{"id":46756,"date":"2025-12-29T15:59:33","date_gmt":"2025-12-29T12:59:33","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=46756"},"modified":"2026-04-21T11:12:49","modified_gmt":"2026-04-21T08:12:49","slug":"national-industrial-report-december-2025","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/national-industrial-report-december-2025\/","title":{"rendered":"December 2025 Industrial Report: Lingering Supply Surge &#038; Policy Shifts Drive Transitional Year in Sector"},"content":{"rendered":"<p><span style=\"color: #0bbfeb;\"><strong>Key Takeaways:<\/strong><\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&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;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">Manufacturing continued its upward trajectory in 2025,\u00a0while\u00a0data centers received unprecedented investment and formerly niche assets such as outdoor storage also entered the limelight.<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&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;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">National in-place rents\u00a0<strong>averaged $8.76 per square foot<\/strong>, increasing by 5.7% annually.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&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;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">The\u00a0<strong>national vacancy rate for industrial space<\/strong>\u00a0stood at\u00a0<strong>9.7%\u00a0<\/strong>at the end of last month, up 220 basis points year-over-year.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&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;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">At the end of November,\u00a0<strong>382.7 million square feet\u00a0of industrial space<\/strong>\u00a0was\u00a0underway\u00a0nationwide.\u00a0Year-to-date completions total\u00a0265.7 million square feet, while construction starts so far in 2025 add up to\u00a0258 million square feet.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&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;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">Year-to-date\u00a0<strong>industrial sales totaled\u00a0$68.4 billion<\/strong>\u00a0at the end of\u00a0last month\u00a0in\u00a0what\u2019s\u00a0slated to be the strongest year for sales since 2022.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&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;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\"><strong>Western markets:<\/strong>\u00a0Sale prices across\u00a0several\u00a0Southern California markets\u00a0are stagnating or pulling back, including Los Angeles (-4.3%\u00a0annually), the Inland Empire (-13.2%) and the Central Valley (-15.9%).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&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;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\"><strong>Midwestern markets:\u00a0<\/strong>Five of the\u00a0seven most affordable\u00a0major\u00a0markets for industrial sales\u00a0are located in the Midwest, including the lowest-priced market overall in Cleveland.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&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;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\"><strong>Southern markets:<\/strong>\u00a0Charlotte, N.C.,\u00a0and Memphis, Tenn.,\u00a0recorded modest rent appreciation in the last 12 months at 4.5% and 4.1% while also seeing widening vacancies\u00a0in an ongoing trend toward\u00a0 \u00a0tenant-favored conditions.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&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;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\"><strong>Northeastern markets:<\/strong>\u00a0Several\u00a0markets\u00a0in the region\u00a0posted some of the widest spreads nationwide for leases signed in the last year, including Boston ($3.7 per square foot) and Bridgeport, Conn.\u00a0($4.40\u00a0per square foot).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p>Defined by lingering effects of the 2022-2023 supply surge and rapidly shifting trade policy, 2025\u00a0was a year of transition for the industrial real estate market,\u00a0according to\u00a0our\u00a0U.S. industrial market report.