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2025 Biannual Industrial Market Report
Download the 2025 Biannual Industrial Market Report
After years of record growth, the industrial market is entering a new phase. Pricing is resetting, vacancy is rising faster, and tenant leverage is re-emerging, but conditions vary widely by market, asset type, and lease structure.
This report breaks down what’s actually happening on the ground using CompStak lease and sale data through Q3 2025, combined with key economic indicators shaping demand, trade, and logistics.
Key insights include:
- Industrial rents are correcting: The CompStak Industrial Rent Index is down 4.7% from late 2023, marking the third straight quarterly decline, while remaining nearly 50% above Q1 2020.
- Vacancy is rising faster: Industrial vacancy reached 4.4% by Q3 2025, with year-over-year increases accelerating compared to 2024.
- A lease repricing wave is coming: More than 31% of industrial leases expire by 2027, with many tenants still paying well below current market rents.
- Tenant leverage has returned: Free rent periods hit new post-2019 highs, while annual rent escalations fell most sharply for short-term and small-bay leases.
- Net lease stands out: Single-tenant net lease industrial continues to outperform, with starting rents 94% higher than 2019, far exceeding broader market growth.