Source: Cushman & Wakefield PA I-81 I-78 Industrial MarketBeat Q2 2026 adds a current Northeast inland-corridor allocation row. Demand is strong at +5.15M SF Q2 absorption and ten 100,000-SF-plus leases, but 14.15M SF under construction against 9.84M SF YTD deliveries keeps pipeline and prelease diligence central. Split / I-81S demand, Lehigh Valley pricing, and Northeastern PA's weak YTD carryover should not be blended into one generic Pennsylvania logistics overweight.

Madison secondary-market cross-check: Source: Cushman & Wakefield Madison Industrial MarketBeat Q2 2026 reports 2.0% vacancy, +368,491 SF of Q2 absorption, +426,883 SF YTD absorption, $6.40/SF/year overall net asking rent, and 3.997M SF under construction. Madison belongs in the anchor-linked functional-industrial sleeve; Amazon's 3.4M-SF Cottage Grove fulfillment center dominates the pipeline and should not be read as generic speculative supply.

Source: Cushman & Wakefield Richmond Industrial MarketBeat Q2 2026 adds a current Central Virginia cross-check: Richmond reports 3.8% vacancy, 1.50M SF of YTD absorption, $8.19/SF warehouse / distribution asking rent, and 7.95M SF under construction, with the last figure including data-center space. Treat Richmond as a corridor-selected logistics lane: Southeast is the absorption anchor, while Northwest vacancy and Southwest negative absorption keep market-wide beta out of the allocation case.

Source: Cushman & Wakefield Dallas-Fort Worth Industrial MarketBeat Q2 2026 adds a current Tier 1 logistics-market cross-check: DFW reached 40.32M SF of YTD leasing, 13.63M SF of YTD absorption, 8.1% vacancy, and $9.19/SF rent, while 38.8% of its 29.8M-SF pipeline was BTS. Use DFW as a demand-depth and large-format recovery lane, not a generic market-average lease-up assumption; product-size, corridor, tenant-credit, concessions, and basis remain decisive.

Source: JLL Dallas-Fort Worth Industrial Market Dynamics Q2 2026 adds a separate market-total cross-check: 17.9M SF of YTD absorption, 34.6M SF of YTD leasing, 9.3% vacancy, $8.99/SF asking rent, and 31.2M SF under construction at 37.7% preleased. DFW's demand depth is now supported across source families, but the roughly 20M SF speculative pipeline expected mostly in H1 2027 keeps the allocation call selective by corridor, building size, tenant function, and basis.

Marcus December 2025 baseline: Source: Marcus & Millichap 2026 Industrial Outlook December 2025 supports the page's supply-digestion / product-selection rule from the beginning of the 2026 outlook cycle. Marcus tied the national vacancy move to the 2022-2024 construction wave, then showed why broad vacancy is not enough: nearly half of recent completed space was concentrated in 10 major metros, about half of added space came from 500,000+ SF buildings, and Q3 2025 large-building vacancy was 11.5% versus 5.2% for 10,000-50,000 SF product. That keeps the allocation answer narrow: small-format, infill, tenant-validated, and basis-reset industrial can work while speculative large-box supply-wave markets need harder proof.

Where and how should institutional capital allocate to industrial and logistics real estate in 2026?

This analysis synthesizes the following inputs:

• DB observations: Cross-market industrial vacancy, rent, absorption, leasing, cargo, and rent growth observations from data/properties.db, covering Inland Empire, Chicago, Miami-Dade, Nashville, Dallas-Fort Worth, Houston, Charlotte, Greenville-Spartanburg, Savannah, Cleveland, Las Vegas, Austin, and secondary Texas markets.
• [[National Industrial Market Ranking 2026]]: Verified benchmark framing across five archetypes — Inland Empire gateway pricing, Chicago inland distribution scale, Savannah supply elasticity, Nashville secondary-growth tightness, and Cleveland downside protection.
• [[Industrial Innovation and Occupier Sentiment 2026]]: CBRE occupier survey (James Breeze), Link Logistics / John Morris podcast, and Wells Fargo / Dalfen Investcorp deal mechanics — all published April 2026.
• Metro capital allocation analyses: Reviewed existing allocation memos for Inland Empire, Chicago, Savannah, Nashville, Greenville-Spartanburg, Atlanta, Phoenix, Dallas-Fort Worth, Houston, and secondary Texas markets.
• Concept pages: Industrial Logistics Underwriting, Industrial Development Underwriting, CRE Supply Pipeline and Construction Analysis, Tariff Trade Policy and Reshoring Impact, Powered Land and Grid Advantage, CRE Capital Stack and Debt Structuring.

This page owns the national allocation answer: product selection, strategy, capital structure, and investability rules. It does not duplicate the market-by-market ordering in National Industrial Market Ranking 2026 or the demand-fundamentals framing in Industrial Innovation and Occupier Sentiment 2026.

Use National Industrial Market Ranking 2026 for the canonical lane registry, ordered child boards, evidence confidence, and peer-calibration tables. This page treats those rankings as sourcing priors, then applies asset function, submarket, tenant credit, basis, lease structure, and financing gates before capital advances.

Source: Cushman & Wakefield U.S. Industrial MarketBeat Q2 2026 adds a current national cycle cross-check: Q2 absorption accelerated to 62.1M SF, vacancy fell to 6.9%, asking rents reached $10.32/SF with 2.9% YoY growth, and the construction pipeline rose to 305.1M SF. Deliveries were down 16% YoY and more than one-third of construction was BTS, supporting a healthier demand / disciplined-supply read while preserving market-specific tenant, rent, power, and delivery gates.

Source: JLL U.S. Industrial Market Dynamics Q2 2026 adds a separate national demand-shape cross-check: JLL reports 175.7M SF of Q2 leasing activity, 99.1M SF of Q2 absorption, 6.8% vacancy, 276M SF under construction, and $10.45/SF asking rent. Large-format demand strengthened—leasing of spaces at least 500,000 SF rose 58.3% year over year, while JLL's Class A warehouses over 1M SF were at 5.8% vacancy. The allocation implication is constructive for quality, power, automation-ready specifications, and labor-accessible logistics, but the 276M-SF pipeline and article-level rent-basis limitation keep the conclusion source-family and market-specific rather than a blanket industrial overweight.

Source: Colliers U.S. Industrial Market Statistics Q2 2026 reinforces demand-led stabilization while preserving the supply and pricing gate. Colliers reports 59M SF of Q2 absorption versus 53M SF of new supply, 7.3% headline/narrative vacancy, 312M SF under construction, and $10.34/SF/year weighted NNN warehouse/distribution rent, down 1.6% YoY. Houston, Atlanta, Los Angeles, Phoenix, Columbus, Inland Empire, Indianapolis, and Philadelphia posted positive selected-market absorption, but DFW, Houston, Atlanta, Phoenix, and Austin also carried the largest construction rows. Allocation implication: reward markets where current demand is outrunning deliveries, but underwrite pipeline timing and rent durability corridor by corridor; do not convert the national stabilization signal into a generic overweight.

North Carolina Triad CBRE Q2 table: Source: CBRE Greensboro/Winston-Salem Industrial Figures Q2 2026 adds current source-family evidence of 7.1% vacancy, +343,000 SF Q2 absorption, +1.65M SF YTD absorption, 3.93M SF under construction, and $6.63/SF/year asking rent. The 10.9% Class A vacancy, 25.0% West Forsyth vacancy, and 20,000-SF five-county methodology keep the allocation posture selective around PTI/Airport, North Alamance, and High Point rather than broad Triad beta.

The subagent industrial tranche reinforces the page's sorting framework. Portfolio capital is still active in logistics platforms and stabilized assets, but the geography and product type matter: Denver development / occupier evidence, Richmond and Savannah institutional transactions, Inland Empire tenant moves, Broward infill portfolio buying, and Omaha / Wichita secondary-market tightness are not interchangeable with generic large-bay supply beta. The Dalfen Broward source now has a portfolio-level data-tier row, properties.id=5388, for source-supported acquisition facts only. See Source: EQT Tritax 199M Logistics Portfolio 2026, Source: Dream Chancerygate Industrial Platform Acquisition 2026, Source: Trammell Crow Thornton 1.1M SF Industrial Park 2026, Source: Ashton Logistics Park Richmond Acquisition 2026, Source: Prologis Savannah 737K SF Warehouse Portfolio Sale 2026, Source: Dalfen Broward 419K SF Industrial Portfolio 2026, Source: Omaha Industrial Limited Supply High Demand 2026, and Source: Wichita Logistics Manufacturing Pipeline 2026.

Source: JLL Seattle-Puget Sound Industrial Market Dynamics Q1 2026 adds a Pacific Northwest port-gateway caution to the national screen. JLL's record 10.3% vacancy, 12.8% availability, -1.37M SF YTD absorption, 2.04M SF YTD deliveries, 0.0% preleasing, and rising concessions show why even structurally advantaged port/I-5 markets need basis and tenant proof after the 2020-2026 delivery wave. Use it as a counterweight to simplistic scarcity stories, not as a rejection of infill port industrial.

Source: Marcus & Millichap Seattle-Tacoma Industrial Market Report 2Q 2026 adds a later Marcus source-family check on that Pacific Northwest port-gateway caution. The teaser points to small-bay vacancy pressure, weaker early-2026 midsized demand, tapered 200,000+ SF leasing momentum, lower NWSA import-driven throughput, and ongoing speculative completions. Allocation implication: Seattle-Tacoma remains infrastructure-backed and selective, but it is a tenant-proof / cargo-flow / basis-reset lane rather than a broad port-scarcity overweight.

Seattle-Tacoma CBRE Q2 table: Source: CBRE Puget Sound Industrial Figures Q2 2026 adds a current full-table cross-check: 11.7% vacancy, 13.4% availability, -377,000 SF of Q2 absorption, 1.76M SF of deliveries, 1.73M SF under construction, and $1.15/SF/month NNN asking rent. Eastside's 8.6% vacancy contrasts with Tacoma's 16.3%, reinforcing a corridor- and product-specific basis-reset posture rather than a broad port scarcity allocation.

Seattle C&W Q2 source-family check: Source: Cushman & Wakefield Seattle Industrial MarketBeat Q2 2026 reports 9.4% vacancy across 269.6M SF, +776,233 SF Q2 absorption, +438,398 SF YTD absorption, 1.5M SF Q2 leasing, $1.04/SF/month weighted-net rent, just under 1.8M SF under construction, and more than 13.9M SF proposed. Amazon's 1.1M-SF Frederickson owner/user transaction explains much of the positive absorption, while renewals dominated larger requirements. Keep Seattle as a port / I-5 / aerospace recovery-watch lane with source-family and basis discipline.

Source: Marcus & Millichap Portland Industrial Market Report 2Q 2026 adds the Portland comparator to that same Pacific Northwest caution set. The teaser says Port of Portland cargo volumes fell roughly 12% year over year in 2025, even as 2025 net absorption turned positive after 2023-2024 weakness. Terminal 6's January 2026 private-operator transition may become a port-related demand tailwind, but Portland should still be treated as gradual rebalancing with southeast / I-5 weakness, subdued hiring, and geopolitical risk rather than a clean scarcity allocation lane.

Source: JLL Portland Industrial Market Dynamics Q1 2026 turns that Portland caution from teaser-only into a table-backed source-family check. JLL reports -288,438 SF of YTD absorption, 7.9% vacancy, 12.5% availability, 2.51M SF under development, 0.0% preleasing, 121,340 SF of YTD deliveries, $0.88/SF asking rent, and rising concessions. The positive evidence is leasing depth rather than supply tightness: preliminary Q1 leasing was nearly 2.0M SF, up 17.7% QoQ, and named longer-term commitments included Novolex at Fruit Valley Logistics Center and Fanatics at Tualatin Sherwood Corporate Park. Allocation read: Portland remains a basis / tenant-proof / node-selection market, not a broad Pacific Northwest overweight.

Source: Cushman & Wakefield Portland Industrial MarketBeat Q2 2026 adds current C&W table evidence: 6.5% vacancy, 8.4% availability, -188,274 SF of current-quarter absorption but +149,853 SF YTD, 2.27M SF YTD leasing, 3.43M SF under construction, and $0.91/SF/month NNN rent. The narrative/table absorption mismatch and elevated Northwest / Vancouver / Tualatin-Sherwood vacancy keep Portland in a selective, source-family-caveated allocation lane.

Source: Marcus & Millichap Miami-Dade Industrial Market Report 2Q 2026 strengthens the South Florida high-barrier lane through airport-hub evidence rather than generic market beta. MIA cargo rose 13.6% in 2025 to a record 3.5M tons, Q4 2025 leasing exceeded 5.0M SF, and 24-plus leases above 100,000 SF were signed in the year ended March 2026. The same source also reports negative 2025 absorption and roughly 1.0M SF of Q1 2026 move-outs, so South Florida stays selective: Doral / Airport West logistics can remain a ranked infill lane, but broad Miami-Dade or tri-county industrial exposure still needs current rent-roll, operating-cost, insurance, and tenant-depth proof.

Source: Cushman & Wakefield Broward Industrial MarketBeat Q2 2026 adds the current complete Broward operating-table counterpart: 5.4% vacancy, +129,067 SF Q2 / +345,164 SF YTD absorption, 1.13M SF of YTD new leasing, 552,382 SF under construction, 140,878 SF of YTD completions, and $17.67/SF/year weighted net rent. Warehouse / distribution drove absorption while manufacturing was negative, and Pompano / Southwest pressure contrasts with tighter Southeast Broward. Keep Broward in the high-barrier infill sleeve only with building-function, tenant-depth, completion-availability, insurance, and basis proof.

Source: JLL Palm Beach Industrial Market Dynamics Q1 2026 adds the northern county counterweight to that airport-logistics lane. JLL reports 88,128 SF of Palm Beach Q1 / YTD absorption, 7.4% vacancy, 9.2% availability, $14.17/SF annual NNN asking rent, 250,000 SF of lease / renewal activity, and roughly $106M of transaction volume, but also 1.09M SF under development, 0.0% preleasing, rising concessions, and recent Class A delivery pressure. Allocation implication: Palm Beach can be a selective county industrial / consumption-logistics lane, but it should not be treated as Doral / Airport West airport infill or as a tri-county average.

Source: Cushman & Wakefield Palm Beach Industrial MarketBeat Q2 2026 adds a current county/product table: 8.1% vacancy, -70,451 SF of YTD absorption, 514,408 SF of leasing, 810,989 SF under construction, and $13.69/SF weighted net rent. C&W's 10.0% warehouse/distribution vacancy and sharp Boca/Jupiter/West Palm Beach dispersion reinforce a selective Palm Beach lane; the 162,000-SF SWI sublease means the headline vacancy increase should not be generalized. Keep this C&W series beside CBRE and JLL rather than averaging it into Doral or a tri-county rank.

