{"id":46004,"date":"2025-10-29T15:38:06","date_gmt":"2025-10-29T12:38:06","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=46004"},"modified":"2026-04-21T12:02:08","modified_gmt":"2026-04-21T09:02:08","slug":"national-industrial-report-october-2025","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/national-industrial-report-october-2025\/","title":{"rendered":"October 2025 Industrial Report: Tax &#038; Tariff Policies Promise to Transform Manufacturing"},"content":{"rendered":"<p><span style=\"color: #0bbfeb;\"><strong>Key Takeaways:<\/strong><\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u00b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u00b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Manufacturing construction has slipped from recent all-time highs, but nevertheless remains elevated as companies process the effects of The One Big Beautiful Bill Act and stagnating electric vehicle sales.<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\u00b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u00b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Average\u00a0in-place rents<\/span><\/b><span data-contrast=\"auto\">\u00a0for industrial space rested at\u00a0<\/span><b><span data-contrast=\"auto\">$8.72 per square foot<\/span><\/b><span data-contrast=\"auto\">\u00a0at the end of September\u00a0\u2014\u00a0$0.06 higher month-over-month and\u00a0<\/span><b><span data-contrast=\"auto\">up 6.1% annually<\/span><\/b><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\u00b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u00b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">The\u00a0<\/span><b><span data-contrast=\"auto\">national industrial pipeline<\/span><\/b><span data-contrast=\"auto\">\u00a0totals\u00a0<\/span><b><span data-contrast=\"auto\">340.5 million square feet<\/span><\/b><span data-contrast=\"auto\">\u00a0with\u00a0<\/span><b><span data-contrast=\"auto\">186.1\u00a0million square feet\u00a0<\/span><\/b><span data-contrast=\"auto\">of new construction\u00a0starts\u00a0in 2025.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\u00b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u00b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Year-to-date industrial sales<\/span><\/b><span data-contrast=\"auto\">\u00a0totaled\u00a0<\/span><b><span data-contrast=\"auto\">$52.5 billion<\/span><\/b><span data-contrast=\"auto\">\u00a0at the end of September,\u00a0higher than\u00a02024 figures\u00a0thanks\u00a0in part\u00a0to the\u00a0delayed\u00a0effect of\u00a0three interest rate cuts\u00a0in late 2024.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\u00b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u00b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Los Angeles<\/span><\/b><span data-contrast=\"auto\">\u00a0vacancies rested at\u00a0<\/span><b><span data-contrast=\"auto\">8.3%<\/span><\/b><span data-contrast=\"auto\">\u00a0to mark a 90-basis-point contraction year-over-year.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:256}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\u00b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u00b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Several high-profile\u00a0<\/span><b><span data-contrast=\"auto\">portfolio sales in<\/span><\/b><span data-contrast=\"auto\">\u00a0<\/span><b><span data-contrast=\"auto\">Kansas City, Mo.,<\/span><\/b><span data-contrast=\"auto\">\u00a0nearly doubled the market\u2019s year-to-date sales volume between August and September.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:254}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\u00b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u00b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Southern\u00a0markets\u00a0<\/span><\/b><span data-contrast=\"auto\">are seeing<\/span><b><span data-contrast=\"auto\">\u00a0consistent rent growth,\u00a0<\/span><\/b><span data-contrast=\"auto\">showcasing the region\u2019s durable demand.<\/span><\/li>\n<\/ul>\n<p><span class=\"TextRun SCXW172984271 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW172984271 BCX0\">Manufacturing\u00a0<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">is at a crossroads, with provisions\u00a0<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">in The One Big Beautiful Bill Act (OBBBA) promising to\u00a0<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">substantially impact<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">\u00a0manufactur<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">ers<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">and domestic goods production<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">.\u00a0<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">With manufacturing\u00a0<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">comprising<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">\u00a0a\u00a0<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">growing<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">\u00a0share of industrial investment in recent years, the entire sector\u00a0<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">may see far-reaching consequences<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">, our\u00a0<\/span><\/span><span class=\"TextRun Highlight SCXW172984271 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW172984271 BCX0\">U.S. i<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">ndustrial market report<\/span><\/span><span class=\"TextRun SCXW172984271 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW172984271 BCX0\">\u00a0shows<\/span><span class=\"NormalTextRun SCXW172984271 BCX0\">.