Tampabay / January 30, 2026
U.S. National Market Report | Q4 2025
Check out the full report below presented by Cushman and Wakefield.
Highlights:
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- Industrial Supply
- Vacancy Rate |7.1% : Vacancy stability signaled a potential inflection point. Nationwide vacancy remained at 7.1% for the third consecutive quarter, suggesting demand is catching up with a moderating supply pipeline.
- Under Construction |268.1M : , The under-construction pipeline has inched up over the past two quarters, reaching 268 msf after bottoming at 264 msf midyear. Build-to-suit (BTS) projects made up 29% of completions in 2025, up from 22% in 2024, as developers grew more cautious with speculative supply. As large industrial users prioritize customized facilities to meet operational and power requirements, BTS activity is likely to pick up. Currently, 40% of space underdevelopment is BTS (106 msf).
- Industrial Demand
- Net Absorption |54.5M: The U.S. Industrial sector is expected
to continue to power through the economic uncertainty. Net absorption
should remain steady in the near-term and strengthen in the second half of 2026. With new supply staying modest, vacancy is expected to peak soon and then gradually tighten later in the year.
- Net Absorption |54.5M: The U.S. Industrial sector is expected
- Market Pricing
- Asking Rent | $10.18 PSF: Industrial asking rent growth slowed to 1.5% YOY in the fourth quarter, the lowest growth rate since the first quarter of 2020. The deceleration was concentrated in the Northeast and West, where rents had surged earlier in the cycle (up roughly 100% and 60% from 2019 to peak). As demand softened and vacancy increased in 2025, rents fell by 3.8% in the Northeastand 4.5% in the West. While 40% of markets posted YOY rent declines, longterm growth remains elevated: One-third of U.S. markets saw rents rise more than 50% between 2020 and 2025, keeping costs high for tenants exiting leases of five years or more.
- Industrial Supply
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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. | Executive 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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