Source: Marcus & Millichap Riverside-San Bernardino Industrial Market Report 2Q 2026 adds a later Marcus source-family check on the Inland Empire high-barrier lane. It strengthens the supply-constraint side with a roughly 10M SF 2026 delivery slate, the smallest since 2012, and possible AB 98-driven completion pullback, but it also keeps the timing gate strict because Marcus says vacancy is near a 15-year high and shipping-cost changes can affect demand through the LA/LB port TEU channel. The allocation implication is recovery-watch with supply relief, not a blanket IE rent-growth upgrade.

Source: Cushman & Wakefield Inland Empire Industrial MarketBeat Q2 2026 converts that later-period IE thesis into a complete operating table. C&W reports 8.8% vacancy, -1.54M SF Q2 / -3.81M SF YTD absorption, 16.0M SF of Q2 new leasing, 4.80M SF under construction, and $1.03/SF/month weighted NNN rent. Leasing breadth and a pipeline down sharply from the 2022 peak improve the forward setup, but negative occupancy and a 10.6% YoY rent decline keep the allocation lane selective. West IE's leasing leadership, East IE's 11.0% vacancy, and South IE's small but tighter profile should be underwritten separately.

Source: Marcus & Millichap Los Angeles Industrial Market Report 2Q 2026 adds the LA-basin version of the same Southern California port-gateway caution. LA/LB port activity and a >20M TEU 2026 projection support the infill logistics demand story, while minimal speculative deliveries may help modern vacant space lease over time. The blocker is equally important: Marcus says LA industrial vacancy was in the low-7 percent band for the first time since at least 2000 and 2020s-built properties were nearly 25% vacant as of March. Allocation implication: LA stays a high-barrier corridor-selection and basis-reset lane, not a broad metro recovery trade.

Source: Cushman & Wakefield Los Angeles Industrial MarketBeat Q2 2026 adds the current C&W table-backed counterweight: vacancy fell to 4.2%, YTD absorption reached 1.76M SF, leasing reached 20.43M SF, and asking rent stabilized at $1.32/SF/month NNN. That supports a selective recovery in LA South, San Gabriel Valley, and other infill corridors, but LA North's negative YTD absorption and large pipeline keep the allocation posture corridor-specific rather than a broad metro long.

Source: Matthews Los Angeles CA Industrial Market Report Q2 2026 adds another current-quarter source family without removing the LA caveat. Matthews / CoStar reports 6.5% vacancy, +1.1M SF of Q2 absorption, -4.5% YoY rent growth, 3.1M SF under construction with roughly 40% preleasing, and $1.3B of sales at $308/SF and a 5.8% cap rate. That supports liquidity and occupancy stabilization, but the South Bay/Westside and San Fernando Valley absorption-versus-vacancy split keeps Los Angeles in the high-barrier, corridor-specific, basis-reset lane.

The national industrial market exited its pandemic-era expansion phase and entered a sorting phase.

Vacancy normalization: After running sub-3% nationally through 2021–2022, vacancy reached 7.1% nationally by Q4 2025 (Cushman and Wakefield MarketBeat). The size split matters: sub-100K SF product held at 4.8% while big-box product over 500K SF reached 9.8%. The oversupply is concentrated in large-bay speculative product in supply-elastic markets — not evenly distributed across product types or geographies.

Demand thesis remains intact: Despite headline vacancy numbers, 2025 was the second-best leasing year on record for industrial real estate (CBRE / Link Logistics). Two structurally distinct demand channels operate simultaneously: e-commerce penetration that continues to require fulfillment square footage at every tier of the distribution hierarchy, and reshoring and reindustrialization that adds production, assembly, and finished-goods warehousing demand. Over 50% of U.S. manufacturers with domestic operations are expanding or plan to expand within 36 months, per the CBRE U.S. Industrial and Logistics Occupier Survey published April 2026.

Supply-demand rebalancing underway: Construction starts fell sharply across 2023 and 2024. Markets with the most speculative supply added the least new construction by late 2025. Construction pipeline pullback is a potential forward tightening catalyst in Tier 2 markets where the source stack supports tenant demand, absorption, and limited near-term deliveries. CBRE's 2026 outlook projects national vacancy stabilizing in the mid-6% range.

CBRE Q1 2026 stabilization cross-check: Source: CBRE Q1 2026 U.S. Industrial and Logistics Figures adds current public CBRE figure-page support for the sorting-cycle thesis. CBRE's Q1 2026 U.S. industrial figures reported leasing up 14% year over year to 249.8M SF, net absorption of 43.1M SF, vacancy of 6.7%, availability of 9.2%, completions of 55.4M SF still outpacing absorption, and a 7.5% quarter-over-quarter increase in the construction pipeline. That is a better market than the panic version of the post-pandemic slowdown, but not a shortage market. The practical allocation rule stays the same: favor infill, BTS, sale-leaseback, powered-land adjacency, and reset-basis logistics over generic outer-ring speculative big-box exposure.

Las Vegas supply-digestion example: Source: Marcus & Millichap Las Vegas Industrial Market Report 2Q 2026 adds a local version of the national sorting-cycle rule. The public teaser says nearly 24M SF of three-year inventory growth pushed vacancy up 1,060 bps despite positive net absorption, but 2026 development pullback and speculative-delivery relief in North Las Vegas / Speedway / outlying northeast Clark County should ease supply pressure. Keep Las Vegas in the supply-discipline recovery bucket, not a generic landlord-market upgrade. The teaser rows are preserved as market_observations.id=43447-43452.

Las Vegas JLL megabox cross-check: Source: JLL Las Vegas Industrial Market Dynamics Q1 2026 adds the same lesson with table-grade fundamentals and named tenant activity. JLL reports 1.61M SF of Q1 / YTD absorption, 13.7% vacancy, 16.9% availability, 2.05M SF under development, 0.0% preleasing, 838,795 SF of deliveries, and rising concessions; DHL occupied over 1.0M SF across two North Las Vegas buildings, Pepsi secured a 1.0M SF North Las Vegas facility, and only about five comparable 500,000-SF-plus options were available. The capital read is narrow: megabox tenant proof exists, but Las Vegas remains a concession-aware supply-digestion market until vacancy, availability, and preleasing improve more broadly. The JLL rows are preserved as market_observations.id=44829-44843.

Las Vegas C&W table cross-check: Source: Cushman & Wakefield Las Vegas Industrial MarketBeat Q1 2026 adds a fuller local table behind the same capital rule. C&W reports 11.4% overall vacancy, 10.4% direct vacancy, 836,759 SF of absorption, nearly 3.0M SF of leasing, 1.43M SF of completions, 5.35M SF under construction, and $1.07/SF/month overall NNN asking rent. The constructive signal is demand depth and lease activity; the capital caveat is that C&W still shows 28.6% Apex vacancy, negative North Las Vegas absorption, and a large active pipeline. The C&W rows are preserved as market_observations.id=46261-46422.

Las Vegas CBRE Q2 cross-check: Source: CBRE Las Vegas Industrial Figures Q2 2026 adds a current CBRE table with 9.0% vacancy, 12.2% availability, 825,000 SF of Q2 absorption, 2.5M SF YTD absorption, 1.3M SF of deliveries, 5.9M SF under construction, and $1.02/SF/month NNN direct asking rent. North Las Vegas produced 600,000 SF of Q2 absorption, but Apex remained 28.2% vacant and Class A vacancy was 14.6%. Keep the allocation posture in the supply-discipline recovery bucket; the CBRE row supports demand and easing supply, not a blanket landlord-market upgrade. The rows are preserved as market_observations.id=55561-55740.

Toronto Canada stabilization overlay: Source: Marcus & Millichap Toronto Industrial Market Report 2Q 2026 adds a Canada large-market contrast to U.S. supply-wave markets. The teaser says Toronto vacancy rose only 20 bps in 2025 to 3.1%, then is forecast to move back below 3% in 2026 as new supply tapers and absorption improves. The allocation read is constructive but conditional: logistics / distribution users and lower construction activity support the market, while tariff headwinds, automotive / steel exposure, and the upcoming USMCA renegotiation keep trade-policy sensitivity in the underwriting. The teaser rows are preserved as market_observations.id=43758-43763.

CBRE Toronto Q2 2026 table: Source: CBRE Toronto Industrial Figures Q2 2026 adds the full current GTA operating table behind the teaser: 5.0% availability, 3.4% vacancy, +1.31M SF Q2 absorption, +3.31M SF YTD absorption, 9.25M SF under construction, and $16.11/SF average net asking rent. The source's regional rows show Toronto North and West carrying positive absorption while Toronto Central is tighter but negative in Q2; 6.5M SF of sublet availability, 8.2M SF of forecast 2026 deliveries, and 7.8M SF of 2027 forecast deliveries keep the allocation conditional on corridor, clear height, product vintage, and supply timing.

Colliers Toronto Q2 operating cross-check: Source: Colliers Toronto Industrial Market Report Q2 2026 adds a broader GTA table with 889.80M SF inventory, 2.2% vacancy, 4.5% availability, 3.537M SF Q2 absorption, 2.085M SF new supply, 9.455M SF under construction, $16.22/SF asking net rent, and $320.66/SF average sale price (market_observations.id=56924-56963). West and North carried 3.062M SF of combined absorption, while Central was negative despite 1.7% vacancy. The allocation read is constructive but corridor-specific: West / Vaughan have meaningful pipeline concentration, and the Colliers boundary should not be averaged with CBRE's smaller 10,000-SF-plus survey universe.

Toronto JLL Q2 operating overlay: Source: JLL Toronto Industrial Market Dynamics Q2 2026 adds a constructive large-bay signal: 868.57M SF of GTA inventory, 4.8% vacancy, 2.09M SF Q2 absorption, 5.02M SF YTD absorption, $16.34/SF/year direct asking rent, 12.72M SF under development, and 7.9M SF of non-renewal deals above 50,000 SF. Keep Greater Toronto North / West strength separate from Greater Toronto East softness, and preserve sublease and source-family caveats.

Southwestern Ontario owner-occupier lane: Source: Colliers Southwestern Ontario Industrial Market Report Q2 2026 adds a distinct 123.99M-SF regional market with 5.2% headline vacancy, 6.26% availability, 561,620 SF Q2 absorption, 210,556 SF new supply, 1.815M SF under construction, $13.42/SF asking net rent, and $256/SF freehold pricing (market_observations.id=56964-57014). Kitchener and Cambridge led absorption, but Waterloo, Brantford / Brant County, and Guelph were negative. The capital implication is not broad Ontario logistics beta: land above $1M/acre, elevated warehouse / manufacturing construction costs, and approval friction favor owner-user, design-build, and existing functional inventory strategies.

London-specific softening cross-check: Source: CBRE London Ontario Industrial Figures Q2 2026 adds a narrower 42.868M-SF London survey with 4.3% vacancy, 6.5% availability, -323,702 SF Q2 absorption, -301,498 SF YTD absorption, zero new supply, 206,686 SF under construction, and CAD $10.74/SF asking rent (market_observations.id=58783-58806). Treat the negative absorption as a London node-specific demand warning rather than a contradiction of Colliers' broader regional absorption; the two brokers use different boundaries and source universes.

Moncton regional-logistics lane: Source: Colliers Moncton Industrial Market Report Q2 2026 adds a 3.858M-SF Greater Moncton market with 9.0% vacancy, 40,800 SF new supply, 173,220 SF under construction, and $12.98/SF asking net rent (market_observations.id=57015-57045). The allocation case is node-specific rather than broad Canadian bulk beta: Caledonia and Victory Park were materially more vacant than Moncton West, while pre-leasing, Harrisville land activity, the Route 15 on-ramp, and airport cargo planning support the regional-logistics thesis. Because new supply partly reflects former owner-occupied buildings entering the survey, separate inventory composition from actual new construction and require tenant / delivery proof.

Halifax constrained-logistics lane: Source: CBRE Halifax Industrial Figures Q2 2026 adds a four-submarket CBRE series with 7.8% availability, 138,002 SF Q2 absorption, 16,000 SF under construction, and CAD $15.14/SF net asking rent (market_observations.id=58807-58828). The signal is constructive but not uniform: Halifax itself carried 20.6% availability while Dartmouth, Bedford, and Sackville were much tighter. Burnside Phase 13-1 land release is future supply optionality; do not treat it as delivered inventory.

Victoria island-market lane: Source: CBRE Victoria Industrial Figures Q2 2026 adds a Greater Victoria operating table with 10.370M SF inventory, 6.0% availability, 5.4% vacancy, zero space under construction, and CAD $19.08/SF average net asking rent (market_observations.id=58829-58848). The allocation read is selective: Victoria Core and Peninsula were at 5.4% and 3.3% availability, while Westshore was 11.0% after 2024 deliveries. BC Hydro's Langford Heights acquisition and improving Westshore strata sales are benchmarks for diligence, not a broad citywide land or pricing index.

Winnipeg Prairie logistics lane: Source: CBRE Winnipeg Industrial Figures Q2 2026 adds an 87.609M-SF city-and-rural operating table with 3.8% availability, -277,681 SF of Q2 absorption, -235,419 SF YTD absorption, 405,666 SF under construction, and CAD $11.14/SF average net asking rent (market_observations.id=58849-58968). The allocation read is submarket- and product-specific: Northeast's large listings produced the largest give-back, while the Rural Municipalities posted positive absorption and modern high-clearance demand supported renewed construction. Treat the rent decline as a mix shift claimed by CBRE, not blanket evidence of pricing stability, and keep Colliers' Winnipeg industrial cap-rate bands as a separate valuation series.

Ottawa corridor operating lane: Source: CBRE Ottawa Industrial Figures Q2 2026 adds a 39.059M-SF market with 4.1% availability, 2.6% vacancy, 156,132 SF of Q2 absorption, 3.437M SF under construction, and CAD $16.71/SF average net asking rent (market_observations.id=58969-59031). The signal is constrained but uneven: South, East, and West were tight, while Deep South and Cornwall were materially looser. Pair this table with Marcus's Amazon / 3PL corridor thesis, but do not convert a large Barrhaven project or owner-retention-driven absorption into marketwide demand proof.

Quebec City recovery and powered-pipeline lane: Source: Colliers Quebec City Industrial Market Report Q2 2026 adds a 41.598M-SF market with 4.9% vacancy, 5.6% availability, 48,096 SF Q2 absorption, zero new supply, 1.333M SF under construction, and $13.64/SF asking net rent (market_observations.id=57046-57107). Centre de Québec and Saint-Augustin-de-Desmaures supplied the positive demand signal, while Rive-Sud Est and La Cité-Limoilou carried higher vacancy or negative absorption. The allocation read is selective: functional small-/mid-bay logistics can fit a recovery sleeve, but the large construction number is mostly specialized/data-centre activity and must be underwritten through power, use, pre-leasing, and delivery gates.