<\/span><\/span><\/p>\n<h3><span style=\"color: #0bbfeb;\">Trends &amp; Industry News<\/span><\/h3>\n<h2>One Big Beautiful Bill to Reshape Manufacturing Trends<\/h2>\n<p><span data-contrast=\"auto\">Passed into law over the summer, the OBBBA includes sections aimed at stimulating the domestic manufacturing sector, including\u00a0100% bonus depreciation for equipment and facilities\u00a0as well as research and development cost\u00a0expensing. These measures promise to\u00a0drive immediate investment by freeing up money\u00a0and driving\u00a0manufacturing innovation, while other\u00a0sections of the new tax code\u00a0\u2014\u00a0such as reshoring incentives and\u00a0targeted interest deductibility\u00a0\u2014\u00a0may spur the sector\u00a0in the long-term\u00a0according to our\u00a0<\/span><span data-contrast=\"auto\">industrial property outlook<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">At the same time, the OBBBA also brought an end to tax credits for production and purchases of electric vehicles (EVs), in addition to cutting funding for green energy \u2014 both sectors that have been at the forefront of the manufacturing boom in recent years. Simultaneously, electric vehicle sales are waning, leading some manufacturers to reassess their exposure to the sector. These shifts have also led to a drop in manufacturing development spending compared to the recent all-time highs driven by the Chips &amp; Science Act, although manufacturing development is still more than three times higher than it was in 2022.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:257}\">\u00a0<\/span><\/p>\n<blockquote><p><span class=\"TextRun SCXW237941360 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW237941360 BCX0\">\u201cThe continued opportunity of secondary and supportive development that\u2019s necessary to optimize large manufacturing facilities has been a constant across the last two major policy initiatives.\u201d<\/span><\/span><span class=\"EOP SCXW237941360 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><strong>Peter Kolaczynski, Director, Yardi Research<\/strong><\/p><\/blockquote>\n<p><span class=\"TextRun SCXW82320979 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW82320979 BCX0\">Other factors also have their say in the direction of manufacturing and industrial real estate as a whole.<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">For instance, t<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">he supply chain bottlenecks that tested the industry in the earlier part of the decade are still fresh in the minds\u00a0<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">of\u00a0<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">manufacturers a<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">nd\u00a0<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">logist<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">ics<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">\u00a0operator<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">s,\u00a0<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">maintain<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">ing<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">\u00a0the attractiveness of localized supply chains<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">\u00a0as companies choose risk mitigation over cost-effectiveness.\u00a0<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">In the same vein<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">, large manufacturing facilities will continue to drive\u00a0<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">secondary development through the multiplier effect,\u00a0<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">with suppliers and downstream companies often following suit\u00a0<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">in the wake<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">\u00a0of<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">\u00a0large manufacturing\u00a0<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">development<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">.\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW82320979 BCX0\">Vertically integrated<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">\u00a0facilities wi<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">ll\u00a0<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">likely bec<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">ome<\/span><span class=\"NormalTextRun SCXW82320979 BCX0\">\u00a0the standard for supply chain optimization, while also being a driving force in industrial development.<\/span><\/span><span class=\"EOP SCXW82320979 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span style=\"color: #0bbfeb;\">Rents &amp; Occupancy<\/span><\/h3>\n<h2><span class=\"NormalTextRun SCXW251177622 BCX0\">Years-Long\u00a0<\/span><span class=\"NormalTextRun SCXW251177622 BCX0\">Rent Growth Cools in Port Markets<\/span><\/h2>\n<p><span data-contrast=\"auto\">In recent years,\u00a0major\u00a0port markets and adjacent\u00a0locations\u00a0witnessed\u00a0substantial\u00a0<\/span><span data-contrast=\"auto\">industrial\u00a0rent growth<\/span><span data-contrast=\"auto\">, including double-digit annual gains in high-demand locations such as Los Angeles, the Inland Empire and New Jersey.