<\/p>\n<h3><span style=\"color: #0bbfeb;\">Trends &amp; Industry News<\/span><\/h3>\n<h2>Supply\u00a0Standstill, Manufacturing Boom Continue Throughout 2025<\/h2>\n<p>The keyword for the\u00a0last year\u00a0was moderation, as the industry continued to\u00a0struggle\u00a0absorbing the\u00a0results of a historic supply boom.\u00a0For comparison, the period between 2020 and 2024 saw more than\u00a02.5 billion square feet\u00a0of industrial space built nationwide.\u00a0Although\u00a0a\u00a0significant\u00a0amount\u00a0of deliveries were\u00a0build-to-suit, pre-leased or otherwise\u00a0quickly absorbed, the net effect was rising vacancy rates and moderating\u00a0rent growth\u00a0across\u00a0nearly every\u00a0market.\u00a0Consequently, our\u00a0industrial market outlook\u00a0shows that\u00a0construction dropped sharply in 2024,\u00a0making\u00a02025 mostly on par with the previous year in terms of construction.<\/p>\n<p>Notably, tariff-driven volatility also contributed to the challenges of the industrial sector in 2025. In the first months of the year, companies stockpiled goods in anticipation of\u00a0import tariffs. Liberation Day in April\u00a0raised\u00a0concerns, but\u00a0delays in implementation and\u00a0subsequent\u00a0tariff level cuts\u00a0brought further uncertainty for companies reliant on international trade.\u00a0Still, this year\u2019s tariff\u00a0changes\u00a0represent\u00a0the most significant shift in tariff policy\u00a0in\u00a0nearly a\u00a0century, leading to further caution in decision-making\u00a0as companies deferred lease decisions\u00a0and reevaluated supply chains in hopes of more clarity down the line.<\/p>\n<p>At the same time, manufacturing continued its transformation in 2025,\u00a0experiencing headwinds as well as opportunities.\u00a0Specifically, the new tax law\u00a0enacted this year\u00a0aims to encourage domestic production of goods.\u00a0It\u00a0also\u00a0eliminated\u00a0tax credits for\u00a0production and purchases of electric vehicles and green tech\u00a0\u2014\u00a0industries\u00a0that\u00a0have driven\u00a0a significant amount of the manufacturing sector\u2019s explosive growth in recent years.\u00a0Meanwhile, tariffs\u00a0on steel and aluminum also raised production costs for companies that rely on these materials, forcing many to rethink supply lines and materials sourcing.\u00a0Automation,\u00a0reshoring\u00a0and nearshoring continue to gain momentum as companies look to shore up supply line vulnerabilities and\u00a0simultaneously\u00a0offset rising costs.<\/p>\n<blockquote><p><span class=\"TextRun SCXW237941360 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW237941360 BCX0\">\u201cUncertainty reigned supreme in 2025. Between tariffs and their economic effects, AI and the volume of data centers needed to support it, and fluctuating EV and battery trends, resilience and flexibility became key traits for owners, developers, and occupiers.\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>Some niche subsets of industrial real estate also got their time in the limelight in 2025. Namely, data centers have been making headlines with tech companies dishing out billions of dollars in massive facilities to expand their generative AI capabilities. While there are concerns of a bubble in the sector, enthusiasm has yet to moderate, making it the newest darling subset of industrial. Our industrial property outlook also shows growing investor appetite for outdoor storage, as occupiers increasingly see it as a low-cost option for filling supply chain gaps.<\/p>\n<h3><span style=\"color: #0bbfeb;\">Rents &amp; Occupancy<\/span><\/h3>\n<h2>Houston Market Proves Resilience\u00a0as\u00a0Industrial Construction Accelerates<\/h2>\n<p>National in-place rents for industrial space rested at $8.76 per square foot at the start of December,\u00a0increasing by $0.01 month-over-month\u00a0and\u00a05.7% year-over-year\u00a0(Y-o-Y).<\/p>\n<p><a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/ga\/atlanta\/\" target=\"_blank\" rel=\"noopener\">Atlanta industrial real estate<\/a> recorded the highest rent growth\u00a0after\u00a0increasing by\u00a0nearly\u00a010%\u00a0in\u00a0the last 12 months.\u00a0As a result, Miami \u2014\u00a0which has led the largest markets\u00a0in terms of rent growth for most of the year\u00a0\u2014\u00a0now fell to second place, with an annualized rent growth of 8.6%.<\/p>\n<p>Notably, industrial rent growth\u00a0has stabilized across most markets\u00a0in recent quarters as demand\u00a0normalized\u00a0and new deliveries continued to be absorbed.