Canada national Q2 benchmark: Source: Colliers Q2 2026 National Market Snapshot reports 3.3% national industrial vacancy and more than 7.1M SF of Q2 absorption, with asking rents stabilizing after several quarters of decline. Use this as direction-of-travel evidence behind the local Colliers rows, not as a replacement for local market boundaries or an exact national absorption table.

Canadian industrial cap-rate overlay: Source: Colliers Canada Cap Rate Report Q2 2026 adds valuation bands alongside operating data: Toronto Class A / B at 5.25%-6.00% / 5.50%-6.25%, Vancouver at 4.75%-5.75% / 5.00%-6.00%, Calgary at 5.25%-5.75% / 6.25%-7.25%, and Moncton at 6.75%-7.75% / 7.50%-8.25% (market_observations.id=57116-57155). The spread supports a quality, liquidity, and market-size screen, but cap-rate bands are not a substitute for lease rollover, basis, debt sizing, or local supply underwriting.

Vancouver small-bay Canada overlay: Source: Marcus & Millichap Vancouver Industrial Market Report 2Q 2026 adds a product-size version of Canada industrial resilience. The teaser says demand stayed on a recovery path in early 2026 as absorption improved in H2 2025, and under-10,000-SF leases accounted for more than 70% of average quarterly absorption. The allocation read is narrow: Vancouver supports small-/medium-bay, multi-tenant, local-distribution exposure; large-bay upside is a longer-term energy / Asia trade-linkage story that needs separate table and tenant proof. The teaser rows are preserved as market_observations.id=43764-43768.

Calgary energy-linked recovery overlay: Source: Marcus & Millichap Calgary Industrial Market Report 2Q 2026 adds the Alberta version of Canada industrial resilience. The teaser says absorption rebounded in H2 2025, Q1 2026 demand outpaced completions, vacancy reached its lowest level since 2023, and leasing recovery broadened across all bay sizes. The allocation implication is constructive but explicitly cyclical: Calgary industrial can fit the energy / nation-building project sleeve, but oil-price, employment, and supply-delivery assumptions need live checks. The teaser rows are preserved as market_observations.id=43769-43774.

Calgary Q2 operating and capital-markets cross-check: Source: Colliers Calgary Industrial Market Report Q2 2026 adds exact GCA table rows: 181.11M SF inventory, 2.97% vacancy, 5.24% availability, 1.543M SF Q2 absorption, 1.068M SF new supply, and 3.428M SF under construction (market_observations.id=56774-56807). Colliers also tracks roughly $550M of industrial investment sales and $325M under contract or in the market as of June. The allocation read is constructive but concentrated: Balzac and Southeast carry much of the demand and pipeline, while Central / Other were negative and speculative construction is rising to 34% of active-project square footage. Keep the energy-linked upside, landlord bargaining-power narrative, and transaction totals source-scoped rather than treating them as a broad Canadian benchmark.

JLL Calgary Q2 source-family overlay: Source: JLL Calgary Industrial Market Dynamics Q2 2026 reports 179.76M SF of inventory, 2.7% vacancy, 4.7% availability, CAD $10.96/SF asking rent, 517,447 SF of quarterly absorption, and 3.777M SF under construction (market_observations.id=60075-60155). The report's Balzac pipeline and Airdrie tightness support a selective Calgary allocation case, but its boundary differs from Colliers' GCA series. Treat the JLL, Colliers, and Marcus & Millichap figures as source-scoped overlays.

Edmonton trade-sensitive small-bay overlay: Source: Marcus & Millichap Edmonton Industrial Market Report 2Q 2026 adds the weaker Alberta counterpoint. The teaser says Q1 2026 demand softened, net absorption turned negative, and large-bay sentiment remained cautious because of trade uncertainty. The investable lane is narrower than Calgary: small-bay, locally oriented tenancy held up better, while near-term energy-price support does not remove the need to underwrite United States trade negotiations, diversification progress, and large-bay absorption risk. The teaser rows are preserved as market_observations.id=43775-43780.

Edmonton Q2 operating cross-check: Source: Colliers Edmonton Industrial Market Report Q2 2026 adds 166.62M SF of inventory, 3.8% vacancy, 6.9% availability, 587,301 SF Q2 absorption, 295,480 SF new supply, 1.766M SF under construction, and $11.97/SF asking net rent (market_observations.id=56808-56867). Edmonton proper and Leduc/Nisku carried the quarter, but Leduc/Nisku still had 7.7% vacancy and Acheson was negative. Underwrite the tightening as selective rather than uniform: the construction mix includes 663K SF owner/occupier and 1.103M SF speculative projects, while property-tax and rent-basis differences can affect tenant decisions.

Ottawa logistics-positioning overlay: Source: Marcus & Millichap Ottawa Industrial Market Report 2Q 2026 adds the Canada corridor-network version of the industrial thesis. The teaser says Amazon is closing a Quebec distribution facility and consolidating into a new 3.1M SF Ottawa centre under construction, with Ottawa positioned between Toronto and Montreal and marketed as a cost-effective highway-connected alternative. The allocation read is not broad-market proof; it is a reason to diligence Ottawa 3PL / distributor spillover, labor depth, road access, and tenant diversification around the Amazon node. The teaser rows are preserved as market_observations.id=43781-43786.

Montreal USMCA / older-large-bay risk overlay: Source: Marcus & Millichap Montreal Industrial Market Report 2Q 2026 adds the counterweight to the Ottawa corridor node. The teaser reports Q1 2026 negative absorption, 5.7% vacancy, roughly half of vacated space concentrated in Lachine's older, larger-bay inventory, and a vacancy forecast drifting toward roughly 6.0% by year-end despite a second consecutive annual decline in completions. The allocation implication is selective caution: Montreal still has long-term corridor value, but larger-format requirements and older-bay leasing need USMCA, tenant-demand, and basis proof. The teaser rows are preserved as market_observations.id=43787-43793.

Montreal Q2 operating cross-check: Source: Colliers Montreal Industrial Market Report Q2 2026 adds a distinct table-grade view: 349.03M SF of GMA inventory, 5.7% vacancy, 6.5% availability, 883,970 SF Q2 absorption, 573,079 SF new supply, 1.573M SF under construction, and $13.94/SF weighted average asking net rent (market_observations.id=56765-56773). Lachine, Saint-Laurent, and the South Shore carried the quarter; the East End and Laval were negative. Underwrite Montreal selectively: modern, central, transportation-connected product has demand evidence, while East End / Montréal-Est, older large-bay, and trade-sensitive exposure still needs tenant and basis proof.

Montreal JLL Q2 operating overlay: Source: JLL Montreal Industrial Market Dynamics Q2 2026 adds a distinct source-family view: 384.13M SF of combined GMA & Montérégie inventory, 7.9% vacancy, 418,982 SF Q2 absorption, 528,124 SF YTD absorption, 449,154 SF Q2 completions, and 3.26M SF under development. The key allocation signal is functional bifurcation—modern high-clearance facilities are absorbing space while legacy large-format buildings lose tenants—rather than uniform Montreal tightening.

Vancouver Q2 operating cross-check: Source: Colliers Vancouver Industrial Market Report Q2 2026 adds 237.80M SF of inventory, 3.1% vacancy, 4.4% availability, 241,785 SF Q2 absorption, 66,235 SF new supply, 2.258M SF under construction, and $19.03/SF asking net rent (market_observations.id=56868-56923). Surrey and Richmond carried nearly 200K SF of positive absorption, while Langley returned 289,934 SF and Burnaby recorded negative absorption. The allocation read is selective rather than a broad Vancouver upgrade: limited large-bay availability and a mostly preleased pipeline support infill / functional product, but falling asking rents and 350-day average days on market require basis, tenant, and lease-up discipline.

CBRE 2026 outlook cross-check: Source: CBRE Industrial - U.S. Real Estate Market Outlook 2026 adds the forward-looking companion to the Q1 figure page. CBRE forecasts 2026 leasing activity up 5% year over year to nearly 1B SF, lease renewals above 35% of total volume versus a 24% historical average, 3PLs above 35% of leasing activity, and vacancy stabilizing in the mid-6% range. The allocation implication is not a broad upgrade: renewals, 3PL outsourcing, BTS demand, and first-generation flight-to-quality matter, while older pre-2020 buildings and tenant-improvement / free-rent concessions remain part of the underwriting gate.

Houston port / onshoring overlay: Source: Marcus & Millichap Houston Industrial Market Report 2Q 2026 adds a current Houston teaser row to the major-distribution-hub board. The applied observations (market_observations.id=44164-44171) preserve stable vacancy direction through March 2026, Port Houston cargo-supported channel leasing, energy / industrial-support / export-oriented user mix, northwest distributor softness tied to larger 3PL outsourcing, the 250,000 SF-plus lower-vacancy signal, Apple / Eli Lilly onshoring context, and oil-shock risk. The capital read is positive but narrow: Houston remains an infrastructure-moat and manufacturing / channel-leasing market, not generic bulk beta.

Columbus true-bulk cross-check: Source: Colliers Columbus Industrial Market Report Q1 2026 adds local evidence for the Tier 2 logistics scarcity lane. Colliers reports 4.09M SF of Q1 absorption, 5.19% vacancy, 5.9M SF of lease transaction volume, and modern-bulk availability of only 1.2% for existing first-generation product. That supports Columbus as a real I-70 / I-71 and Rickenbacker / Licking County capital candidate, but not as generic market beta: market-average NNN rent declined quarter over quarter and C&W still shows submarket-specific pipeline risk.

Columbus Marcus 2Q demand check: Source: Marcus & Millichap Columbus Industrial Market Report 2Q 2026 confirms the demand side of that caveat without removing it. Marcus says metrowide vacancy fell about 180 bps annually as of Q1 2026, Licking County averaged 400,000 SF new leases and dropped to 2.8% vacancy after a roughly 670 bps decline, and Anduril's Pickaway County manufacturing footprint totals 1.7M SF near Rickenbacker. That keeps Columbus in the selective Midwest logistics / advanced-manufacturing sleeve; it still should be underwritten by node, tenant, product, and pipeline rather than broad market beta.

Columbus JLL Q1 Class A scarcity check: Source: JLL Columbus Industrial Market Dynamics Q1 2026 adds a full JLL source-family row with 3.04M SF of Q1 / YTD absorption, 4.0% vacancy, 6.9% availability, 5.81M SF under development, 72.2% preleasing, and stable concessions. JLL's tenant roster reinforces the higher-quality lane: DHL, Crane Logistics, Hikma, FST, DB Schenker, Western Partitions, Penske, and MMR Group all support Class A logistics / advanced-manufacturing demand, while Amazon's 1.1M SF West Jeff One acquisition adds an owner-user conviction marker. The allocation use is a stronger Columbus true-bulk and Rickenbacker / Madison / Pickaway node signal, not a broad Class B upgrade.

Columbus CBRE Q2 supply-growth check: Source: CBRE Columbus Industrial Figures Q2 2026 reports 5.2% vacancy, 1.90M SF Q2 absorption, 5.54M SF YTD absorption, 9.00M SF under construction, 2.72M SF delivered, and $6.76/SF NNN/year direct asking rent. Demand remains deep, but 2.7M SF of quarterly deliveries and a 9.0M-SF pipeline make the allocation case node- and lease-up-specific; Delaware and Licking are materially tighter than West, Madison, Pickaway, or Southeast.

Columbus C&W Q2 source-family check: Source: Cushman & Wakefield Columbus Industrial MarketBeat Q2 2026 reports 4.7% vacancy, +6.70M SF YTD absorption, 7.46M SF of leasing, 10.14M SF under construction, and $6.33/SF weighted net asking rent. Modern bulk remains the stronger product lane, but traditional bulk posted negative YTD absorption; Licking, Pickaway, and Southeast require separate pipeline and tenant underwriting. Do not blend this weighted-net series with CBRE's direct-NNN metrics.

Cincinnati tri-state cross-check: Source: Colliers Cincinnati Industrial Report Q1 2026 adds a comparable Colliers local layer for the Cincinnati / Northern Kentucky corridor. The report supports user-demand and BTS / logistics conviction with +2.36M SF of Q1 absorption, 5.3% vacancy, and rising asking rent, but it also shows why Cincinnati must stay boundary-labeled: Monroe / Middletown and Airport carried absorption, while Florence / Richwood remained loose.

Cincinnati CBRE Q2 full-table check: Source: CBRE Cincinnati Industrial Figures Q2 2026 adds a current CBRE source-family layer with 4.0% vacancy, 5.6% availability, $6.41/SF NNN/year direct asking rent, +2.74M SF Q2 absorption, +5.50M SF YTD absorption, 7.4M SF leasing activity, and 583,209 SF under construction. The allocation signal is selective: Northern Kentucky led absorption and leasing but remained the loosest submarket at 9.6% availability, while Northeast was tightest at 2.8% and Central had the highest asking rent at $8.71/SF. Keep Ohio / Kentucky tax, tenant-credit, and node-specific basis underwriting explicit.

Source: Cushman & Wakefield Cincinnati Industrial MarketBeat Q2 2026 adds a distinct C&W cross-check: 5.1% vacancy, +2.340M SF Q2 absorption, +5.369M SF YTD absorption, $6.42/SF weighted-net asking rent, 1.267M SF under construction, and 2.521M SF of completions. Northwest led demand, Northern Kentucky remained looser, and the product table shows modern bulk at 10.0% vacancy versus 2.5% manufacturing. Preserve the Ohio/Kentucky, weighted-net, and product-class boundaries.

Louisville air-cargo cross-check: Source: Cushman & Wakefield Louisville Industrial MarketBeat Q1 2026 adds the C&W source-family table behind the SDF / UPS Worldport lane. Louisville has real logistics depth, but the table narrows the allocation read: South Louisville was tight, Meta supported Bullitt County leasing, West / Southwest drove negative absorption, and Southern Indiana carried the highest bulk vacancy. Treat Louisville as a node-specific air-cargo and interstate market, not a generic speculative-bulk overweight.

Source: Cushman & Wakefield Louisville Industrial MarketBeat Q2 2026 adds the later C&W table: 4.6% vacancy, +1.019M SF YTD absorption, 5.175M SF YTD leasing, 5.159M SF under construction, 3.433M SF of completions, and $6.95/SF overall asking rent. The Q2 completion wave lifted vacancy, and 67% of the bulk pipeline was speculative; keep Louisville in the air-cargo / interstate node-specific sleeve rather than broad bulk beta.

Milwaukee Great Lakes manufacturing-support cross-check: Source: Cushman & Wakefield Milwaukee Industrial MarketBeat Q1 2026 adds a lower-vacancy Midwest comparator with 4.2% vacancy, +1.05M SF of Q1 absorption, 539,175 SF under construction, and over 2.3M SF of Q1 leasing. The allocation signal is functional manufacturing-support / warehouse-distribution and Waukesha / Washington County tightness, not a generic older-manufacturing upgrade because C&W's product-class table still shows negative manufacturing absorption.