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">So far, this year brought a reversal to this trend: The most pronounced rent growth in 2025 took place in either second-tier ports or logistically significant inland nodes with accelerated population growth. Specifically, <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/pa\/philadelphia\/\" target=\"_blank\" rel=\"noopener\">Philadelphia industrial real estate<\/a> continued to lead other port markets in terms of in-place rent growth, climbing by 8.7% annually. Atlanta and Miami followed closely with 8.5%. The Inland Empire (7.6%) and New Jersey (7.4%) also posted solid growth numbers, although they fell short of the eye-watering numbers seen in recent years. <\/span><\/p>\n<p><iframe id=\"datawrapper-chart-DBbFb\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Avg rent by Market September 25\" src=\"https:\/\/datawrapper.dwcdn.net\/DBbFb\/1\/\" height=\"796\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}});<\/script><\/p>\n<p>In September, the average national\u00a0<span data-contrast=\"auto\">industrial\u00a0vacancy rate<\/span><span data-contrast=\"auto\">\u00a0rested at 9.5%, climbing significantly\u00a0throughout\u00a0the\u00a0last year. Markets continue to absorb the unprecedented\u00a02.7 billion square feet\u00a0of space\u00a0delivered so far this decade \u2014 a 13.1% expansion of national stock \u2014 and vacancies are feeling this downward pressure.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">New lease premiums followed suit as market conditions\u00a0continue\u00a0shifting toward an occupier market: Leases signed in the last 12 months averaged $10 per square foot, which was only $1.28 higher than the national average in-place rent. For comparison, last September, the lease spread stood at $2.20 and has shrunk\u00a0considerably since\u00a0then as tenants have gained the upper hand in lease negotiations.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:257}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">At the same time, some markets held onto significant new lease premiums, with new leases in Bridgeport, Conn. commanding an average of $5.13 more per square foot compared to in-place leases in the market.\u00a0<a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/fl\/hillsborough-county\/tampa\/\" target=\"_blank\" rel=\"noopener\">Tampa<\/a>\u00a0($4.56\u00a0per square foot),\u00a0Miami ($3.80), Philadelphia ($3.25) and Nashville ($3.00)\u00a0are also seeing significant lease spreads, our\u00a0<\/span><span data-contrast=\"auto\">U.S. industrial market report<\/span><span data-contrast=\"auto\">\u00a0shows.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span style=\"color: #0bbfeb;\">Supply<\/span><\/h3>\n<h2><span class=\"TextRun SCXW179835393 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW179835393 BCX0\">Denver Pipeline Remains Healthy Despite Vacancy Worries<\/span><\/span><\/h2>\n<p><span class=\"TextRun SCXW83083007 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW83083007 BCX0\">At the end of September, there was\u00a0<\/span><span class=\"NormalTextRun SCXW83083007 BCX0\">340.5 million square feet<\/span><span class=\"NormalTextRun SCXW83083007 BCX0\">\u00a0of industrial space under construction at a national level, which is equivalent to a 1.7% expansion of current stock. Year-to-date, completions total 219.4 million square feet of space, while new construction starts\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW83083007 BCX0\">add<\/span><span class=\"NormalTextRun SCXW83083007 BCX0\">\u00a0up to only\u00a0<\/span><span class=\"NormalTextRun SCXW83083007 BCX0\">186.1 million square feet<\/span><span class=\"NormalTextRun SCXW83083007 BCX0\">,\u00a0<\/span><span class=\"NormalTextRun SCXW83083007 BCX0\">meaning that the national pipeline is continuing to contract.<\/span><\/span><\/p>\n<p><iframe id=\"datawrapper-chart-Z7lJY\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Industrial Space Under Construction (Million Sq. Ft.)\" src=\"https:\/\/datawrapper.dwcdn.net\/Z7lJY\/1\/\" height=\"781\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Bar Chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}});<\/script><\/p>\n<p>Even as some markets continue to expand<span class=\"NormalTextRun SCXW108392412 BCX0\">,\u00a0<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">our\u00a0<\/span><span class=\"TextRun Highlight SCXW108392412 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW108392412 BCX0\">industrial property market report<\/span><\/span><span class=\"TextRun SCXW108392412 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW108392412 BCX0\">\u00a0underscores t<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">hat<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">\u00a0this\u00a0<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">construction<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">\u00a0may not be in the same category as the speculative\u00a0<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">developments of 2021-2023. For example, the <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/co\/denver\/\" target=\"_blank\" rel=\"noopener\">Denver industrial space<\/a> pipeline curre<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">ntly totals\u00a0<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">8.7 million<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">\u00a0square feet<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">\u00a0of space (3.1% of stock) despite rising vacancies in the market<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">, but<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">\u00a0the sizable amount of space underway does not pose as much of an issue as\u00a0<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">it seems<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">.