\u00a0That said, the Houston market has\u00a0experienced\u00a0above-average rent growth of 5.5%\u00a0in\u00a0the last year and a vacancy rate of 6.2%. While these numbers may seem\u00a0pedestrian at first\u00a0glance,\u00a0they\u2019re\u00a0quite remarkable\u00a0when considering the level of\u00a0recent\u00a0deliveries\u00a0in\u00a0the market. Since 2020,\u00a0the <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/tx\/houston\/\" target=\"_blank\" rel=\"noopener\">Houston industrial space<\/a> market saw\u00a0137.8 million square feet\u00a0of industrial deliveries, expanding its stock by 20.3%.\u00a0Here, a\u00a0growing population across the entire Texas Triangle and a busy container port drives further demand in the Houston industrial market. In fact,\u00a0the Port of Houston handles\u00a0the fifth-most containers in the country, as well as\u00a0three-quarters of all Gulf Coast traffic.\u00a0Demonstrating the market\u2019s attractiveness, PepsiCo recently\u00a0signed a lease\u00a0for\u00a01.1 million square feet\u00a0of space in Brookshire, Texas.<\/p>\n<p><iframe id=\"datawrapper-chart-KyrJz\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Avg rent by Market September 25\" src=\"https:\/\/datawrapper.dwcdn.net\/KyrJz\/1\/\" height=\"789\" 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>Spreads between newly signed leases and in-place leases increased\u00a0slightly, but\u00a0still remain well below the historic highs recorded in recent years. More precisely, leases signed in the last 12 months averaged $10.07 per square foot, making them $1.31 pricier compared to national in-place rents. Last November, the spread stood at $2.14 per square foot.<\/p>\n<p>Nationally, the industrial\u00a0vacancy rate\u00a0finished\u00a0at 9.7% at the end of November, increasing by 220 basis points\u00a0(bps)\u00a0compared to November 2024.<\/p>\n<h3><span style=\"color: #0bbfeb;\">Supply<\/span><\/h3>\n<h2>Indianapolis\u00a0Manufacturing Scene\u00a0Boosts Local Industrial Pipeline<\/h2>\n<p>At the start of December, 382.7 million square feet of industrial space was underway nationwide for a projected inventory expansion of 1.9%, per our industrial real estate report highlights. Year-to-date completions total 265.7 million square feet, while construction starts so far in 2025 add up to 258 million square feet.<\/p>\n<p>In particular, Indianapolis\u2019 central location and access to major interstates, railroads and a cargo airport makes it a primary beneficiary of the recent logistics boom. Indeed, the market saw more than 73 million square feet of new space between 2020 and 2023 \u2014 a significant market expansion of 19% \u2014 much of which was in logistics facilities.<\/p>\n<p><iframe id=\"datawrapper-chart-9SCxE\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Industrial Space Under Construction (Million Sq. Ft.)\" src=\"https:\/\/datawrapper.dwcdn.net\/9SCxE\/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>Additionally, the market\u2019s robust warehousing sector and supply chain advantages are increasing its attractiveness\u00a0for manufacturing activity. For example, Eli Lily is developing two high-tech\u00a0buildings\u00a0totaling more than\u00a01.2 million square feet\u00a0of <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/in\/indianapolis\/\" target=\"_blank\" rel=\"noopener\">industrial space in metro Indianapolis<\/a>,\u00a0encompassing both manufacturing and research\u00a0and\u00a0development operations.\u00a0The company plans to invest approximately\u00a0$12.5 billion\u00a0in the Indianapolis area in the\u00a0coming years.\u00a0Similarly, in Fishers, Ind., a TWG Motorsports\/Cadillac collaboration is behind a 400,000-square-foot facility\u00a0being developed to handle Formula One car manufacturing as the luxury car brand\u00a0prepares\u00a0for\u00a0an entry into the F1 series.<\/p>\n<h3><span style=\"color: #0bbfeb;\">Transactions<\/span><\/h3>\n<h2>Phoenix Retains Investor Appetite Despite Record-Breaking Development<\/h2>\n<p>Our\u00a0U.S. industrial market report\u00a0shows\u00a0that\u00a0year\u00a0-to-date industrial sales totaled\u00a0$68.4 billion\u00a0at the end of\u00a0November\u00a0to put 2025\u00a0on track to become the best year for transactions since 2022.\u00a0To that end,\u00a0every quarter of 2025 has surpassed its\u00a02023 counterpart in terms of industrial sales.