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In 2023, the average vacancy rate for industrial and logistics real estate in the United States started to rise, marking the first increase since early 2020. As of the fourth quarter of 2025, approximately *** percent of industrial and logistics real estate was vacant - an increase of *** percentage points since the fourth quarter of 2022. Despite vacancies rising, in many of the major industrial markets, the vacancy rate stood below five percent.

Why has the vacancy rate increased? 

High-quality warehousing and fulfillment centers are crucial to the e-commerce sector because they allow retailers to establish efficient processes, reduce costs, and meet consumer expectations. During the COVID-19 pandemic, e-commerce sales grew rapidly, driving demand for industrial and logistics real estate. Rising leasing activity led to the share of available space dropping notably. As development increased to meet this demand, 2023 experienced the highest amount of new completions and vacancies rising. 

Which are the largest U.S. industrial and logistics markets?

Home to the largest port complex in North America and a gateway for the trade between Asia and North America, Greater Los Angeles is the market with the most industrial and logistics real estate stock. Nevertheless, when considering demand, Phoenix and Houston topped the ranking with the most industrial and logistics real estate absorbed in 2024. Both markets possess a strategic location, proximity to the Gulf of Mexico, and a convenient connection to major East and West Coast markets.