\u00a0<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">That\u2019s<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">\u00a0because a significant share of the pipeline is made up\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW108392412 BCX0\">by<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">\u00a0owner-occupied or\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW108392412 BCX0\">build<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">-to-suit facilities, such as PepsiCo\u2019s 1.2-million-square-foot bottling plant near Denver International Airport.\u00a0<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">What&#8217;s<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">\u00a0more<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">,\u00a0<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">a significant portion<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">\u00a0of the Denver pipeline is due to the 3.5-million-square-foot\u00a0<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">robotics fulfilment center being developed for Amazon in Loveland<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">, Colo. The warehouse has seen several delays since it broke ground in early 2022<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">\u00a0as Amazon reevaluated its\u00a0<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">logistics<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">\u00a0needs nationally. Now,\u00a0<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">there are\u00a0<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">reports say<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">ing that<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">the warehouse exterior has been\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW108392412 BCX0\">completed,<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">\u00a0but\u00a0<\/span><span class=\"NormalTextRun SCXW108392412 BCX0\">operations have yet to begin.<\/span><\/span><span class=\"EOP SCXW108392412 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span style=\"color: #0bbfeb;\">Transactions<\/span><\/h3>\n<h2><span class=\"TextRun SCXW74242519 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW74242519 BCX0\">Third-Party Logistics Boom Elevates Atlanta Sale Prices<\/span><\/span><\/h2>\n<p><span data-contrast=\"auto\">Industrial transactions totaled\u00a0$52.5 billion\u00a0nationally at the end of September. Properties traded for an average of $142 per square foot, up from the $130 per square foot\u00a0recorded in\u00a0our September\u00a02024\u00a0<\/span><span data-contrast=\"auto\">industrial real estate report<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Notably, the three interest rate cuts at the end of 2024 brought the benchmark rate down by 100 basis points (bps), pushing industrial sales volume up as difficulties in accessing credit were\u00a0somewhat eased.\u00a0Accordingly, total industrial sales volume grew by 15% in 2024 compared to 2023, and sales thus far this year also stand above those of 2024. As more sales data is collected and published, 2025 sales are certain to eclipse those from the previous year for the highest total since the 2022 high-water mark.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-pIU3p\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"2025 Year-To-Date Sales (Million)\" src=\"https:\/\/datawrapper.dwcdn.net\/pIU3p\/1\/\" height=\"801\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Split Bars\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}});<\/script><\/p>\n<p>Several markets saw rising sales volumes year-over-year, contributing to the yearly national increase. Conversely, Atlanta<span class=\"NormalTextRun SCXW114606144 BCX0\">\u2019s\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">sales volume slip<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">ped<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">\u00a0slightly compared to 2024,\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">but average prices spiked by almost one-third to reach $140 per square foot. With strong logistical advantages\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">\u2014\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">such as\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">one of the world\u2019s busiest airports, an extensive rail network, high road<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">\u00a0freight\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">capacity<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">\u00a0and proximity to the growing Port of Savannah<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">\u2014 <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/ga\/atlanta\/\" target=\"_blank\" rel=\"noopener\">industrial space in <\/a><\/span><span class=\"NormalTextRun SCXW114606144 BCX0\"><a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/ga\/atlanta\/\" target=\"_blank\" rel=\"noopener\">Atlanta<\/a> has quickly become a favorite for third-party\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">logistics<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">\u00a0providers.\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">As such companies rely on metro Atlanta to expand their capabilities in the Southeast, the market\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">is experiencing a<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">\u00a0wave of high-profile deals.