\u00a0Granted, oversupply and tariff pressures have\u00a0put downward pressure on transactions, but long-term demand drivers\u00a0continue to\u00a0keep valuations competitive.\u00a0Falling interest rates have also allowed more leeway for investment activity in the industrial sector.<\/p>\n<p><iframe id=\"datawrapper-chart-zd3wd\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"2025 Year-To-Date Sales (Million)\" src=\"https:\/\/datawrapper.dwcdn.net\/zd3wd\/1\/\" height=\"800\" 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>Phoenix is a prime example of enduring demand for industrial stock,\u00a0even amid an unprecedented supply boom.\u00a0Recent construction brought a rapid market expansion of almost 30%\u00a0since the start of the decade, pushing up vacancies and slowing rent growth.\u00a0Even so, investment activity for <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/az\/phoenix\/\" target=\"_blank\" rel=\"noopener\">Phoenix\u00a0industrial properties<\/a> remains\u00a0remarkably high, ranking third\u00a0nationally\u00a0in sales volume with\u00a0a total of\u00a0$3.2 billion\u00a0year-to-date.\u00a0Our industrial property market report\u00a0identified\u00a0the largest transaction as\u00a0the\u00a0Goldman Sachs\u00a0and Lincoln\u00a0Property Company building in the Luke Field\u00a0logistics\u00a0park in Glendale, Ariz.,\u00a0which was sold\u00a0to Walmart for $152 million.\u00a0The transaction further\u00a0highlights Glendale\u00a0as\u00a0a primary destination\u00a0for corporate tenants.\u00a0The area hosts major operations from companies including\u00a0Microsoft,\u00a0REI\u00a0and Red Bull.<\/p>\n<h3><span style=\"color: #0bbfeb;\">Western Markets<\/span><\/h3>\n<h2>Southern California Industrial Sale Prices Moderating<\/h2>\n<p>At the end of November, lease spreads\u00a0began\u00a0to soften\u00a0throughout\u00a0the Western U.S.,\u00a0creating\u00a0additional\u00a0negotiating leverage for occupiers in select markets.\u00a0For instance, among the region&#8217;s nine major markets, four recorded new lease spreads below the national average of $1.30 per square foot.\u00a0In particular, leases\u00a0signed for <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/or\/portland\/\" target=\"_blank\" rel=\"noopener\">industrial space in Portland\u00a0<\/a>over the\u00a0last year commanded premiums of $1.20 per square foot compared to in-place rates, while Phoenix registered $1.00 and Orange County just $0.88,\u00a0signaling a cooling trend in some of the nation&#8217;s historically highest-priced markets.\u00a0The Los Angeles market continued experiencing negative\u00a0lease spreads at -$0.87 per square foot, reflecting substantial downward pressure on recently negotiated leases.<\/p>\n<p>During the peak of industrial construction in 2022-2023, the Phoenix market\u00a0delivered\u00a0tens of millions of square feet of new industrial inventory,\u00a0predominantly through\u00a0speculative\u00a0logistics\u00a0developments that\u00a0subsequently\u00a0struggled with\u00a0reduced\u00a0occupancy levels. Since then, construction activity has declined steadily,\u00a0eventually\u00a0dropping below\u00a020 million square\u00a0feet\u00a0by\u00a0mid-2025\u00a0where it\u00a0remained\u00a0at the end of November. Despite this contraction, Phoenix still\u00a0maintained\u00a0the region&#8217;s most substantial industrial pipeline and the nation&#8217;s\u00a0third-largest. Denver and Atlanta followed, each with\u00a0just over 8 million square feet of space under\u00a0construction.\u00a0At the opposite end of the spectrum, California\u2019s\u00a0Orange County registered the smallest pipeline among the region&#8217;s major markets at\u00a0just\u00a01.1 million square feet,\u00a0although this figure still\u00a0represented\u00a0a\u00a0nearly\u00a025%\u00a0increase compared to December 2024.<\/p>\n<p><iframe id=\"datawrapper-chart-xGk3o\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"West Regional Highlights\" src=\"https:\/\/datawrapper.dwcdn.net\/xGk3o\/1\/\" height=\"570\" 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>Industrial vacancy rates remained elevated throughout several Western U.S. locations at the end of November, affecting both coastal logistics hubs and inland distribution centers. As such, several markets recorded substantial increases in average vacancy rates, including California&#8217;s Central Valley (11.6%, up 570 bps Y-o-Y), Orange County (8.5%, up 420 bps), Portland (8.5%, up 350 bps) and Denver (12.9%, up 330 bps). Otherwise, the Inland Empire maintained the region&#8217;s lowest vacancy rate at 8.4%, marking a more moderate 110-bps increase from November 2024. Not far behind, <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/ca\/los-angeles\/\" target=\"_blank\" rel=\"noopener\">Los Angeles industrial space<\/a> vacancies rested at 8.5% following a 100-bps annual decrease, establishing it as one of just four major markets nationwide posting lower vacancies compared to a year ago.