Milwaukee C&W Q2 refresh: Source: Cushman & Wakefield Milwaukee Industrial MarketBeat Q2 2026 reports 4.0% vacancy, +337,451 SF of Q2 absorption, +1.392M SF YTD absorption, 908,671 SF under construction, 1.186M SF of completions, and $5.64/SF narrative overall asking rent. Ozaukee and Waukesha remained tight, Milwaukee County was 6.1% vacant with negative Q2 absorption, and warehouse / distribution drove +1.408M SF of YTD absorption. Preserve the C&W boundary and weighted-net rent basis rather than averaging it with CBRE or JLL.

Milwaukee Marcus 2Q infrastructure overlay: Source: Marcus & Millichap Milwaukee Industrial Market Report 2Q 2026 keeps the same lane selective. Marcus says H1 2025 net move-outs pushed vacancy to 6.0% before mid-2026 improvement, with Waukesha County near 2% vacancy versus more than 7% in Milwaukee / Racine counties. The constructive read is infrastructure and tenant-commitment support, including Milwaukee Mitchell's cargo expansion, Racine substations, Foxconn's planned Mount Pleasant build-out, and Rockwell's proposed New Berlin facility; the caveat is that trade and energy volatility may keep near-term leasing measured.

Milwaukee JLL large-space calibration: Source: JLL Milwaukee Industrial Market Dynamics Q1 2026 adds a third local source family: 5.6% vacancy, 8.9% availability, 320,889 SF of Q1 / YTD absorption, 1.01M SF under development, 51.8% preleasing, and $5.57/SF rent. The allocation use is corridor specificity rather than rank promotion: Waukesha was still tight at 3.3% vacancy / 5.3% availability, Germantown had a 375,000 SF ID Logistics lease and only one remaining 300,000 SF-plus Class A option, Oak Creek had the largest Q1 delivery, and Ozaukee / Mitchell Airport add data-center-equipment and cargo-logistics optionality.

West Michigan tenant-led manufacturing-support check: Source: JLL West Michigan Industrial Market Dynamics Q1 2026 adds a Grand Rapids-Kentwood / West Michigan source-family row to the lower-basis Great Lakes sleeve. JLL reports 205,348 SF of Q1 / YTD absorption, 447,000 SF of direct absorption, 4.3% vacancy, 5.3% availability, $5.29/SF rent, 296,515 SF of deliveries, 317,000 SF under development, and 100.0% preleasing. The allocation use is functional industrial with tenant proof, especially around Northwest Grand Rapids leasing, while the broader West Michigan delivery references keep the market source-geography-caveated rather than nationally ranked.

Detroit Great Lakes low-vacancy cross-check: Source: CBRE Detroit Industrial Figures Q1 2026 adds a tighter Detroit source-family row with 725,000 SF of Q1 absorption, 3.3% vacancy, 2.6M SF of leasing, and 1.6M SF under construction across six active projects. The allocation implication is constructive for functional manufacturing / logistics corridors, but it still needs corridor, clear-height, truck-court, tenant-credit, and rent proof because the visible CBRE page does not expose rent, availability, submarket, product, or tenant rows.

Source: Marcus & Millichap Detroit Industrial Market Report 2Q 2026 narrows that Detroit read. Marcus reports 5% vacancy as of March 2026 but says auto-sector restructuring, tariffs, reduced EV incentives, foreign competition, layoffs, facility closures, and metrowide net relinquishment are tempering demand. The positive lane is automaker / reshoring context, not generic distribution beta: Stellantis' 2027 megahub, GM's $4B U.S. manufacturing plan, and Ford's Dearborn HQ expansion.

Source: JLL Detroit Industrial Market Dynamics Q1 2026 adds a fuller JLL source-family cross-check that keeps the Detroit allocation narrow. JLL reports -820,375 SF of Q1 / YTD absorption, 4.8% vacancy, 7.4% availability, $7.66/SF rent, 397,220 SF of deliveries, 715,025 SF under development, and 100.0% preleasing. The allocation use is tenant-proof, user-driven pipeline evidence: Morgan Foods' 462,840 SF Airport/I-275 Corridor lease, GM's fully preleased Northern I-75 build-to-suit facility, and fully leased Romulus Commerce Center 5 delivery support corridor-specific underwriting, while negative absorption blocks any broad Detroit growth upgrade.

Source: Cushman & Wakefield Detroit Industrial MarketBeat Q2 2026 reinforces the narrow Detroit allocation lane: 4.3% vacancy but -1.074M SF Q2 absorption, -1.749M SF YTD absorption, 2.282M SF under construction, $7.46/SF weighted-net asking rent, and only 887,000 SF of Q2 leasing. Oakland North tenant activity is useful proof, but Washtenaw's negative absorption and Western Wayne's pipeline keep Detroit tenant-, corridor-, and auto-cycle-specific.

Minneapolis-St. Paul selective logistics cross-check: Source: Colliers Minneapolis-St. Paul Industrial Market Report Q1 2026 adds an upper-Midwest example where modern logistics demand is real but not enough to justify a blanket market upgrade. Colliers reports 5.4% Q1 2026 vacancy, +618,000 SF absorption, 0.8M SF new supply, 2.5M SF under construction, and $9.43/SF NNN asking rent. The allocation implication is corridor and product discipline: North Central / Northeast / Northwest and modern logistics can work, but South Central / Shakopee large-format vacancy and older B/C infill lease-up need separate basis and tenant proof. The rows are preserved as market_observations.id=43794-43803.

Minneapolis Marcus 2Q tenant-mix check: Source: Marcus & Millichap Minneapolis-St. Paul Industrial Market Report 2Q 2026 sharpens the same selectivity rule. Marcus reports 2025 metro exports down roughly 16%, net international migration down 65%, and manufacturers leasing 21% less space than in 2024, while Cottage Grove-Forest Lake warehouse/distribution demand drove a 500 bps vacancy decline and nearly 45% leasing increase. That supports Minneapolis as a selective warehouse/distribution and supply-discipline lane, not a broad upper-Midwest manufacturing-growth proxy.

Minneapolis JLL first-generation backfill: Source: JLL Minneapolis Industrial Market Dynamics Q3 2025 adds the earlier JLL row behind that same upper-Midwest selectivity. JLL reports 4.3% vacancy, 9.2% availability, 3.11M SF of YTD absorption, 2.59M SF under development, 58.2% preleasing, and 9.4M SF of active tenant demand, while saying top Q3 leases concentrated in first-generation space and manufacturing. The allocation implication is tenant-proof and new-building support, not a broad 2026 upgrade, because the source predates the newer Colliers and Marcus caveats.

Minneapolis C&W Q2 source-family cross-check: Source: Cushman & Wakefield Minneapolis Industrial MarketBeat Q2 2026 adds a current 361.00M-SF survey with 4.9% vacancy, 571,806 SF of Q2 absorption, 257,427 SF of YTD absorption, 6.269M SF under construction, and $8.62/SF overall weighted net rent (market_observations.id=60156-60207). The allocation implication remains selective: Northeast and Southeast led absorption, but Southeast and Northwest carried most of the pipeline, Southwest had 6.9% vacancy, and manufacturing accounted for 51.1% of leases above 10,000 SF. Keep C&W's overall / office / warehouse rent basis and survey boundary separate from CBRE, Colliers, Marcus, and JLL.

St. Louis Midwest risk-control check: Source: JLL St. Louis Industrial Market Dynamics Q1 2026 adds a source-family row where preleased pipeline strength coexists with demand weakness. JLL reports -1.75M SF of Q1 / YTD absorption, -1.12M SF of direct absorption, 6.3% vacancy, 9.3% availability, 1.68M SF under development, 94.4% preleasing, zero deliveries, and $5.61/SF rent. The allocation implication is not an upgrade: St. Louis belongs in selective lower-basis / tenant-proof underwriting, especially where North County / St. Charles County leasing or preleased development is visible, while Metro East North move-out risk remains explicit.

Source: CBRE St. Louis Industrial Figures Q2 2026 adds a current CBRE cross-check without changing that risk-control posture. CBRE reports 7.1% vacancy, 8.1% availability, +44,699 SF Q2 absorption but -383,000 SF YTD, $5.46/SF/year NNN direct asking rent, 734,000 SF of deliveries, and 3.78M SF under construction, 89% of it build-to-suit. South County and Central County remain tight, while Metro East and Earth City show the supply / move-out stress. Preserve CBRE's 214.00M-SF universe and do not average it with JLL or C&W.

Source: Cushman & Wakefield St. Louis Industrial MarketBeat Q2 2026 adds a current C&W table without changing the risk-control posture: 5.1% vacancy, -45,555 SF Q2 absorption, -617,320 SF YTD absorption, $5.61/SF weighted-net asking rent, and 3.310M SF under construction. The direct/sublease split and North County / Metro East stress block a broad St. Louis upgrade; use West County and tenant-specific leasing as the narrower positive lane.

Des Moines JLL functional-industrial / powered-land watchlist: Source: JLL Des Moines Industrial Market Dynamics Q1 2026 adds a smaller Midwest comparator with 15,866 SF of Q1 / YTD absorption, 6.9% vacancy, 8.3% availability, 914,186 SF under development, 94.5% preleasing, $6.25/SF rent, and 10 Q1 industrial sales totaling about $16M. The allocation use is corridor and project specificity: Baker Group's 270,000 SF Altoona lease, Vermeer's 300,000 SF / $102M Bondurant manufacturing facility, Ankeny expansion / relocation activity, and the Norwalk / Altoona Tract data-center context make Des Moines investable only with tenant, power, utility, entitlement, water, and execution proof.

Colliers top-25 aggregate cross-check: Source: Colliers Top 25 Industrial Markets June 2026 adds a source-family concentration view rather than a new all-market ranking. Colliers' top-25 industrial group represented 14.2B SF, or 76% of Colliers' tracked national industrial base, with 7.2% vacancy, 145.8M SF of trailing-12-month absorption, 183.5M SF of trailing-12-month new supply, and 188.7M SF under construction as of Q1 2026. The useful allocation signal is relative momentum: top-25 absorption was up 19.0% year over year while trailing-12-month new supply was down 25.5%. That supports the page's rebalancing thesis, but the group aggregate should not be treated as deal-level proof for any one top-25 market.

JLL May 2026 global perspective reinforces logistics selectivity. JLL described logistics demand as resilient despite volatility, with North America outperforming on 3PL and big-box take-up, construction falling from peaks, and power becoming increasingly important as data-center demand competes for sites. That fits the page's existing rule: modern, powered, strategic logistics nodes deserve more attention than generic outer-ring speculative exposure. See Source: JLL Global Real Estate Perspective May 2026.

C&W's 2026 outlook supports stabilization-before-tightening. Source: Cushman & Wakefield United States Outlook 2026 says industrial demand picked up in late 2025 as trade-policy uncertainty eased, e-commerce continues to support leasing forecasts, and slower development should let vacancy stabilize in 2026 before tightening in 2027. That is useful corroboration for the supply-reset thesis, but it still points to product and market selection rather than broad speculative big-box exposure.

Matthews' February 2026 industrial discipline article adds broker-synthesis support for the same allocation filter. Source: Matthews Industrial Real Estate in 2026 Return to Discipline is useful because it links lower new deliveries, BTS / owner-user development, automation and power requirements, small-bay / micro-warehouse tightness, and selective capital into one source-scoped frame. The allocation implication is unchanged: buy functional relevance, tenant credit, power / connectivity, and constrained infill or manufacturing-linked locations; do not buy broad industrial beta just because supply growth is slowing.

C&W's Waypoint 2026 global logistics summary adds landlord-tilt context without removing local discipline. Source: Cushman & Wakefield Global Logistics Waypoint 2026 says tenant-favourable logistics markets are expected to fall from 52% in 2026 to 33% by 2029, and that the Americas are shifting fastest toward landlord-favourable conditions. The allocation read is supportive but not indiscriminate: the source emphasizes high-quality, strategically located, automation-ready, energy-secure assets as occupiers react to geopolitical, trade, climate, labour, and energy risk.

Raleigh-Durham adds a Carolinas research-economy supply-watch example. Source: Cushman & Wakefield Raleigh-Durham Industrial MarketBeat Q2 2026 reports 9.4% vacancy, 512,850 SF of Q2 absorption, 2.75M SF of YTD completions, and 5.66M SF under construction with only 23.2% preleasing. The headline demand result was concentrated: core markets were negative while Franklin County's 550,992-SF Eaton occupancy exceeded the market total. The national read remains selective newer-building / tenant-specific exposure rather than blanket Sun Belt industrial tightness.

Raleigh-Durham JLL Q1 source-family overlay: Source: JLL Raleigh-Durham Industrial Market Dynamics Q1 2026 confirms that the Triangle can have real large-format scarcity without earning a broad industrial upgrade. JLL reports 168,590 SF of absorption, 9.2% vacancy, 12.1% availability, $8.64/SF rent, 2.65M SF under development, 45.7% preleasing, and 828,590 SF of deliveries, while saying roughly 500,000 SF-plus options were effectively absent and large users increasingly need build-to-suit solutions. The national implication is product and infrastructure discipline: utility-ready sites, BTS paths, and institutional-quality buildings matter more than metro-level growth branding.

Charleston JLL Q1 source-family overlay: Source: JLL Charleston Industrial Market Dynamics Q1 2026 reinforces Charleston as a supply-reset sidecar rather than a broad Tier 2 promotion. JLL reports 53,784 SF of Q1 / YTD absorption, 22.3% vacancy, 21.0% availability, 1.12M SF of deliveries, 315,463 SF under development, 53.9% preleasing, $7.81/SF asking rent, and one one-million-SF Charleston Trade Center sublease. The national implication is narrow: large-format regional interest exists, but Charleston still belongs in tenant-proof / concession-aware lease-up underwriting until broker source-family spreads and elevated vacancy resolve.

Charleston C&W Q2 current row: Source: Cushman & Wakefield Charleston Industrial MarketBeat Q2 2026 adds a more constructive but still source-family-caveated update: 12.9% vacancy, 1.32M SF of YTD absorption, 3.67M SF of YTD leasing, 573,864 SF of YTD completions, 265,063 SF under construction, and $8.17/SF/year overall weighted net rent. Summerville / Jedburg drove the recovery, while Mt. Pleasant, Outer I-26 / I-95, Ridgeville, and Daniel Island remained materially weaker. Keep Charleston as a port / manufacturing / I-26 sidecar rather than a broad Tier 2 overweight.

Charlotte Marcus 2Q product-size overlay: Source: Marcus & Millichap Charlotte Industrial Market Report 2Q 2026 strengthens Charlotte's Tier 2 logistics-peer lane but keeps it selective. Marcus supports demand from population / job growth, supply-chain expansion, last-mile delivery, a 2026 supply forecast below 4M SF, and newer / 50,000-SF-plus demand, while also saying vacancy remained above pre-pandemic norms after a four-year supply wave averaging more than 10M SF per year and that pre-2000 10,000- to 50,000-SF churn still weighed on absorption. Use it as product-vintage evidence, not a full metro vacancy / rent table.