\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">In fact,\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">it<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">\u00a0achieved the eighth-largest\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">year-to-date\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">sales volume nationwide\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">through\u00a0<\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW114606144 BCX0\">a large number of<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">\u00a0smaller sales<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">\u00a0in\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">logistics<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">\u00a0parks<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">\u00a0rather than\u00a0<\/span><span class=\"NormalTextRun SCXW114606144 BCX0\">a single large transaction inflating sales numbers.<\/span><span class=\"EOP SCXW114606144 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span style=\"color: #0bbfeb;\">Western Markets<\/span><\/h3>\n<h2><span class=\"TextRun SCXW76447419 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW76447419 BCX0\">Los Angeles Vacancies Stabilize<\/span><\/span><\/h2>\n<p><span data-contrast=\"auto\">As one of the Western markets with the most robust demand, <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/ca\/los-angeles\/\" target=\"_blank\" rel=\"noopener\">industrial real estate in Los Angeles<\/a> experienced record-low vacancy rates in the 2021-2023 boom cycle. After deliveries picked up, a period of protracted vacancies came next, peaking at\u00a0nearly 10%\u00a0in late 2024. Now, a year down the line, the market\u00a0seems to be\u00a0at a point of equilibrium with the average vacancy rate sitting at 8.3% \u2014 down 90 bps annually and 30 bps from last month. Granted, vacancies are still up year-over-year in other Western markets, ranging from +40 bps in the Inland Empire, Calif., to +490 bps in California\u2019s Central Valley.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:257}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Average in-place rents continued their upward trajectory in Orange County, reaching $17.09\u00a0per square\u00a0foot\u00a0at the end of September\u00a0for a $0.07\u00a0increase month-over-month and $1.36\u00a0year-over-year. This means that the market\u00a0maintained\u00a0the title of priciest industrial market nationwide,\u00a0maintaining\u00a0a lead\u00a0over fellow Western\u00a0markets\u00a0Los Angeles ($15.59\u00a0per square foot) and the Bay Area ($13.99\u00a0per square foot).\u00a0It&#8217;s\u00a0worth noting that downward rent pressure in Los Angeles was particularly pronounced with leases signed in the last 12 months being\u00a0$0.71 cheaper, on average, compared to in-place leases.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<div id=\"datawrapper-vis-QxIVN\" style=\"min-height: 562px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/QxIVN\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-QxIVN\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/QxIVN\/full.png\" alt=\"West Regional Highlights (Table)\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<p><span data-contrast=\"auto\">In\u00a0September,\u00a0year-to-date\u00a0industrial sales in\u00a0Orange County surpassed\u00a0$1 billion, making it\u00a0the\u00a0one of six Western markets to exceed that mark. That said, the\u00a0largest\u00a0regional\u00a0sales volumes\u00a0were recorded in\u00a0<a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/az\/phoenix\/\" target=\"_blank\" rel=\"noopener\">Phoenix<\/a> ($2.4 billion),\u00a0Los Angeles ($1.9 billion)\u00a0and\u00a0the Inland Empire ($1.2 billion).\u00a0However, the\u00a0largest year-over-year increase in sales was recorded in\u00a0California&#8217;s\u00a0Central Valley, where\u00a0the $972 million in\u00a0transactions\u00a0recorded so far\u00a0represent\u00a0a 123% increase compared to September 2024.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Construction across the West Coast\u00a0remains\u00a0muted\u00a0amid market uncertainty.\u00a0Space under construction in Portland totals\u00a01.6 million square feet,\u00a0which is\u00a0down one-third compared to last year. And, while\u00a0Orange County\u2019s pipeline is 23% higher compared to year-ago amounts, it\u00a0still totals less than\u00a01 million square feet.\u00a0However, the\u00a08.7 million square feet\u00a0currently being built in Denver \u2014 15% more compared to last year \u2014\u00a0will expand the market by an estimated 3.1%\u00a0for the second-largest inventory increase in the Western U.S. and the third-largest nationwide.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span style=\"color: #0bbfeb;\">Midwestern Markets<\/span><\/h3>\n<h2><span class=\"NormalTextRun SCXW171481709 BCX0\">Kansas City Sales Spik<\/span><span class=\"NormalTextRun SCXW171481709 BCX0\">e as Regional Prices\u00a0<\/span><span class=\"NormalTextRun SCXW171481709 BCX0\">Stay<\/span><span class=\"NormalTextRun SCXW171481709 BCX0\">\u00a0Affordable<\/span><\/h2>\n<p><span data-contrast=\"auto\">Industrial construction in the Minneapolis-St. Paul area continues to pick up, driven by comparatively low vacancies and the metro\u2019s logistics desirability. Current projects total 6.5 million square feet, making for the third-largest pipeline in the Midwest and representing a 250% spike compared to last year\u2019s pipeline. Construction in Indianapolis is also up by 140% annually, while the increase in Cincinnati is 120%. It\u2019s worth noting here that select inland logistics hubs are seeing construction rebound as vacancies balance out, which is consequently leading to a new wave of logistics facilities. The remaining markets saw stagnating or decreasing pipelines. These ranged from the 1% increase in <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/il\/chicago\/\" target=\"_blank\" rel=\"noopener\">Chicago industrial space<\/a> construction to a 61% construction slowdown in Kansas City, despite the market\u2019s ongoing tightening in terms of vacancies.