<\/p>\n<p>Industrial property transactions in 2025 brought declining sale prices to the Western U.S. In this respect, Orange County remained the region&#8217;s most expensive market for acquisitions at $305 per square foot, although this figure retreated 3.2% from last year. Average sale prices also decreased relative to year-ago levels in other Southern California markets, including Los Angeles (-4.3%), the Inland Empire (-13.2%) and the Central Valley (-15.9%). Conversely, prices in Phoenix appreciated modestly by 6.3%, averaging $169 per square foot in year-to-date transactions.<\/p>\n<h3><span style=\"color: #0bbfeb;\">Midwestern Markets<\/span><\/h3>\n<h2>Midwest Home to 5 of 7 Lowest-Priced Markets for Industrial Acquisitions in 2025<\/h2>\n<p>In the Midwest, several markets distinguished themselves by being among the only entries nationwide with stabilizing or even declining vacancy figures, as evidenced in our U.S. industrial market report. Kansas City retained its position as the nation&#8217;s tightest major industrial market, with vacancy rates stabilizing around 5% for several consecutive months. Across the state, St. Louis followed a similar trajectory, with average vacancy rates resting at 6.5% \u2014 down 110 bps annually for the largest vacancy contraction in our study. <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/mi\/detroit\/\" target=\"_blank\" rel=\"noopener\">Detroit industrial properties<\/a> also recorded vacancy rates hovering around 6.5% to position the market among the five tightest nationwide.<\/p>\n<p>Midwestern markets remained the nation&#8217;s most accessible destinations for industrial investment. As a matter of fact, all regional entries were below the national average in terms of sale prices, with the notable exception of Detroit, where average figures were elevated by the high-profile sale of General Motors&#8217; battery manufacturing facility in <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/mi\/lansing\/\" target=\"_blank\" rel=\"noopener\">Lansing, Mich<\/a>. Further south, Cleveland emerged as the most affordable major market nationwide for transactions completed year-to-date by averaging $56 per square foot, while four additional Midwestern markets \u2014 Cincinnati, Kansas City, <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/il\/chicago\/\" target=\"_blank\" rel=\"noopener\">Chicago<\/a> and Indianapolis \u2014 claimed the nation&#8217;s third-, fifth-, sixth- and seventh-most affordable positions, respectively.<\/p>\n<p><iframe id=\"datawrapper-chart-pVuld\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Midwest Regional Highlights\" src=\"https:\/\/datawrapper.dwcdn.net\/pVuld\/1\/\" height=\"495\" 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>Regional entries also positioned themselves below the national average in terms of in-place rents. Minneapolis-<a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/mn\/st-paul\/\" target=\"_blank\" rel=\"noopener\">St. Paul<\/a> commanded the region&#8217;s highest average rents at $7.51 per square foot after climbing 4.9% Y-o-Y, followed by Detroit&#8217;s $7.16, up 3% annually. The region&#8217;s remaining industrial markets recorded industrial rent growth spanning from 3.5% in Kansas City to a more robust 6.4% in Columbus, though new lease spreads remained compressed or even negative across most locations.<\/p>\n<p>Of course, the region&#8217;s affordability is likely catalyzing the industrial development rebound that\u2019s currently unfolding throughout the Midwest: Five of the eight Midwestern markets in our study now maintain larger construction pipelines compared to a year ago. Specifically, Chicago commanded the region&#8217;s largest industrial pipeline at 13.7 million square feet, nearly doubling the volume under construction in late 2024. Not far behind, industrial construction in Columbus is nearly tied with 12.9 million square feet after surging 59% Y-o-Y. And, <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/in\/indianapolis\/\" target=\"_blank\" rel=\"noopener\">Indianapolis<\/a> and Cincinnati doubled their respective pipelines year-over-year, driven primarily by logistics developments that underscore the enduring significance of these markets in regional supply chain networks.