U.S. National Market Report | Q3 2025

Tampabay  /   January 20, 2026

U.S. National Market Report | Q3 2025

Check out the full report below presented by Cushman and Wakefield. 

Highlights: 

• • • Industrial Supply
      • Vacancy Rate |7.1% : Vacancy held steady amid positive demand and slowing construction. With new construction deliveries (63.6 msf) hitting an eight-year low, the national vacancy rate remained at 7.1% in the third quarter. While stable this quarter, the rate is slightly elevated from the pre-pandemic historical average of 6.8%
      • Under Construction |269.9M : , The construction pipeline will continue
        to shrink: The pipeline will likely contract into 2026, as construction starts remain tempered in many markets due to high interest rates
        and tariffs. This will limit the rise in vacancy going forward. However, BTS activity should remain healthy as large corporate occupiers seek customized, efficient space.
    • Industrial Demand 
      • Net Absorption |45.1M: Even with these challenges, quarterly
        net absorption climbed by 30% QOQ to 45.1 msf—the strongest demand-reading in more than a year. Absorption was positive in two-thirds of U.S. markets, led by Dallas-Ft. Worth, Indianapolis, Houston, Central New Jersey, Phoenix and Kansas City, which all recorded more than 3 msf of growth. Several markets that posted occupancy losses earlier in the year, including Atlanta, Central New Jersey and San Diego, returned to positive territory in the third quarter. Nationwide, 12 markets surpassed 2 msf of positive absorption, double the number from the previous quarter.
    • Market Pricing
      • Asking Rent | $10.12 PSF: Asking rent growth slowed but remained positive. National asking rents averaged $10.10 per square foot (psf) in the third quarter, up 1.7% YOY. Nearly 60% of U.S. markets posted positive YOY rent growth, with nine markets reporting double-digit rent increases.

Download the full report here

View Cushman and Wakefield’s Historical Reports 

Have questions about the report or looking for more information about the industrial market in Tampa Bay? Please reach out to the team!

John Jackson, SIOR, CCIM. | Managing Director 

+1 813 424 3202 | John.Jackson@cushwake.com

JT Faircloth, SIOR | Senior Director 

+1 813 833 3242 | Jt.Faircloth@cushwake.com

Casey Perry | Director

+1 813 233 6464 | Casey.G.Perry@cushwake.com

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