Industrial real estate is moving from boom to balance. According to Yardi Matrix's September national industrial report, as covered by CRE Daily on October 1, 2026, national in-place industrial rents averaged $9.31 per square foot in August, up 5.4% from a year earlier. National vacancy held at 9.3%, up 60 basis points from a year before.
New leases no longer pay much more
The bigger shift is in new leases. Leases signed over the past 12 months averaged $10.19 per square foot, only 88 cents above in-place rents. A year ago that premium was $1.43, and two years ago it was $2.45. In other words, the gap between what tenants pay today and what new tenants will pay is closing fast.
South Florida is still among the leaders
Miami posted 7.6% annual rent growth, tied for second among top markets, and still commands one of the largest new-lease premiums at $2.97 per square foot. Sun Belt markets overall continue to outperform the oversupplied coastal port markets.
What it means for owners and buyers
- Warehouse owners: rent growth is real but slowing. Price leases and sales on current comparables, not on the 2022 to 2024 run-up.
- Condition matters again: with more space available, tenants compare buildings. Functional, well-documented properties lease first.
- Buyers: a more balanced market means more room for due diligence. Industrial sites often carry environmental history from prior operations, so use that time.
This article is general market commentary for property owners and investors. It is not investment, legal or tax advice. Figures are as reported by the sources above on the dates shown.