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Investment activity in\u00a0Kansas City\u00a0also\u00a0spiked in September. A series of sales \u2014 including the\u00a0off-market purchase of\u00a0Logistics\u00a0Park Kansas City\u00a0and a\u00a0seven-building portfolio deal in Johnson County\u00a0\u2014\u00a0brought the market\u2019s total sales to\u00a0$675 million,\u00a0which was\u00a0almost double the amount in August and several magnitudes larger than last year\u2019s sales figures in the same\u00a0timeframe.\u00a0In terms of average sale prices, the Midwest is still the most affordable region,\u00a0with five markets averaging less than $100 per square foot in year-to-date transactions.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<div id=\"datawrapper-vis-tuI9W\" style=\"min-height: 488px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/tuI9W\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-tuI9W\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/tuI9W\/full.png\" alt=\"Midwest Regional Highlights (Table)\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<p><span data-contrast=\"auto\">As industrial real estate finds its footing in the wake of oversupply conditions, some markets are already seeing rising occupancy rates.\u00a0St. Louis\u00a0leads the way for vacancy contraction, with the rate plummeting from\u00a08.2% in September 2024 all the way to 6.7% at the end of last month.\u00a0Across the state,\u00a0Kansas City saw a similar 90-basis-point drop, reaching 4.3%\u00a0and\u00a0maintaining\u00a0its title as the tightest industrial market nationwide.\u00a0Elsewhere in the Midwest, vacancy rates ranged between 7.5% in the Twin Cities (up 140 basis points annually) and 13.5% in Columbus (up 840 basis points annually).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">However, several Midwestern markets continue seeing sluggish rent growth into the end of the year. Namely, <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/mo\/saint-louis\/\" target=\"_blank\" rel=\"noopener\">St. Louis industrial real estate<\/a> has one of the slowest rent growth rates among all major U.S. industrial markets at 2.8%, increasing to just over $5 per square foot in the span of a year. Rent gains in Indianapolis were also modest, averaging out 3.1% over the last year. Rent growth in Detroit and Kansas City was also low at 2.7% and 3.3%, respectively. Speaking of Kansas City, it\u2019s still the most affordable Midwestern market in absolute terms as well as the second-most affordable nationwide with an average in-place rent of $4.98 per square foot.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span style=\"color: #0bbfeb;\">Southern Markets<\/span><\/h3>\n<h2><span class=\"TextRun SCXW150008806 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW150008806 BCX0\">Region Sees Sustained Rent Growth<\/span><\/span><\/h2>\n<p><span class=\"TextRun SCXW232261389 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW232261389 BCX0\">Investors continued their pivot from existing properties to new developments in several Southern markets. In particular, Houston\u2019s industrial pipeline now totals more than\u00a0<\/span><span class=\"NormalTextRun SCXW232261389 BCX0\">18.2 million square feet<\/span><span class=\"NormalTextRun SCXW232261389 BCX0\">\u00a0of space, up 91% on the year, while year-to-date sales in the market stand at\u00a0<\/span><span class=\"NormalTextRun SCXW232261389 BCX0\">$1.8 billion<\/span><span class=\"NormalTextRun SCXW232261389 BCX0\">, marking a decrease from\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW232261389 BCX0\">the\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW232261389 BCX0\">$<\/span><span class=\"NormalTextRun SCXW232261389 BCX0\">2.1 billion<\/span><span class=\"NormalTextRun SCXW232261389 BCX0\"> at the same point in 2024. Sales volume for <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/tn\/memphis\/\" target=\"_blank\" rel=\"noopener\">industrial space in Memphis<\/a> is also down 32%, while the amount of space underway in the market climbed by 24% in the same <\/span><span class=\"NormalTextRun CommentStart SCXW232261389 BCX0\">time<\/span><span class=\"NormalTextRun SCXW232261389 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW232261389 BCX0\">spa<\/span><span class=\"NormalTextRun SCXW232261389 BCX0\">n<\/span><span class=\"NormalTextRun SCXW232261389 BCX0\">.\u00a0<\/span><span class=\"NormalTextRun SCXW232261389 BCX0\">Further south, Tampa, Fla., and Atlanta saw similar shifts in demand,\u00a0<\/span><span class=\"NormalTextRun SCXW232261389 BCX0\">indicating<\/span><span class=\"NormalTextRun SCXW232261389 BCX0\">\u00a0another potential period of expansion for the region that\u00a0<\/span><span class=\"NormalTextRun SCXW232261389 BCX0\">benefits<\/span><span class=\"NormalTextRun SCXW232261389 BCX0\">\u00a0from a conjunction of e-commerce growth, population inflows, and development of advanced manufacturing sites and data centers.