<\/p>\n<h3><span style=\"color: #0bbfeb;\">Southern Markets<\/span><\/h3>\n<h2>Charlotte &amp; Memphis Contend With High Vacancies &amp; Sluggish Rent Growth<\/h2>\n<p>After recording an additional $300 million in industrial sales during November, total year-to-date transactions in Dallas-Fort Worth reached $5.6 billion \u2014 more than $1 billion ahead of the runner-up market and 50% higher than 2024 totals. Average prices in the Metroplex settled at $103 per square foot, which was slightly below the $113 per square foot for last year&#8217;s transactions. Next, <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/nc\/charlotte\/\" target=\"_blank\" rel=\"noopener\">industrial space in Charlotte, N.C.<\/a>, distinguished itself with the most dramatic sales surge compared to this period last year, as its $1.8 billion in industrial transactions year-to-date outpaced 2024 figures by approximately 170%. Average prices for industrial space in Charlotte also climbed substantially, reaching $113 per square foot compared to just $78 per square foot last year.<\/p>\n<p>Some Southern markets continue attracting outsized attention from occupiers, driving steadily accelerating in-place rents. In particular, Atlanta positioned itself at the forefront of this trend: Its current in-place rate of $6.66 per square foot remains relatively affordable, yet represents an annualized increase of nearly 10% \u2014 the highest in our study. Miami was also on the national podium for rent growth at 8.6%, underscoring the region&#8217;s elevated desirability. Conversely, Charlotte and Memphis registered the South&#8217;s most modest rent appreciation at 4.5% and 4.1%, respectively, per our U.S. industrial market report.<\/p>\n<p><iframe id=\"datawrapper-chart-eImV2\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"South Regional Highlights\" src=\"https:\/\/datawrapper.dwcdn.net\/eImV2\/1\/\" height=\"528\" 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>It\u2019s\u00a0no coincidence that\u00a0markets experiencing the slowest rent growth and narrowest new lease spreads in the South \u2014 Charlotte, N.C.\u00a0and Memphis, Tenn.\u00a0\u2014\u00a0also\u00a0faced\u00a0some\u00a0the nation\u2019s most rapidly widening vacancies.\u00a0Industrial occupancy in the Charlotte metropolitan area declined\u00a0by\u00a0640 bps\u00a0compared to November 2024, while <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/tn\/memphis\/\" target=\"_blank\" rel=\"noopener\">Memphis industrial properties<\/a> experienced a 600-bps\u00a0contraction,\u00a0indicating\u00a0that\u00a0both markets require\u00a0additional\u00a0time to achieve vacancy-rent equilibrium. Nevertheless, select Southern markets appeared to have already\u00a0crested\u00a0the vacancy surge. Namely,\u00a0Houston&#8217;s vacancy rate settled at 6.2%\u00a0(down 70\u00a0bps\u00a0annually),\u00a0while Nashville&#8217;s rate rested at 7.4% \u2014 up 250 bps Y-o-Y,\u00a0but\u00a0stabilizing\u00a0in recent months.<\/p>\n<p>Texas markets\u00a0maintained\u00a0their position as the nation&#8217;s most active in terms of industrial development. A renewed wave of demand for\u00a0logistics\u00a0space throughout the Texas Triangle propelled the Dallas-Fort Worth industrial pipeline to\u00a031.5\u00a0million square feet, while construction volume in Houston reached\u00a021.9\u00a0million square feet. Memphis and Atlanta also ranked among the seven markets nationwide with pipelines exceeding\u00a010 million square feet.<\/p>\n<h3><span style=\"color: #0bbfeb;\">Northeastern Markets<\/span><\/h3>\n<h2>New Lease Spread Pressure Continues Across Northeast<\/h2>\n<p>Industrial construction in the Northeast remained muted by the end of November. Philadelphia\u2019s industrial pipeline now totals 4.7 million square feet of space, climbing slightly month-over-month but still well below year-ago totals. Elsewhere, industrial pipelines were essentially unchanged, dipping by 2.4% in New Jersey and increasing by a marginal 0.8% in Boston. No new industrial developments larger than 25,000 square feet broke ground in November in Bridgeport, Conn., keeping the market\u2019s pipeline at 1.6 million square feet.