Charlotte JLL Q1 source-family overlay: Source: JLL Charlotte Industrial Market Dynamics Q1 2026 adds the table-grade JLL row: 224,142 SF of absorption, 7.7% vacancy, 11.3% availability, $8.30/SF asking rent, 4.92M SF under development, 0.0% preleasing, and 1.21M SF of deliveries. The constructive signal is product-specific rather than metro-wide: only one Class A cross-dock block over 500,000 SF remained available, 25,000- to 75,000-SF tenants represented more than one-third of transactions, and Q1 2026 leasing in that size band more than doubled Q1 2025. Keep Charlotte in the selective logistics-normalization lane because JLL also reports that Class A properties account for more than 64% of vacant space after 21.8M SF of 2023-2024 speculative deliveries.

Large-format demand is concentrated in newer, cheaper-to-operate product. Source: Cushman & Wakefield Large-Format Deals Return 2026 reports that 500K+ SF deals grew 32% year over year, with 3PL and manufacturing occupiers driving 63% of activity, and that newer/larger properties captured 113M SF of net absorption. The same source says 71% of 2025 large leases occurred in markets priced below the national average. For allocation, this supports modern big-box and BTS opportunities where power, automation readiness, clear height, labor, transportation, and rent basis work together; it does not support indiscriminate outer-ring spec exposure.

C&W's monthly-trends collection ties the current industrial themes together. Source: Cushman & Wakefield Logistics & Industrial Monthly Trends 2026 is useful because it places the June manufacturing-demand surge, May automotive / mobility tariff pressure, April post-2020 building preference, February 500K+ SF deal recovery, and December 2025 pipeline moderation in one source-family sequence. The allocation implication is consistent with the rest of this page: favor modern, infrastructure-ready, cost-effective buildings and BTS / user-driven demand, while treating broad speculative vacancy as a separate risk.

CoStar keeps the national timing gate open into 2027. Source: CoStar Expects U.S. Industrial Vacancy to Peak in Early 2027 adds a CoStar forecast overlay: national industrial vacancy is expected to peak in early 2027. That reinforces the page's current stance by inference: industrial is investable through product and corridor selection, but the national cycle is not yet past its vacancy peak.

Chicago source-family cross-check: Source: Matthews Chicago IL Industrial Market Report Q1 2026 adds another current broker read for the Tier 3 major-distribution-hub sleeve. Matthews reports 5.4% vacancy, 3.8M SF Q1 absorption, $10.08/SF asking rent, 4.8% rent growth, 19.9M SF under construction, 1.1M SF of Q1 deliveries, $1.1B of sales volume, $100/SF pricing, and an 8.1% cap rate. The allocation implication is unchanged: Chicago is liquid and demand-supported, but exact underwriting still needs corridor and source-family discipline because JLL, C&W, CBRE, Colliers, and Matthews disagree materially on vacancy / availability, absorption, rent basis, and pipeline scope.

Source: Marcus & Millichap Chicago Industrial Market Report 2Q 2026 reinforces that Chicago lane but keeps it product-selective. Marcus says leased square footage rose roughly 15% in 2025, big-box demand held near Joliet, Bolingbrook, and O'Hare, average lease size exceeded 40,000 SF in Q1 2026, and opening-quarter absorption was the strongest since 2022. The same teaser also flags small-bay move-outs, net relinquishment through June 2025, economic uncertainty, and half-unclaimed pipeline as of April, so Chicago remains a core-income / large-bay lane with corridor and pipeline proof required.

Chicago C&W Q2 current row: Source: Cushman & Wakefield Chicago Industrial MarketBeat Q2 2026 adds the current table-backed cross-check: 4.8% vacancy, 5.14M SF of YTD absorption, 21.82M SF of YTD leasing, 13.86M SF under construction, 5.95M SF of completions, and $7.58/SF overall weighted net rent. I-80 and I-55 led demand, but 7.2M SF of the pipeline was speculative and Southern Fox Valley, Chicago North, and Northwest Indiana were negative on YTD absorption. Keep Chicago as a corridor-validated major hub rather than a uniform scarcity market.

Atlanta Newmark source-family cross-check: Source: Newmark Atlanta Real Estate Market Reports Q1 2026 adds a direct Newmark PDF row to the existing Atlanta JLL / C&W / Partners / Lee / Matthews stack. Newmark reports 4.3M SF of Q1 absorption, 613,536 SF of deliveries, 8.2% vacancy, $7.54/SF average rent, 10.7M SF under construction, and 37.1% speculative-pipeline preleasing. This strengthens Atlanta's major-distribution-hub demand-depth evidence, but the allocation rule is still corridor-first because the brokers disagree on exact rent, pipeline, and vacancy definitions and because southern / airport / Henry County pressure can coexist with healthier I-85 / infill demand.

Atlanta Marcus 2Q supply and rail-connectivity overlay: Source: Marcus & Millichap Atlanta Industrial Market Report 2Q 2026 confirms that Atlanta remains a major distribution-hub candidate, but only with corridor and pipeline labels attached. Marcus points to roughly 1.3% annual population growth since 2008, Georgia freight investment, and Blue Ridge Connector rail access to the Port of Savannah, while also reporting 18% inventory expansion during 2019-2024, about two-thirds speculative incoming pipeline, and 28% South Atlanta delivery growth in 2026. The capital read is unchanged: own Atlanta through tenant-proven I-85 / northeast / infill and basis-disciplined logistics, not broad south-side spec beta.

Central Will submarket cross-check: Source: Matthews Central Will IL Industrial Market Report Q1 2026 sharpens that corridor discipline inside Chicago. Matthews reports 1.4% vacancy, 1.9% availability, $7.71/SF asking rent, roughly 5.0% rent growth, 100,000 SF under construction, -11,900 SF of Q1 absorption, $870,000 of sales volume, $84/SF pricing, and an 8.1% cap rate. The allocation implication is micro-location-specific: Central Will can screen tighter than broader I-80 / Joliet big-box averages, but small sales volume and negative absorption keep the correct posture basis- and tenant-proof-driven.

Austin high-beta cross-check: Source: Matthews Austin TX Industrial Market Report Q1 2026 adds a CoStar-backed Matthews read for the advanced-manufacturing / compute-adjacency sleeve. Matthews reports 14.5% vacancy, 678,000 SF of absorption, $14.17/SF asking rent, -1.1% rent growth, 15.3M SF under construction, 2.4M SF delivered, $3.8M of sales volume, $173/SF pricing, and a 7.6% cap rate. The allocation implication is not an upgrade: Austin still belongs in the high-beta, thesis-led industrial lane where Samsung / Tesla / compute demand has to offset active lease-up risk. Keep the rows source-scoped because the by-the-numbers panel has a Q4 2025 label under a Q1 2026 article.

Partners Austin table cross-check: Source: Partners Austin Industrial Q1 2026 Quarterly Market Report adds a broader product/submarket table to the same high-beta Austin lane. Partners reports 15.7% vacancy, 19.8% availability, 122,998 SF of Q1 absorption, 1.88M SF delivered, 13.18M SF under construction, $14.43/SF annual asking rent, 82% of Q1 deliveries vacant, $190M of trailing sales volume, 98 sales, and $143/SF pricing. This strengthens the page's Austin caution rather than upgrading the market: new supply is still clearing, submarket risk is concentrated in Georgetown, Hays County, Round Rock / Hutto / Taylor, and Northeast, and the report's stated 78.9% cap rate appears to be a typo that should not be reused.

Newmark Austin source-family cross-check: Source: Newmark Austin Real Estate Market Reports Q1 2026 keeps Austin in the same high-beta lane. Newmark reports 144,525 SF of Q1 absorption versus 1.82M SF of deliveries, 15.9% vacancy, 12.15M SF under construction, $14.48/SF overall asking rent, and 7.8% of inventory under construction. The tenant signal is more specialized than weak: Baer Manufacturing and ZT Systems validate Georgetown's semiconductor / data-center-adjacent demand, but the supply math still blocks a broad Austin industrial upgrade.

JLL Austin high-beta source-family cross-check: Source: JLL Austin Industrial Market Dynamics Q1 2026 adds the JLL version of Austin's sorting-cycle problem. JLL reports 554,611 SF of Q1 / YTD absorption, 20.1% vacancy, 23.0% availability, $11.66/SF asking rent, 7.19M SF under development, 48.5% preleasing, 2.09M SF of deliveries, and rising concessions. The tenant signal is real but narrow: Baer Manufacturing and ZT Systems validate Georgetown / Far North advanced-manufacturing and compute demand, while Samsung's 3.2M SF Taylor fab is 45% of the pipeline. Allocation implication: Austin remains a thesis-led manufacturing / compute sleeve, not a generic logistics upgrade, because JLL also shows vacancy up sharply from Q1 2021 after more than 33M SF of speculative deliveries.

Austin Marcus 2Q submarket-dispersion overlay: Source: Marcus & Millichap Austin Industrial Market Report 2Q 2026 adds the later teaser-level version of the same Austin gate. It supports demand where the tenant story is real, but it makes the supply-risk sorting visible: Georgetown led absorption relative to inventory while also carrying the highest local vacancy, Hays County faced a nearly quadrupling 2026 completion slate and a roughly 600-bp prior-quarter vacancy increase entering 2026, and Northeast / Southeast Austin had different active-pipeline exposure. Allocation implication: keep Austin as a patient, basis-reset, tenant-proof advanced-manufacturing / compute trade rather than a broad warehouse recovery.

Memphis Marcus 2Q inland-hub overlay: Source: Marcus & Millichap Memphis Industrial Market Report 2Q 2026 strengthens Memphis as a function-first / basis-disciplined industrial candidate. The teaser supports the hard-infrastructure and demand-channel case with five Class I railroads, MEM cargo-airport positioning, large-bay leasing above 20M SF and up more than 60% over the year ended March 2026, manufacturing vacancy compression above 200 bps, and Ford BlueOval City / Amplify advanced-manufacturing pipeline support. Allocation implication: Memphis becomes a better-supported MEM / manufacturing / supplier-demand lane, but not a broad metro upgrade because the evidence remains teaser-level and must sit beside C&W / CBRE vacancy, submarket, pipeline, and rent caveats.

Memphis CBRE Q2 full-table check: Source: CBRE Memphis Industrial Figures Q2 2026 adds current CBRE product, size, and submarket rows: 5.6% direct vacancy, 9.8% availability, $4.75/SF NNN/year direct asking rent, +1.95M SF Q2 absorption, +2.91M SF YTD absorption, 4.60M SF under construction, and 6.3M SF of leasing. DeSoto's +1.88M SF absorption was DHL-led, Marshall carried 4.08M SF of construction, and Southeast combined 43.4% of leasing activity with -305,000 SF absorption. The allocation implication is a stronger but still selective MEM / inland-logistics lane, not a broad Memphis upgrade; preserve the 10,000-SF survey threshold and source-family distinctions.

Memphis C&W Q2 source-family check: Source: Cushman & Wakefield Memphis Industrial MarketBeat Q2 2026 reports 7.2% local vacancy, 1.393M SF current-quarter / 3.856M SF YTD absorption, 4.692M SF under construction, 125,755 SF of completions, and $4.13/SF/year weighted net warehouse/distribution rent. The bulk-demand signal is constructive, but the market is bifurcated: Marshall County holds 4.184M SF of the pipeline and a new 1.1M-SF speculative start, while small/mid-bay Class A supply remains tenant-favorable. Keep this C&W local table separate from CBRE's 5.6% direct-vacancy / 9.8% availability / $4.75 NNN row; the allocation implication remains a function-first, basis-disciplined Memphis lane.

New York metro source-family cross-check: Source: Matthews New York NY Industrial Market Report Q1 2026 adds a broad CoStar / Matthews read for the Northern NJ / NYC metro infill sleeve. Matthews reports 7.5% vacancy, 9.2% availability, $22.64/SF asking rent, -0.9% rent growth, 3.1M SF under construction, 170,000 SF delivered, $579M of sales volume, $305/SF pricing, and a 6.1% cap rate. The allocation implication is boundary discipline: high-barrier last-mile and port-adjacent industrial remain attractive, but broad metro availability and tenant leverage mean the NYC outer-borough, Long Island, and Northern New Jersey rows must stay source- and geography-labeled.

New York Marcus 2Q small-bay overlay: Source: Marcus & Millichap New York Industrial Market Report 2Q 2026 adds a later teaser-level product split. Marcus supports the NYC infill lane where space is sub-50,000 SF, single-story, and functionally loaded, but it also says Q1 2026 metrowide vacancy was near 9%, 2020s-built properties were more than 35% vacant, and newer multi-story Queens / Bronx logistics still faces upper-floor demand limits. Allocation implication: the investable NYC sleeve is functional small-bay and specific last-mile utility, not broad five-borough new-product beta.

Northern New Jersey Marcus 2Q infill overlay: Source: Marcus & Millichap Northern New Jersey Industrial Market Report 2Q 2026 adds the adjacent New Jersey side of the same high-barrier lane. It supports modern infill distribution along the Turnpike / Newark Liberty / Meadowlands corridor, with Bergen / Essex vacancy below 7% as of March 2026, but it also shows dispersion: older Hudson / Union / Bayonne nodes around 8% vacancy and Morris County near 10% amid weaker manufacturing demand. Allocation implication: Northern NJ is still a high-barrier logistics candidate, but only the infill / access-rich lane deserves scarcity treatment.

New Jersey C&W Q2 source-family update: Source: Cushman & Wakefield New Jersey Industrial MarketBeat Q2 2026 adds a current statewide / corridor table: 8.7% vacancy, 250,154 SF Q2 and 3.807M SF YTD absorption, 17.775M SF YTD new leasing excluding renewals, $16.36/SF overall net asking rent, 9.395M SF under construction, and 455,661 SF of Q2 completions. Turnpike Corridor submarkets captured 75.2% of YTD leasing, I-287/Exit 10 carried 6.0% vacancy and 1.110M SF YTD absorption, and Exit 8A carried 10.3% vacancy and 1.587M SF YTD absorption. The quality gate is explicit: Class A warehouse/distribution absorbed 3.2M SF in Q2 while non-Class-A W/D absorbed negative 2.8M SF. Keep New Jersey as a port / Turnpike / Class A logistics lane, not a blended NYC outer-borough metric.

C&W Northeast labor overlay: Source: Cushman & Wakefield Northeast Industrial Labor Report 2026 adds a regional workforce and consumer-base screen to the high-barrier Northeast lane. The public page projects warehouse jobs up 0.6% and production jobs up 0.1%, with wages around $26/hour and median household income in the covered states above $96,000. Allocation implication: Northeast infill and port-adjacent industrial should be evaluated not only on rent/vacancy but also on labor depth, household-income support, Port of New York and New Jersey access, and market-specific operating rows.