<\/span><\/span><span class=\"EOP SCXW232261389 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<div id=\"datawrapper-vis-NCidl\" style=\"min-height: 554px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/NCidl\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-NCidl\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/NCidl\/full.png\" alt=\"South Regional Highlights (Table)\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<p><span data-contrast=\"auto\">Mounting demand for industrial space in the South was also reflected in the region\u2019s strong rent growth numbers: Several markets recorded increases above the national average of 6.1%, with <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/fl\/miami\/\" target=\"_blank\" rel=\"noopener\">industrial space in Miami<\/a> and Atlanta leading the way at 8.5% year-over-year. Dallas-Fort Wort also saw rents growing by around 7.4% annually, showcasing the sustained interest shown by occupiers looking to secure space in critical logistics hubs.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Vacancy rates remained mixed regionally.\u00a0At\u00a0one end of the spectrum, Houston recorded a vacancy rate of 6.4% at the end of September \u2014 a regional minimum and the third-lowest rate nationally \u2014 after a 70-bps\u00a0drop since last year. Conversely, several markets still contend with vacancy rates in the low double-digits: Memphis (12.5%, up 400 bps Y-o-Y), Charlotte (11.2%, up 710 bps), Miami (11.1%, up 630 bps) and Tampa (10.6%, up 30 bps).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span style=\"color: #0bbfeb;\">Northeastern Markets<\/span><\/h3>\n<h2><span class=\"TextRun SCXW174696561 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW174696561 BCX0\">New Lease Spreads Continue Widening<\/span><\/span><\/h2>\n<p><span data-contrast=\"auto\">Transaction activity continues at an elevated pace in the Northeast. Sales volume in Boston totaled $872 million at the end of September, which is more than double the amount recorded year-to-date in September 2024.\u00a0On average,\u00a0sale\u00a0prices in the region also climbed from $156 per square foot to $171 per square foot in the same period. Meanwhile, transactions of industrial properties in Philadelphia amount to $851 million year-to-date (up 24% annually),\u00a0whereas\u00a0those in New Jersey total\u00a0$2.2 billion\u00a0(up 26% annually).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">New lease spreads continue\u00a0to highlight\u00a0the desirability of Northeastern port markets for occupiers. The region\u2019s markets still claim some of the highest new lease premiums nationwide.\u00a0In particular, leases\u00a0for <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/ct\/bridgeport\/\" target=\"_blank\" rel=\"noopener\">industrial space in Bridgeport<\/a> signed in the last 12 months are $5.13 more expensive per square foot compared to in-place leases, while the delta sits at $3.25 per square foot in Philadelphia and $2.83 in\u00a0New Jersey. Additionally, leases signed in the last 12 months in Philadelphia average $11.8 per square foot, which is 14% higher compared to leases signed in the 12 months prior to that. New leases in Bridgeport are also 11% more expensive compared to those signed in the previous year. Boston is the region\u2019s only market to see drops in recent rents.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<div id=\"datawrapper-vis-tFBU6\" style=\"min-height: 384px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/tFBU6\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-tFBU6\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/tFBU6\/full.png\" alt=\"Northeast Regional Highlights (Table)\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<p><span data-contrast=\"auto\">The tightest Northeastern market at the end of September was Bridgeport, with vacancies resting at 5.5% after a 170-bps\u00a0annual increase. Even after this sizable hike, the market still has the second-lowest vacancy rate in our study. Philadelphia came next with a rate of 8.5% \u2014\u00a0loosening by\u00a0240 basis points on the year \u2014 while vacant industrial space in New Jersey amounted to 10.9%\u00a0to place\u00a0among the 10 major markets with the highest vacancy rates nationwide.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Low construction activity regionally\u00a0is contributing\u00a0to rent crunch conditions. The region\u2019s largest pipeline in New Jersey totals just under\u00a06.3 million square feet\u00a0of new stock, or a modest market expansion of around 1%.\u00a0Not far behind,\u00a0Philadelphia\u2019s pipeline stands at\u00a05.3 million square feet\u00a0\u2014 an expansion of 1.1% \u2014 while Boston and Bridgeport have smaller construction pipelines at 2.6 million and\u00a01.6 million square feet, respectively.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span style=\"color: #0bbfeb;\">Economic Indicators<\/span><\/h3>\n<h2><span class=\"TextRun SCXW152997752 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW152997752 BCX0\">Producer Prices<\/span><span class=\"NormalTextRun SCXW152997752 BCX0\">\u00a0Dip Slightly in Last Data Set Before Government Shutdown Pause<\/span><\/span><span class=\"EOP SCXW152997752 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span class=\"TextRun SCXW254431621 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW254431621 BCX0\">The Bureau of Labor Statistics\u2019 Producer Price Index (PPI) decreased slightly by 0.1% in August to bring the year-over-year figure to a 2.6% increase. To be precise, the goods\u00a0<\/span><span class=\"NormalTextRun SCXW254431621 BCX0\">portion<\/span><span class=\"NormalTextRun SCXW254431621 BCX0\">\u00a0of the index rose by 0.1%, increasing by 2.2% Y-o-Y. Meanwhile, services dropped by 0.2% for an annual rise of 2.9%. The decrease in producer prices comes as welcome news after the red-hot increase of 0.7% in July, which marked the largest hike in more than three years.