高力国际（Colliers）：2026年第一季度美国工业市场报告（英文版）（13页）.pdf

1、The U.S.industrial market continued to rebalance in Q1 2026,as new supply fell to its lowest level since 2019 and demand remained resilient.Vacancy has stabilized and is expected to begin gradually tightening over the coming quarters.INDUSTRIALU.S.National2026MARKET TRENDS The U.S.industrial vacancy

2、 rate held at 7.4%,with year-over-year increases slowing significantly,signaling that the market is entering a more stable phase.Net absorption reached 44M SF,up 36%year-over-year,with the South leading the nearly 70%of markets posting gains.New supply fell to 57M SF,the lowest since 2019,a major pu

3、llback from the 20222024 construction surge that eased pressure on vacancy.After bottoming out,space under construction ticked up slightly in Q1 2026,suggesting development is gradually rebuilding in more balanced markets.HISTORIC COMPARISONNET ABSORPTION(SF)ForecastYOYOVERALL VACANCY RATEForecastYO

4、Y7.4%44MQ1 2026 Current QtrQ4 2025 Previous QtrQ1 2025 Previous YearVacancy Rate7.4%7.3%7.0%Net Absorption(in millions of SF)43.955.732.2New Supply(in mlliions of SF)57.469.563.3Under Construction(in millions of SF)285.8268.2282.6Avg W/D Asking Lease Rate(NNN)$10.46/SF$10.35/SF$10.51/SFTotal Invento

5、ry(in billions of SF)19.219.219.0UNDER CONSTRUCTION(SF)AVG WAREHOUSE/DISTRIBUTION ASKING LEASE RATE(NNN)ForecastYOYForecastYOY286M$10.46/SFRebalancing gains momentum as supply falls and demand holds steady2026INDUSTRIALU.S.NationalU.S.INDUSTRIAL REAL ESTATE CYCLE5.3%4.9%5.1%5.4%3.9%3.6%5.6%6.9%7.3%7

6、.2%6.7%01002003004005006007008000%1%2%3%4%5%6%7%8%2017201820192020202120222023202420252026*2027*Millions of SFNet Absorption(SF)New Supply(SF)Vacancy Rate(%)Under Construction(%of Inventory)Balanced MarketExpansionImbalanceRebalanceSource:Colliers*forecastColliers Q1 2026 Industrial Outlook|U.S.Indu