<\/p>\n<p>Yet, boosted by sluggish construction, the Bridgeport market retained one of the lowest vacancy rates nationwide at 5.5%,180 bps higher compared to November 2024. Similarly, Philadelphia\u2019s vacancy rate rested at 8.9% after a 230-bps increase. And, vacancies for <a href=\"https:\/\/www.commercialcafe.com\/industrial\/us\/ma\/boston\/\" target=\"_blank\" rel=\"noopener\">industrial space in Boston<\/a> and New Jersey were almost tied around 11%, situated above the national average of 9.7%.<\/p>\n<p><iframe id=\"datawrapper-chart-xYLMG\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Northeast Regional Highlights\" src=\"https:\/\/datawrapper.dwcdn.net\/xYLMG\/1\/\" height=\"372\" 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>New lease premiums also remained high region-wide at the end of November. Leases signed in the last year in Boston were $3.70 per square foot more expensive compared to in-place leases. Likewise, spreads in Bridgeport remained the most elevated among major industrial markets nationwide \u2014 a distinction they held for most of the year \u2014 at $4.40 per square foot.<\/p>\n<p>Otherwise, average sale prices for industrial stock in the Northeast were mixed. Sales in the Boston market are up 105% compared to last year, making it the only Northeastern market with sales growth that outpaces the national trend of 39%. Transactions also grew year-over-year in the remaining three major markets in the region, albeit by a more moderate 23% to 35%.<\/p>\n<h3><span style=\"color: #0bbfeb;\">Economic Indicators<\/span><\/h3>\n<h2>Warehouse Employment Continues to Shed Jobs<\/h2>\n<p>Employment in the warehouse and storage sector continued to slip, extending losses that began to mount last summer. According to the Bureau of Labor Statistics, the sector employed slightly more than 1.8 million workers in November, which is down 1.5% from November 2024.<\/p>\n<p><iframe id=\"datawrapper-chart-83xdw\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Warehouse &amp;amp; Storage Employment - August 25\" src=\"https:\/\/datawrapper.dwcdn.net\/83xdw\/1\/\" height=\"415\" 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>Of course, employment in the sector accelerated rapidly at the start of the decade as e-commerce retailers sought to account for rising e-commerce demand. Peaking in March 2022, warehousing and storage employment shed more than 120,000 workers in the subsequent year and a half. Now, after minor rebounds in the summer of 2023 and 2024 were erased, the number of workers employed in the industry is at a four-year low.<\/p>\n<p>Although the outlook for e-commerce and logistics remains strong, the 2022 record may be in place for a while. Automation and robotics play a growing role in warehousing, improving operations even as employment stagnates.<\/p>\n<p><iframe id=\"datawrapper-chart-pJQoa\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Economic Indicators September 2025\" src=\"https:\/\/datawrapper.dwcdn.net\/pJQoa\/2\/\" height=\"532\" 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<h4><span style=\"color: #0bbfeb;\">Methodology<\/span><\/h4>\n<p>The monthly\u00a0CommercialCafe\u00a0national 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\u00a0was\u00a0based on Yardi Research data.<\/p>\n<ul>\n<li><strong>Average Rents<\/strong>: Provided by Yardi Market Expert, a\u00a0cutting-edge\u00a0service that uses anonymized and aggregated data from other Yardi platforms to provide the most\u00a0accurate\u00a0rental and expense information available.<\/li>\n<\/ul>\n<ul>\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>\u00a0Buildings that are currently in the process of acquiring zoning approval and\u00a0permits, but\u00a0have not yet begun construction.<\/li>\n<\/ul>\n<ul>\n<li><strong>Under Construction<\/strong>: Buildings for which construction and excavation\u00a0has\u00a0begun.<\/li>\n<\/ul>\n<p><strong>Sales volume<\/strong>\u00a0and\u00a0<strong>price-per-square-foot calculations<\/strong>\u00a0for portfolio transactions or those with unpublished dollar values are estimated using sales comps based on\u00a0similar sales\u00a0in the market and submarket, use type, location and asset ratings, sale\u00a0date\u00a0and property size.