DFW source-family cross-check: Source: Matthews Dallas-Fort Worth TX Industrial Market Report Q1 2026 adds another current read for the major-distribution-hub sleeve. Matthews reports 8.7% vacancy, 9.4M SF of Q1 absorption, $10.24/SF asking rent, 3.8% rent growth, 39.2M SF under construction, 6.2M SF delivered, $369M of sales volume, $147/SF pricing, and a 6.2% cap rate. This reinforces DFW's scale and demand-depth premium, while the spread versus Newmark, JLL, C&W, and CBRE keeps the underwriting rule unchanged: buy corridor and tenant-function proof, not undifferentiated metro beta.

DFW Marcus 2Q teaser overlay: Source: Marcus & Millichap Dallas-Fort Worth Industrial Market Report 2Q 2026 adds a later local Marcus source-family check to that same major-distribution-hub sleeve. The teaser supports the constructive side with South Dallas vacancy roughly 450 bps lower year over year to about 7.3%, DFW Airport vacancy at 10.7%, airport-area asking rent up roughly 11% to $11.60/SF, and Q1 2026 leasing nearly double the prior-year level. The allocation gate remains unchanged because Marcus also flags Fort Worth-side supply resilience risk; DFW should be owned through tenant-proven South Dallas / airport / Alliance exposure rather than broad metro beta.

Houston source-family cross-check: Source: Matthews Houston TX Industrial Market Report Q1 2026 adds the Matthews / CoStar read for the port-and-infrastructure sleeve. Matthews reports 7.4% vacancy, 3.2M SF of Q1 absorption, 1.3% rent growth, 29.0M SF under construction, 4.5M SF delivered, $77.1M of sales volume, and a 7.7% cap rate. This supports Houston's durable demand base, but it is not a broad upgrade: large-format supply, unleased speculative product, concessions, and tenant leverage remain the main underwriting gates.

Houston Newmark source-family cross-check: Source: Newmark Houston Real Estate Market Reports Q1 2026 reports 7.5% vacancy, 3.68M SF of Q1 absorption, 9.1M SF of leasing, 4.69M SF of deliveries, 27.9M SF under construction, $10.39/SF asking rent, and 25.3% pipeline preleasing. The row strengthens Houston's core-distribution / port moat allocation case, but it also confirms that supply still outpaced demand in Q1 and that speculative-pipeline discipline remains the key underwriting gate.

Houston C&W Q2 current row: Source: Cushman & Wakefield Houston Industrial MarketBeat Q2 2026 adds the current broker table: 6.3% vacancy, 6.68M SF of Q2 absorption, 11.89M SF of YTD absorption, 23.0M SF under construction, 14.34M SF of YTD completions, and $7.87/SF overall asking rent. Demand is deep across Northwest, South, and North, but more than 93% of construction is speculative and vacancy rose 30 bps QOQ. Keep Houston as an infrastructure-backed, tenant-specific major-hub lane rather than generic bulk beta.

Houston Matthews Q2 directional row: Source: Matthews Houston TX Industrial Market Report Q2 2026 reports 7.3% vacancy, +6.9M SF of Q2 absorption, -0.8% year-over-year asking-rent growth, and $104M of disclosed sales volume. Relative to Matthews Q1, demand improved while pricing power weakened. The allocation implication is the same: favor port, manufacturing, IOS, crane-served, and tenant-proven modern logistics exposure; do not use the incomplete visible Q2 row to fill numeric rent, pipeline, deliveries, pricing, or cap-rate fields.

San Antonio source-family cross-check: Source: Partners San Antonio Industrial Q1 2026 Quarterly Market Report adds a current table-backed row for the Texas I-35 value sleeve. Partners reports 11.3% vacancy, 12.5% availability, 425,088 SF of Q1 absorption, 694,975 SF delivered, 3.05M SF under construction, 52% pipeline preleasing, $9.50/SF asking rent, $143M of trailing sales volume, $83/SF pricing, and a 9.3% cap rate. The allocation implication is narrower than DFW or Houston: San Antonio works as a basis / yield / manufacturing-linked corridor trade, with South as the positive absorption anchor and Northeast / Northwest still carrying supply pressure.

San Antonio C&W calibration: Source: Cushman & Wakefield San Antonio Industrial MarketBeat Q1 2026 confirms the same posture from another broker boundary rather than upgrading San Antonio into a broad logistics hub. C&W reports 140.55M SF of inventory, 11.3% vacancy, 668,077 SF of absorption, 571,326 SF of leasing, 2.74M SF under construction, 462,750 SF of completions, and $8.08/SF warehouse / distribution net rent. The source spread versus Partners should be kept visible because the two reports differ on absorption, completions, rent, and pipeline definitions while both flag South strength and Northeast pressure.

Atlanta source-family cross-check: Source: Matthews Atlanta GA Industrial Market Report Q1 2026 adds the Matthews / CoStar read for the Southeast backbone sleeve. Matthews reports 8.0% vacancy, 3.6M SF of Q1 absorption, $9.99/SF asking rent, 2.4% rent growth, 22.9M SF under construction, 3.1M SF delivered, $1.4B of sales volume, $127/SF pricing, and a 6.5% cap rate. The allocation implication is selective confirmation: Atlanta has enough demand and liquidity to remain in the major-distribution-hub set, but source-family differences and large-format supply pressure keep the buy box corridor-, infill-, and tenant-proof-led.

Phoenix source-family cross-check: Source: Matthews Phoenix AZ Industrial Market Report Q1 2026 adds the Matthews / CoStar read for the Sun Belt advanced-manufacturing and logistics sleeve. Matthews reports 11.4% vacancy, 6.2M SF of Q1 absorption, $13.02/SF asking rent, 4.2% rent growth, 21.4M SF under construction, 1.7M SF delivered, $1.1B of sales volume, $187/SF pricing, and a 6.6% cap rate. The allocation read stays selective: Phoenix has real absorption and capital interest, but the delivery wave and elastic big-box land base keep it in supply-normalization rather than scarcity.

JLL Phoenix large-box cross-check: Source: JLL Phoenix Industrial Market Dynamics Q1 2026 adds a source-family row that strengthens the tenant-demand side of the same Phoenix sleeve: 6.87M SF of Q1 absorption, 11.1% vacancy, 16.4M SF under development, and near-zero availability for 500,000+ SF spaces. The allocation implication is still selective, not blanket overweight: West Valley large-box demand is real, but mid-bay availability and the still-large pipeline keep basis, preleasing, tenant-credit, and corridor selection central.

Marcus Phoenix large-box overlay: Source: Marcus & Millichap Phoenix Industrial Market Report 2Q 2026 adds a 2Q teaser check on the same recovery lane. It supports the national sorting-cycle read with 250,000+ SF vacancy down more than 500 bps to below 12%, large-user leasing rising to at least 25 deals from 11 a year earlier, and I-10 / Loop 303 gains from 3PLs and retailers. Keep Phoenix as a tenant-validated large-box / advanced-manufacturing support market with hiring, energy, and pipeline gates. The teaser rows are preserved as market_observations.id=43453-43459.

Newmark Phoenix confirms demand-depth but not scarcity: Source: Newmark Phoenix Real Estate Market Reports Q1 2026 adds a Newmark PDF pair to the Phoenix stack. Newmark's industrial report shows 4.8M SF of Q1 absorption, 1.6M SF of deliveries, 11.9% vacancy, 6.5M SF of leasing, $1.00/SF/month NNN asking rent, and 7.1M SF of available sublease space. Class A captured 68% of leasing and DHL committed to nearly 1.7M SF, so the allocation read remains modern-large-box / West Valley and advanced-manufacturing support rather than undifferentiated Phoenix warehouse beta.

CBRE Phoenix Q2 table cross-check: Source: CBRE Phoenix Industrial Figures Q2 2026 adds 4.66M SF of Q2 absorption, 9.70M SF YTD absorption, 9.6% vacancy, 11.5% availability, and 18.44M SF under construction across a 445.45M-SF survey universe. Southwest Valley led the quarter, but the pipeline and source-boundary differences keep Phoenix in tenant-validated recovery rather than generic scarcity.

Tampa Bay source-family cross-check: Source: Matthews Tampa FL Industrial Market Report Q1 2026 adds Matthews / CoStar capital-market color to the existing C&W / CBRE Tampa evidence stack. Matthews reports 7.3% vacancy, 379,000 SF of Q1 absorption, $12.69/SF asking rent, 3.4% rent growth, 2.6M SF under construction, 322,000 SF delivered, $240M of T12 sales volume, $154/SF pricing, and a 7.6% cap rate. The allocation read stays selective I-4 / Florida-interior distribution: positive absorption and household-distribution depth are real, but speculative mid-size supply, flood / insurance, and tenant-validation gates keep Tampa below full-confidence logistics-leader status.

West-Central Florida Colliers corridor overlay: Source: Colliers West-Central Florida Industrial Market Report Q1 2026 adds qualitative support for the same I-4 / inland-scale thesis across Tampa Bay and Orlando. The public landing page says Q1 2026 demand was logistics-oriented and concentrated in emerging, cost-advantaged corridors, with developers requiring more preleasing or conviction before groundbreakings and big-box demand shifting toward automation-ready inland scale markets. Because the full report stayed form-gated, this should not change numeric rankings; it sharpens the screening rule toward preleased, tenant-validated, automation-ready corridor assets.

Marcus Tampa small-bay and delivery-relief overlay: Source: Marcus & Millichap Tampa-St. Petersburg Industrial Market Report 2Q 2026 adds the later source-family version of that same selective allocation lane. Marcus says small-bay leasing reached a record near 4.0M SF in 2025, Port Tampa Bay container traffic rose 2% year over year, 2026 completions may fall to a decade low, and Plant City should see no major deliveries after adding more than 6.0M SF since 2022. The allocation conclusion stays selective because the teaser also says 2025 vacancy reached its highest level since 2013, Tampa International Airport cargo fell by more than 10%, and buildings over 100,000 SF had 12% vacancy in March 2026 versus about 4% for small-bay product.

Source: Cushman & Wakefield Melbourne Logistics & Industrial MarketBeat Q2 2026 adds the first table-grade Australian industrial market in this branch. Melbourne prime vacancy rose to 4.2%, prime YTD gross take-up reached 771,021 sqm, Q2 net absorption was -38,090 sqm, prime net face rent was AUD 160/sqm, incentives averaged 21.6%, and prime yields averaged 5.61%. Allocation implication: Melbourne is a quality- and node-selection lane where modern stock and development-ready land remain defensible, but gross leasing should not be mistaken for footprint growth and Australian units/currency should not be blended into U.S. ranks.

Source: Cushman & Wakefield Sydney Logistics & Industrial MarketBeat Q2 2026 adds the Sydney source-family comparator: 3.7% prime vacancy, approximately 215,000 sqm of Q2 net absorption, 760,737 sqm of prime YTD table take-up, AUD 279/sqm prime net face rent, 15.8% incentives, 5.20% prime yield, and almost AUD 1.1 billion of YTD investment volume. Allocation implication: Sydney offers stronger prime rent, capital value, and infill scarcity than Melbourne, but its 2026 speculative delivery program and the report's narrative/table take-up difference require explicit supply and metric-basis controls.

Source: Cushman & Wakefield Brisbane Logistics & Industrial MarketBeat Q2 2026 adds Brisbane's current source-family row: 3.5% prime vacancy, 656,430 sqm prime YTD table take-up, AUD 189/sqm prime net face rent, 15.2% incentives, 5.74% prime yield, and approximately AUD 465 million of YTD investment volume. Allocation implication: Brisbane's M1 and established logistics nodes benefit from scarcity, while the 300,000-sqm 2026 pipeline, 115,000-sqm speculative 2027 pipeline, and South/West delivery concentration require explicit supply and pre-lease underwriting.

Source: Cushman & Wakefield Sydney Logistics & Industrial MarketBeat Q2 2026 adds the Sydney source-family comparator: 3.7% prime vacancy, approximately 215,000 sqm of Q2 net absorption, 760,737 sqm of prime YTD table take-up, AUD 279/sqm prime net face rent, 15.8% incentives, 5.20% prime yield, and almost AUD 1.1 billion of YTD investment volume. Allocation implication: Sydney offers stronger prime rent, capital value, and infill scarcity than Melbourne, but its 2026 speculative delivery program and the report's narrative/table take-up difference require explicit supply and metric-basis controls.

JLL Tampa East Side and proposed-pipeline overlay: Source: JLL Tampa Bay Industrial Market Dynamics Q1 2026 adds a table-grade JLL cross-check to the same Tampa Bay lane. JLL reports 196,838 SF of Q1 absorption, 8.7% vacancy, 11.9% availability, $11.03/SF annual asking rent, 2.45M SF under development, 15.9% preleasing, stable concessions, and 7.2% year-over-year rent growth. The allocation read is constructive but still gated: East Side drove 167,900 SF of absorption and has named tenant commitments, while the proposed pipeline is still about 21.5M SF.

C&W Tampa Q2 operating continuation: Source: Cushman & Wakefield Tampa Bay Industrial MarketBeat Q2 2026 reports 7.4% vacancy, +766,088 SF YTD absorption, 3.206M SF YTD leasing, $10.86/SF/year overall weighted net rent, and 1.971M SF under construction with 89% available. Plant City captured +744,568 SF YTD absorption but remained 12.9% vacant. The national allocation implication remains a selective I-4 occupied-prelease / functional-distribution lane with supply, size-band, insurance, and tenant gates—not a promotion to broad logistics-leader status.

Marcus Orlando OIA-west and small-bay overlay: Source: Marcus & Millichap Orlando Industrial Market Report 2Q 2026 adds the Central Florida counterpart. Marcus says completions are expected to slow markedly after more than 20M SF delivered over a four-year stretch and that vacancy changed minimally year over year through March. The allocation conclusion remains selective: big-box distribution strength and several 200,000-SF-plus leases west of OIA support the freight-node lane, but older sub-50,000-SF product recorded negative absorption while newer small-bay inventory held steadier demand.

Orlando C&W Q2 continuation: Source: Cushman & Wakefield Orlando Industrial MarketBeat Q2 2026 adds the current C&W operating row: 8.4% vacancy, +319,787 SF Q2 absorption, +628,930 SF YTD absorption, 1.60M SF YTD leasing, 3.09M SF under construction, and $9.52/SF overall weighted net asking rent. The allocation implication remains selective: Lake Mary/Sanford supplied most Q2 absorption, while Airport/Lake Nona had 11.9% vacancy and 2.26M SF underway, and only 18.3% of the 3.09M-SF pipeline was preleased. Keep C&W's 128.8M-SF universe separate from CBRE's four-county / NNN series.

