023 and 11 cents more than the month prior.

• Nationwide industrial vacancy recorded a 30-basis-point uptick from the previous month and averaged 5.6 percent at the end of July.
• The under-construction pipeline featured 379 million square feet of industrial space as of July.
• Total industrial transaction volume amounted to $30.7 billion year-to-date in July.

Spread between leases at $2.39

In July, the national average rent for industrial space reached $8.15 per square foot, reflecting a notable increase of 730 basis points year-over-year and an 11-cent rise from the previous month. The Inland Empire once again led in rent growth, with in-place rents climbing 12.4 percent over the past year, followed by Los Angeles at 11.0 percent, Miami at 9.7 percent, and New Jersey at 9.0 percent. Orange County saw an 8.7 percent uptick, while Phoenix recorded an 8.4 percent gain.

At the same time, the national industrial vacancy rate rose to 5.6 percent in July, a 30-basis-point increase from the previous month. This increase is primarily due to the historic surge in new supply over the past three years. According to Yardi Matrix, Charlotte had the lowest vacancy rate at 3.7 percent, followed closely by Columbus at 3.9 percent.

The average rate for new leases signed in the past year was $10.54 per square foot, $2.39 higher than the overall lease average. While vacancy rates have risen due to the influx of new supply, the newly delivered, high-quality spaces are commanding premium rents. In Miami, new lease rates were $5.76 per square foot above the market average, with substantial premiums also seen in Charlotte ($3.94), Dallas ($3.57), Los Angeles ($3.55), and Nashville ($3.51).

Industrial sales concentrated in Southern markets

By the end of July, there were 379 million square feet of industrial space under construction nationwide, representing 1.9 percent of the total stock, according to Yardi Matrix. After adding over 1.1 billion square feet in 2022 and 2023—an increase of 5.8 percent—the pace of new deliveries has begun to decelerate in 2024. The first seven months saw 229.3 million square feet delivered, signaling the start of a slowdown. Construction starts, which exceeded 500 million square feet in 2021 and 2022, have fallen to 127.2 million so far this year.

Phoenix led with the largest construction pipeline on a percentage-of-stock basis, with 9.2 percent (36.9 million square feet) underway, followed by Kansas City (4.0 percent, 11.8 million square feet), Memphis (3.4 percent, 10 million square feet), Denver (3.0 percent, 8.1 million square feet), Charlotte (2.8 percent, 8.1 million square feet), and Central Valley, Calif. (2.5 percent, 8.9 million square feet).

Meanwhile, industrial investment during the first quarter of 2024 reached $30.7 billion, with properties trading at an average of $135 per square foot. Sales activity was concentrated in the Bay Area ($2.5 billion), Dallas-Fort Worth ($2.4 billion), Los Angeles ($1.8 billion), Chicago ($1.5 billion), and Phoenix ($1.3 billion).

Read the full Yardi Matrix Industrial Market Outlook: August 2024.

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