<\/p>\n<p><strong>Year-to-date metrics and data<\/strong>\u00a0include the\u00a0time period\u00a0between January 1 of the current year through the month prior to publishing the report.<\/p>\n<p>Market boundaries in the\u00a0CommercialCafe\u00a0industrial report coincide with those defined by the\u00a0<a href=\"https:\/\/www.commercialcafe.com\/commercial-markets\/\" target=\"_blank\" rel=\"noopener\">CommercialCafe Markets Map<\/a>\u00a0and may differ from regional boundaries defined by other sources.<\/p>\n<h4><span style=\"color: #0bbfeb;\"><strong>Fair Use &amp; Redistribution<\/strong>\u00a0<\/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\u00a0methodology. For more in-depth, customized data, please contact us at\u00a0<a href=\"mailto:prinfo@commercialcafe.com\" target=\"_blank\" rel=\"noopener\">prinfo@commercialcafe.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Moderation at best was the main descriptor of key trends in the industrial real estate sector this past month, as the industry continued to\u00a0struggle\u00a0absorbing the\u00a0results of the historic early pandemic supply boom.<\/p>\n","protected":false},"author":71,"featured_media":46321,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[42,4014,41],"tags":[],"class_list":["post-46756","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 December 2025 | CommercialCafe<\/title>\n<meta name=\"description\" content=\"In 2025, the U.S. industrial real estate market has still been feeling the effects of the 2022-2023 supply surge and rapidly shifting trade policy.\" \/>\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-december-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"December 2025 Industrial Report: Lingering Supply Surge &amp; Policy Shifts Drive Transitional Year in Sector\" \/>\n<meta property=\"og:description\" content=\"In 2025, the U.S. industrial real estate market has still been feeling the effects of the 2022-2023 supply surge and rapidly shifting trade policy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialcafe.com\/blog\/national-industrial-report-december-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"CommercialCafe\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-29T12:59:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-21T08:12:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/11\/national-industrial-report-december-2025.png\" \/>\n\t<meta property=\"og:image:width\" content=\"960\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Lucian Alixandrescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lucian Alixandrescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"15 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/national-industrial-report-december-2025\/\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/national-industrial-report-december-2025\/\",\"name\":\"U.S. National Industrial Report December 2025 | CommercialCafe\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/national-industrial-report-december-2025\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/national-industrial-report-december-2025\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/11\/national-industrial-report-december-2025.png\",\"datePublished\":\"2025-12-29T12:59:33+00:00\",\"dateModified\":\"2026-04-21T08:12:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8dcdbe23ce3338721621dd397997da66\"},\"description\":\"In 2025, the U.S. industrial real estate market has still been feeling the effects of the 2022-2023 supply surge and rapidly shifting trade policy.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/national-industrial-report-december-2025\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialcafe.com\/blog\/national-industrial-report-december-2025\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/national-industrial-report-december-2025\/#primaryimage\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/11\/national-industrial-report-december-2025.png\",\"contentUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/11\/national-industrial-report-december-2025.png\",\"width\":960,\"height\":640},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/national-industrial-report-december-2025\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialcafe.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"December 2025 Industrial Report: Lingering Supply Surge &#038; 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