Polk County / Lakeland C&W Q2 comparator: Source: Cushman & Wakefield Polk County Industrial MarketBeat Q2 2026 adds a standalone I-4 middle-market row rather than a Tampa or Orlando extension. C&W reports 6.6% vacancy, approximately -231K SF Q2 absorption, 2.02M SF under construction, 96.3% pipeline availability, and $8.61/SF/year weighted net rent. East Polk's 4.6% vacancy contrasts with Lakeland's 8.3%, while Southwest Lakeland carried 11.3% vacancy and -265K SF YTD absorption. The allocation read is selective logistics with large-block and lease-up risk, not broad Central Florida beta.

JLL Orlando supply-digestion and Space Coast overlay: Source: JLL Orlando Industrial Market Dynamics Q1 2026 adds a table-grade JLL row to the same Central Florida lane. JLL reports 371,461 SF of Q1 absorption, 9.3% vacancy, 12.9% availability, $10.72/SF NNN rent, 2.14M SF under development, 4.0% preleasing, 1.51M SF of deliveries, and stable concessions. The allocation read stays corridor-selected: North Orange absorption and Southeast / Southwest Orange rent support the demand story, while Lake County vacancy, low preleasing, and the forward-looking Space Coast thesis keep underwriting asset- and node-specific.

Jacksonville port-logistics cross-check: Source: Matthews Jacksonville FL Industrial Market Report Q1 2026 adds the Matthews / CoStar row beside CBRE and C&W for Northeast Florida. Matthews reports 10.2% vacancy, 74 Q1 lease deals, roughly 18,900 SF adjusted average lease size, $10.11/SF asking rent, $289M of Q1 sales volume, and a roughly 0.9M-2.4M SF construction range. The allocation read is not a broad upgrade: Jacksonville belongs in a selective port / airport / Westside supply-digestion lane where recent deliveries, large-block backfill, tenant credit, and basis matter more than headline logistics exposure.

Jacksonville Marcus supply-relief overlay: Source: Marcus & Millichap Jacksonville Industrial Market Report 2Q 2026 adds the later Marcus teaser for the same Northeast Florida watchlist. Marcus says 2026 completions should slow to the lowest level since 2018 after an average of more than 5M SF delivered annually in each of the prior three years and drove vacancy up 750 bps. Port activity and larger distribution absorption keep the logistics thesis alive, but five-month lease-up time, small-bay / pre-2000-built pressure, and newer sub-50K SF relinquishment keep the allocation lane tenant-validated and basis-sensitive.

Jacksonville C&W Q2 source-family check: Source: Cushman & Wakefield Jacksonville Industrial MarketBeat Q2 2026 adds the current full table: 11.6% vacancy, +560,664 SF YTD absorption, 2.17M SF leasing, 1.34M SF under construction, and $8.02/SF overall weighted net asking rent. Northside and Westside controlled more than 83.1% of Q2 deal volume, but Orange Park/Clay County and St. Johns County were 17.7% and 49.7% vacant. The allocation implication remains selective port / airport / distribution exposure, not a broad Jacksonville upgrade.

Northern Colorado small-/mid-bay cross-check: Source: Matthews Northern Colorado Industrial Market Report Q1 2026 adds a Matthews / CoStar source-family slice for 5K-200K SF industrial and flex assets along the northern Front Range. Matthews reports 9.5% vacancy, $14.30/SF asking rent, 2.0% rent growth, $132.5M of Q1 sales volume, $140/SF pricing, 8.4 months on market, 6.0 months to lease, 20,640 SF of starts, and 446,965 SF under construction. This supports selective functional small-/mid-bay and flex underwriting where replacement-cost pressure limits new starts, but it should not be blended with whole-market Denver C&W / CBRE rows or used as broad big-box scarcity evidence.

Reno / Northern Nevada supply-digestion cross-check: Source: Colliers Reno Industrial Market Report 2026 Q1 adds a third Q1 2026 Reno source-family row beside C&W and CBRE. Colliers reports 12.5% vacancy, up 10 bps from Q4 2025, and describes the market as still adjusting to the sizeable volume of new supply delivered in 2025. The allocation implication is selective: Reno remains useful for logistics, manufacturing, TRIC / Storey County, and Sparks / East Reno strategies, but it is not a tight-market or rent-growth leader without node-level lease-up proof.

Denver small-/mid-bay cross-check: Source: Matthews Denver CO Industrial Market Report Q1 2026 adds the Denver companion to the Northern Colorado product-slice read. Matthews reports $348.0M of Q1 sales volume, roughly 88% sales-volume growth, 3.2% sales-price growth, 9.1% vacancy, $11.41/SF asking rent, roughly -2% rent movement, 774,867 SF of starts, and 1.57M SF under construction for 5K-200K SF industrial and flex assets. The allocation read is still selective: liquidity is improving, but tenant leverage, elevated vacancy, and longer lease-up keep Denver in basis-disciplined recovery rather than scarcity.

JLL Denver whole-market cross-check: Source: JLL Denver Industrial Market Dynamics Q1 2026 adds a more cautious whole-market row than the C&W / CBRE / Matthews Denver stack: -284,802 SF of Q1 absorption, 9.3% vacancy, 11.8% availability, 4.06M SF under development, 27.1% preleasing, and rising concessions. The allocation read stays selective and source-scoped: Denver can still work for powered-land, infill, and functional-product strategies, but Northeast and I-70/East pressure prevent any broad scarcity upgrade.

Newmark Denver bridge row: Source: Newmark Denver Real Estate Market Reports Q1 2026 sits between the positive C&W / CBRE rows and JLL's negative absorption row. Newmark reports 71,484 SF of Q1 absorption, 9.6% vacancy, 3.7M SF of leasing, 3.1M SF of available sublease space, 3.5M SF under construction, and $11.50/SF NNN median asking rent. It supports Denver as recovery-watch / Class A selection, not as a scarcity market, because move-outs and speculative deliveries still offset leasing momentum.

Colorado Springs small-/mid-bay cross-check: Source: Matthews Colorado Springs CO Industrial Market Report Q1 2026 adds the tighter Colorado Springs counterpart in the Mountain West product-slice set. Matthews reports roughly $41.0M of Q1 sales volume, $183/SF pricing, 5.7% vacancy, $12.72/SF asking rent, 14% rent growth, 4.1 months to lease, 17,000 SF of starts, and 573,503 SF under construction for 5K-200K SF industrial/flex. The allocation implication is product-specific: Colorado Springs small-/mid-bay functional product looks healthier than Denver's comparable slice, but the market remains a secondary, anchor-driven lane requiring tenant and corridor proof.

San Jose specialized-industrial cross-check: Source: Matthews San Jose CA Industrial Market Report Q1 2026 adds a Silicon Valley Matthews / CoStar source-family read. Matthews reports 8.4% vacancy, 546,000 SF of absorption, $26.21/SF asking rent, -2.1% rent growth, 3.5M SF under construction, 689,000 SF delivered, $1.8B of trailing sales volume, $372/SF pricing, and a 6.3% cap rate, while identifying robotics, clean energy, semiconductors, and AI-adjacent users as demand drivers. The allocation implication is a specialized lane, not a generic warehouse lane: power-rich, advanced-manufacturing, and redevelopment-capable assets may deserve attention, but flex/R&D softening and source-family conflicts keep San Jose tenant-proof-first.

Silicon Valley C&W Q2 current row: Source: Cushman & Wakefield Silicon Valley Industrial MarketBeat Q2 2026 adds 6.4% vacancy, +851,866 SF YTD absorption, $1.63/SF/month NNN rent, 1.58M SF under construction, and 786,041 SF of YTD completions. Manufacturing contributed more Q2 absorption than warehouse product and the South I-880 / Fremont / Newark cluster led demand. Keep the capital lane focused on power, advanced manufacturing, semiconductor / AI-hardware users, and functional infill; 72.6% speculative share in the proposed pipeline plus weak Morgan Hill/Gilroy and South San Jose rows prevent a broad-market upgrade.

East Bay / Oakland C&W Q2 port-corridor row: Source: Cushman & Wakefield East Bay Oakland Industrial MarketBeat Q2 2026 reports 7.8% vacancy, +65,895 SF Q2 / -1.07M SF YTD absorption, $1.21/SF/month NNN rent, 3.1M SF of Q2 leasing, and only 617,353 SF under construction. Fremont and Newark captured the strongest demand while Hayward, Union City, and Oakland remained negative YTD. Allocate to modern southern-I-880, tenant-backed advanced-manufacturing, and functional infill—not undifferentiated Port of Oakland beta or older traditional-user stock.

San Francisco Matthews Q2 source-defined row: Source: Matthews San Francisco CA Industrial Market Report Q2 2026 reports 12.5% vacancy, +693,000 SF of Q2 absorption, 1.0% year-over-year rent growth, 1.3M SF under construction, $89.4M of sales volume, $440/SF pricing, and a 5.9% average cap rate. Keep it as a high-cost infill and specialized-user comparator rather than a Bay Area-wide allocation row: the source does not define survey boundaries or the $29.65/SF annual rent's lease structure, and elevated vacancy plus low sales volume preserve lease-up and liquidity risk.

Cleveland defensive-yield cross-check: Source: Matthews Cleveland OH Industrial Market Report Q4 2025 adds the dedicated Matthews / CoStar row behind Cleveland's cap-rate evidence. Matthews reports 4.4% vacancy, -939K SF of Q4 absorption, $6.68/SF asking rent, 2.4% rent growth, 1.1M SF under construction, 125K SF delivered, $58.1M of Q4 sales volume, $51/SF pricing, and a 10.5% cap rate. The allocation implication is not a growth upgrade: Cleveland remains a defensive-income and low-basis market where high yield must be paired with tenant, building-function, and small-user demand proof.

Source: Matthews Cleveland OH Industrial Market Report Q1 2026 updates that Matthews / CoStar lane with a similar but softer Q1 read: 4.3% vacancy, $6.70/SF asking rent, 2.2% rent growth, 399K SF under construction, 121K SF delivered, $127M of sales volume, $54/SF pricing, and a 10.4% cap rate. The source strengthens the low-basis / wide-yield argument, but tenant caution, slower leasing, and a narrative/panel absorption conflict keep Cleveland below demand-led logistics allocation lanes.

Source: Colliers Northeast Ohio Industrial Market Report Q1 2026 adds a current Colliers caution to that defensive-yield lane. Colliers reports 6.1% vacancy, -619,700 SF of Q1 absorption, only 88,300 SF of new supply, 776,300 SF under construction, and $4.80/SF asking rent. That keeps Cleveland useful for low-basis income and supply-discipline benchmarking, but below demand-led allocation lanes.

Source: Marcus & Millichap Cleveland Industrial Market Report 2Q 2026 confirms the same source-family conclusion with a later teaser. Marcus says Cleveland had the lowest vacancy among major U.S. markets as of March 2026 and returned to positive Q1 absorption, but the supporting details are tenant-size selective: sub-50,000-SF space was most stable, sub-25,000-SF Cuyahoga Heights-Garfield Heights warehouses supported positive local absorption, and big-box users became more cautious. Keep Cleveland in the defensive-income / small-user lane; do not promote it into broad big-box logistics growth.

Source: JLL Cleveland Industrial Market Dynamics Q1 2026 adds the table-grade JLL counterpart: 502,118 SF of Q1 / YTD absorption, 3.6% vacancy, 6.3% availability, $5.70/SF rent, 265,000 SF under development, 85.0% preleasing, stable concessions, and $155M of Class A warehouse/distribution sold deal volume. The allocation implication is still disciplined: JLL strengthens the current-income and Class A W/D liquidity evidence, but Cleveland remains a low-basis / tight-supply comparator rather than a national big-box growth allocation.

Source: Cushman & Wakefield Cleveland Industrial MarketBeat Q1 2026 adds the C&W/CRESCO current row: 729,229 SF of Q1 absorption, 3.9% vacancy, $5.80/SF weighted net asking rent, 1.99M SF of leasing activity, 1.40M SF under construction, and 362,300 SF of completions. Keep the source-family distinction explicit: this is a constructive early-2026 demand cross-check, not a reason to move Cleveland from defensive-income / low-basis allocation into broad big-box growth.

Source: CBRE Cleveland Industrial Figures Q2 2026 adds the current CBRE cross-check: 3.9% vacancy, 6.0% availability, -166K SF Q2 absorption, 1.02M SF YTD absorption, $5.89/SF/year NNN asking rent, and 324K SF under construction. CBRE's smaller universe and product table show distribution/logistics negative while manufacturing and R&D/flex were positive; keep Cleveland in the low-basis, functional-industrial sleeve.

Source: Colliers Pittsburgh Industrial Market Report Q1 2026 adds a Pittsburgh companion row for the same Rust Belt / western Pennsylvania comparator set. Colliers reports 5.5% vacancy, 126,422 SF of new supply, and +204,860 SF of Q1 absorption. That supports selective current-income and basis work, but it does not remove the Pittsburgh rent-reset gate because the public Colliers extract does not expose rent or submarket rows.

Source: JLL Pittsburgh Industrial Market Dynamics Q1 2026 adds a fuller JLL source-family row to the same Pittsburgh comparator. JLL reports 322,999 SF of Q1 / YTD absorption, 4.7% vacancy, 5.8% availability, $7.14/SF asking rent, 204,860 SF under development, 9.8% preleasing, and a 144,432 SF City Brewing expansion in Westmoreland County. The allocation read stays selective: JLL strengthens the restrained-supply / stable-income case, but the spread versus CBRE and Colliers on rent, vacancy, and pipeline keeps Pittsburgh in basis-discipline rather than broad rent-growth leadership.

Medium-market supply discipline can create landlord leverage. Source: GlobeSt Landlord-Friendly Industrial Hubs 2026 adds a qualitative Cresa-index summary for Providence, Dayton, Omaha, and Akron. The useful signal is not sudden boomtown demand; it is that markets with restrained construction, lower vacancy, stable lease pricing, and limited speculative overshoot can hold pricing power even while some coastal logistics hubs soften. Use it as support for income-oriented secondary logistics screening, not as a structured ranking row or a blanket secondary-market upgrade.

Source: Colliers Dayton Industrial Q1 2026 gives one of those medium-market screens direct table support. Dayton's Colliers row shows 3.6% vacancy, +892,995 SF of Q1 absorption, and $5.52/SF NNN average direct asking rent, with tight Manufacturing / Light Industrial readings but looser Warehouse - Distribution. That supports Dayton as a functional-industrial / supplier / airport-logistics income candidate, not a generic large-box growth-market allocation.

Source: Hoff & Leigh Akron Q1 2025 Market Reports adds an Akron local-broker row for the same screen. Akron's useful signal is constrained supply and low vacancy, not accelerating demand: Hoff & Leigh reports 4.1% vacancy and 600,000 SF under construction, but also says net absorption had turned negative and leasing volume was below the pre-pandemic average.