<\/span><\/span><\/p>\n<p><iframe id=\"datawrapper-chart-mEXhv\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Producer Price Index (Y-o-Y Change)\" src=\"https:\/\/datawrapper.dwcdn.net\/mEXhv\/2\/\" height=\"492\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}});<\/script><\/p>\n<p>The August PPI may be the last available reading for a while due to the government shutdown as most data sets published by the BLS are delayed.\u00a0<span class=\"NormalTextRun SCXW32315470 BCX0\">What\u2019s<\/span><span class=\"NormalTextRun SCXW32315470 BCX0\">\u00a0more, a delay in the flow of data will make decisions more difficult for the Federal Reserve, as well as on Wall Street, as they both closely track economic indicators.\u00a0<\/span><span class=\"NormalTextRun SCXW32315470 BCX0\">That\u2019s<\/span><span class=\"NormalTextRun SCXW32315470 BCX0\">\u00a0because the PPI is not only a leading indicator alongside the more closely followed consumer price index, but also one of the key indicators tracked by the Fed when\u00a0<\/span><span class=\"NormalTextRun SCXW32315470 BCX0\">determining<\/span><span class=\"NormalTextRun SCXW32315470 BCX0\">\u00a0interest rates.<\/span><span class=\"EOP SCXW32315470 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:257}\">\u00a0<\/span><\/p>\n<div id=\"datawrapper-vis-FETif\" style=\"min-height: 532px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/FETif\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-FETif\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/FETif\/full.png\" alt=\"Table\" \/><\/noscript><\/div>\n<h4><span style=\"color: #0bbfeb;\">Methodology<\/span><\/h4>\n<p>The monthly CommercialCafe national industrial real estate report considers data recorded throughout the course of 12 months and tracks top U.S. industrial markets with a focus on average rents; vacancies (including subleases, but excluding owner-occupied properties); deals closed; pipeline yield; forecasts; and the economic indicators most relevant to the performance of the industrial sector. Listing rate and occupancy information was based on Yardi Research data.<\/p>\n<ul>\n<li><strong>Average Rents<\/strong>: Provided by Yardi Market Expert, a cutting-edge service that uses anonymized and aggregated data from other Yardi platforms to provide the most accurate rental and expense information available.<\/li>\n<li><strong>Vacancy<\/strong>: The total square feet vacant in a market, including subleases, divided by the total square feet of industrial space in that market. Owner-occupied buildings are not included in vacancy calculations.<\/li>\n<\/ul>\n<p><strong>Stages of the supply pipeline:\u00a0<\/strong><\/p>\n<ul>\n<li><strong>Planned:<\/strong> Buildings that are currently in the process of acquiring zoning approval and permits, but have not yet begun construction.<\/li>\n<li><strong>Under Construction<\/strong>: Buildings for which construction and excavation has begun.<\/li>\n<\/ul>\n<p><strong>Sales volume<\/strong> and <strong>price-per-square-foot calculations<\/strong> for portfolio transactions or those with unpublished dollar values are estimated using sales comps based on similar sales in the market and submarket, use type, location and asset ratings, sale date and property size.<\/p>\n<p><strong>Year-to-date metrics and data<\/strong> include the time period between January 1 of the current year through the month prior to publishing the report.<\/p>\n<p>Market boundaries in the CommercialCafe industrial report coincide with those defined by the <a href=\"https:\/\/www.commercialcafe.com\/commercial-markets\/\" target=\"_blank\" rel=\"noopener\">CommercialCafe Markets Map<\/a> and may differ from regional boundaries defined by other sources.<\/p>\n<h4><span style=\"color: #0bbfeb;\">Fair Use &amp; Redistribution<\/span><\/h4>\n<p>We encourage you and freely grant you permission to reuse, host, or repost the research, graphics, and images presented in this article. When doing so, we kindly ask that you credit our research by linking to CommercialCafe.com or this page so that your readers can learn more about this project, the research behind it and its methodology. For more in-depth, customized data, please contact us at <a href=\"mailto:prinfo@commercialcafe.com\" target=\"_blank\" rel=\"noopener\">prinfo@commercialcafe.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Manufacturing will certainly benefit from some provisions of the Big Beautiful Bill, but cuts to electric vehicle funding and green energy may also hit some of the industry&#8217;s most in-demand segments. <\/p>\n","protected":false},"author":71,"featured_media":42092,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[42,4014,41],"tags":[],"class_list":["post-46004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-reports","category-featured","category-industrial","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. National Industrial Report October 2025 | CommercialCafe<\/title>\n<meta name=\"description\" content=\"Manufacturing is at a crossroads as tax and trade policies say their word, with major ramifications for industrial real estate as a whole.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/national-industrial-report-october-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"October 2025 Industrial Report: Tax &amp; 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