Source: Cushman & Wakefield Providence Industrial MarketBeat Q4 2025 adds the dedicated Providence broker-report trail behind the existing imported row. Providence is one of the cleaner New England scarcity examples, with 0.4% vacancy and $7.50/SF NNN asking rent, but the allocation lane is functional small-bay / airport / port-adjacent income rather than generic big-box expansion.

Tertiary-market yield needs local-industry proof. Source: GlobeSt Tertiary Industrial Value 2026 adds the Lee & Associates / GlobeSt companion for smaller industrial markets such as Lafayette, Baton Rouge, New Orleans, and Birmingham. The useful underwriting signal is not "buy tertiary"; it is that yield spreads only matter where vacancy, limited new construction, port activity, petrochemical / plastics / pharmaceutical demand, natural gas access, outdoor storage, data-center adjacency, local tenant profiles, and second-generation building quality support the trade. Keep the quoted cap-rate and vacancy-spread claims out of structured tables until a direct Lee & Associates report is captured.

Baltimore is a Mid-Atlantic supply-digestion watchlist, not a scarcity upgrade. Source: CBRE Baltimore Industrial Figures Q1 2026 adds a dedicated CBRE row for a market that had not yet been represented as its own industrial page. CBRE reports -1.8M SF of Q1 absorption, 9.0% vacancy, 11.0% availability, $10.75/SF asking rent, 2.0M SF of deliveries, 2.9M SF under construction, and sharply lower groundbreakings. The allocation signal is pipeline relief after delivery pressure: price basis, tenant-credit, port / highway access, and lease-up evidence matter more than broad metro beta.

Baltimore JLL source-family overlay: Source: JLL Baltimore Industrial Market Dynamics Q1 2026 reinforces the watchlist posture while adding size-band and BW Corridor detail. JLL reports -365,414 SF of YTD absorption, 10.1% vacancy, 13.6% availability, $11.11/SF asking rent, 1.68M SF under development, 11.3% preleasing, and rising concessions. The constructive read is narrow: first-generation options above 300,000 SF were limited, and 78% of later-2026 expected deliveries were concentrated in the BW Corridor. Keep the market source-family labeled and basis-sensitive rather than promoting broad Baltimore beta.

Baltimore Marcus 2Q stabilization overlay: Source: Marcus & Millichap Baltimore Industrial Market Report 2Q 2026 adds a later teaser-level demand check. Marcus says leasing increased modestly over the 12 months ended March 2026 across large- and small-bay properties, but it also says Baltimore remained negative absorption in early 2026 after six of the past eight quarters, Harford County was the weakest East Coast submarket for net relinquishment, and unleased speculative deliveries plus Southern Anne Arundel / Columbia projects keep large-bay demand recovery central. Allocation implication: still watchlist / basis discipline, with no broad scarcity upgrade.

Philadelphia Marcus 2Q overlay: Source: Marcus & Millichap Philadelphia Industrial Market Report 2Q 2026 adds the companion Mid-Atlantic I-95 geography split. It supports rebound potential because demand improved in Q4 2025 and the supply pipeline was materially contracting, but the allocation signal remains node-specific: Burlington and Cecil counties carried much of the 2025 net demand growth while Philadelphia, Delaware, Montgomery, and Camden counties each recorded roughly 500K SF of net relinquishment. Treat Philadelphia as outer-edge logistics and basis-sensitive core repositioning, not broad metro scarcity.

Colliers Philadelphia Q2 table: Source: Colliers Philadelphia Regional Industrial Report Q2 2026 adds a current operating cross-check: 9.52% vacancy, +2.23M SF Q2 absorption, +2.51M SF YTD absorption, 5.75M SF under construction, 2.83M SF YTD deliveries, and $11.14/SF weighted NNN asking rent across 561.57M SF. Southern New Jersey supplied most current-quarter demand, while Philadelphia County and older suburban / Salem County product remain higher-risk lanes. Use it to sharpen corridor, tenant, product-age, and basis selection; do not blend its 20,000-SF-plus geography with other broker series.

C&W Philadelphia Q2 operating row: Source: Cushman & Wakefield Philadelphia Industrial MarketBeat Q2 2026 reports 10.3% vacancy, about 1.6M SF of Q2 absorption, 3.91M SF of YTD absorption, 6.21M SF of YTD leasing, 3.56M SF under construction, and $12.81/SF/year overall net asking rent across its 219.29M-SF Philadelphia MSA universe. Burlington County's 4.0% vacancy and 1.92M SF of YTD absorption, plus Lower Bucks' 6.3% vacancy and 1.21M SF of YTD absorption, support selective outer-node logistics allocation; Philadelphia, Gloucester, and Salem keep the broad-market risk premium intact. Preserve the C&W PA-plus-South-Jersey boundary and exclude its separately displayed Northern Delaware table from the MSA total.

Washington, D.C. Marcus 2Q overlay: Source: Marcus & Millichap Washington, D.C. Industrial Market Report 2Q 2026 adds a constrained-inventory / rent-stability counterpoint to the Baltimore and Philadelphia supply-digestion rows. The teaser says Washington, D.C. had not recorded a year-over-year average asking-rent decline since 2021 and had kept deliveries and absorption largely balanced, but it also reports 2025 net relinquishment in the District and Fairfax County. Allocate only by node: outlying logistics corridors can screen differently from core last-mile / central-area exposure.

Boston Marcus 2Q overlay: Source: Marcus & Millichap Boston Industrial Market Report 2Q 2026 adds the New England gateway version of the same node-selection rule. The teaser supports a 2026 stabilization watch because supply pressure eased and first-quarter leasing improved, but the 2025 net-relinquishment record and Route 128 / Route 495 product splits keep Boston out of broad scale-distribution allocation. Use it for last-mile, cold-storage, functional I-495 / I-90, and basis-specific suburban underwriting only.

Boston C&W Q2 current row: Source: Cushman & Wakefield Boston Industrial MarketBeat Q2 2026 adds the table-backed mid-year cross-check: 12.4% vacancy, -1.07M SF of YTD absorption, 4.15M SF of YTD leasing, 2.75M SF under construction, 1.50M SF of completions, and $15.96/SF overall weighted net rent. The leasing depth is real, but so is supply pressure; preserve the C&W source-family label and keep Boston in the node-specific lane.

Boston CBRE Q2 cross-check: Source: CBRE Boston Metro Industrial Figures Q2 2026 reports 7.9% vacancy, 10.6% availability, +457,901 SF of Q2 absorption, and 738,079 SF under construction on a 313.64M SF universe. The larger CBRE boundary and the 16.5% distribution/logistics vacancy reinforce a selective, product-specific Boston posture rather than a broad scale-distribution upgrade.

Pittsburgh C&W Q2 current row: Source: Cushman & Wakefield Pittsburgh Industrial MarketBeat Q2 2026 adds a Great Lakes / Appalachia manufacturing cross-check: 6.5% vacancy, -23,321 SF of YTD absorption, 1.54M SF of YTD leasing, 834,340 SF under construction, 113,482 SF of completions, and $7.78/SF overall net asking rent. Manufacturing leasing outpaced W/D leasing in H1 while post-2020 W/D vacancy stayed below 1.0M SF, so Pittsburgh remains a function-first manufacturing / selective-W/D lane rather than a broad logistics scarcity market.

Manufacturing is changing tenant composition, not eliminating product discipline. Source: GlobeSt Manufacturers Reshape Industrial Demand as Supply Chains Regionalize reports Cushman & Wakefield figures showing manufacturers completed more than 327M SF of U.S. industrial leasing from the beginning of 2025 through Q1 2026, surpassing retailer / wholesaler demand by 38%. The allocation read is not "buy any manufacturing market." It is that regionalized supply chains are adding demand for logistics-oriented space tied to inventory, supplier networks, regional distribution, power, technology supply chains, and advanced manufacturing. Texas, the Southeast, Midwest ecosystems, and specialized California sectors should be screened by tenant function and infrastructure proof before capital is advanced.

IOS is a land-entitlement trade, not a warehouse substitute. Source: Newmark Lots to Gain Industrial Outdoor Storage 2025 supports the IOS allocation lane with primary broker research: Newmark's 15-market benchmark reports 122.8% IOS rent growth from 2020 to 2025 YTD, 4.9% 1H 2025 IOS vacancy, and 284,500 estimated IOS acres across the benchmark set. The expanded structured rows preserve the market spread behind that aggregate, including Phoenix's 316.7% IOS rent-growth row, Orlando's 2.5% IOS vacancy row, and South Florida's 17,000-acre / 3.7%-vacancy row. Use that as a reason to underwrite entitled usable acreage, zoning scarcity, tenant yard function, and environmental controls directly; do not treat IOS as a simple spread trade against standard warehouse cap rates.

Factory announcements are not delivered factory construction. Source: GlobeSt Companies Talk Up New Plants While Cutting Back On Factory Spending 2026 adds a cautionary demand-channel check: public factory-plan totals can overstate near-term conventional plant construction, while output can hold through automation, offsite or overseas capacity, inventory building, software, and digital infrastructure. For allocation, treat manufacturing exposure as a use-case question, not a slogan. The diligence item is whether the demand appears in a new factory shell, a robotics-heavy retrofit, supplier-network logistics, data-center-adjacent infrastructure, or temporary stockpiling.

Rent and location are no longer enough for industrial screening. Source: GlobeSt Industrial Real Estate Faces New Metrics Beyond Rent and Location adds the companion qualitative gate: GlobeSt's public deck says energy, infrastructure, and carbon increasingly shape industrial investment decisions. For allocation, this means a low-rent or well-located warehouse still needs power availability, grid-queue realism, transportation resilience, utility cost exposure, and carbon / regulatory risk checks before it clears, especially where the tenant story depends on manufacturing, cold chain, automation, or data-center-adjacent power demand.

Warehouse rooftops are becoming contracted-income optionality, not only ESG surface area. Source: JLL Valuing the Rooftop Opportunity 2026 reports 7.8B SF of commercially suitable U.S. I&L rooftop area and models FTM rooftop solar lease value uplifts of 3.7%-4.4% in two case studies. For allocation, this belongs in the same energy/infrastructure screen as powered land: advance assets where roof area, structure, interconnection, state FTM policy, developer credit, and lease terms can convert unused roof surface into separately underwritable income. Do not capitalize the modeled uplift as a generic warehouse premium.

Tariff and trade policy risk: The tariff environment creates a reshoring tailwind over the medium term — domestic supply chain resilience was explicitly named as the primary expansion rationale in the CBRE occupier survey, not tariff arbitrage. That makes reshoring demand somewhat durable even under policy reversal. The near-term risk is tenant decision paralysis: uncertainty about import costs delays leasing decisions even when the eventual site selection logic favors domestic expansion.

3PL platform risk: Amazon Supply Chain Services creates a new demand-quality caveat. 3PLs have been an important leasing support during the current cycle, but a large platform opening excess logistics capacity to outside shippers could pressure smaller 3PLs or change how much space they lease directly. Do not underwrite this as an immediate demand collapse; use it as a tenant-concentration and rollover-risk screen. See Source: Amazon's New Logistics Service Puts Warehouses' Fastest-Growing Customers In The Crosshairs.

Data center competition for prime sites: Link Logistics confirmed that well-located, powered industrial sites are being pulled toward data center development, not spec warehouse use. The practical consequence is that the oversupply correction is working against a shrinking pool of best-quality sites, which may tighten the best modern spec-grade nodes faster than headline vacancy implies where tenant demand is also preserved. Powered Land and Grid Advantage belongs in the site-selection screen even for nominally industrial acquisitions, because power queue position can now determine whether land is priced as logistics, data-center optionality, or industrial support.

The June 15 finance batch adds data-center capital-formation evidence to the industrial allocation screen. KKR / Nvidia / Kuwaiti capital forming Helix Digital Infrastructure and private-credit financing for AI data-center build-outs both reinforce that powered industrial land is also competing with institutional infrastructure capital. Treat this as capital-stack context, not delivered supply or demand absorption. See Source: KKR Nvidia Kuwait Data Center Platform 2026 and Source: AI Data Center Private Credit Bonds 2026.

National Industrial Market Ranking 2026 is the sole owner of market membership, ordered sub-leagues, machine-readable leaderboard blocks, evidence confidence, and peer calibration. This page consumes those outputs without reproducing them. A rank is a sourcing prior, not an underwriting input.

Three translation rules prevent a ranking result from becoming an unsupported allocation call:

1. Ordinal positions are comparable only within their named lane; do not compare an infill rank with a distribution-hub or manufacturing-corridor rank.
2. The C&W Q1 2026 Indianapolis result is a full-confidence same-source operating-momentum rank, not a broad strategic promotion over the Tier 2 BTS / select-spec leaders.
3. Savannah is investable as a Port Corridor / tenant-validated BTS enclave, not as unlabeled whole-metro beta; the current Q2 2026 evidence preserves the outer-ring and speculative large-bay risk.

Normalize rent periods and lease structures before comparing markets: monthly NNN, annual NNN, weighted net, direct asking, and full-service figures are not interchangeable. The sections below own the resulting product, capital-stack, and rejection rules.

Bulk distribution (500K+ SF): Best risk-adjusted in Tier 1 coastal where supply scarcity provides the underwriting floor. Tier 2 excess spec means that large-bay product in Savannah outer-ring, Nashville suburban, and DFW southwestern submarkets requires explicit bulk demand assumptions before underwriting lease-up. Avoid spec large-bay in Tier 3 distribution hubs currently digesting pipeline.

CoStar's June 2026 size-cohort release refines the bulk-distribution rule. Newer 500K+ SF properties can show improving vacancy when large logistics occupiers return and BTS deliveries drive absorption, but that is not the same as generic speculative big-box strength. CoStar's same release says large-deal lease terms compressed from about 7 years in 2022 to 5 years today, so underwriting should separate BTS / credit-tenant demand from rollover exposure and tenant flexibility risk. See Source: CoStar Industrial Newer / Larger Vacancy Compress 2026.

Mid-bay distribution (100–300K SF): A favored risk-adjusted product across many tracked markets in the current cycle. It has a broader tenant universe, lower single-tenant vacancy exposure, and easier re-lease path than big-box product when infill basis is available. National vacancy at 4.8% for sub-100K SF product supports the small-bay tightness claim, but does not by itself rank every 100-300K SF market.

CoStar adds a caution on the new-supply version of that mid-bay thesis: newer properties built in the last five years and larger than 200,000 SF are still taking longer to digest, particularly mid-sized properties. That supports infill / basis discipline rather than a blanket 100-300K SF development green light.

Light industrial and flex (15–75K SF): Often undersupplied in infill locations, especially where small-bay spec economics rarely pencil in today's construction cost environment. The thesis is strongest in supply-constrained urban and inner-ring nodes across Chicago O'Hare, LA, NJ, and South Florida where rent, tenant-depth, and replacement-cost evidence is preserved. See Light Industrial and Last-Mile Underwriting.

Cold storage and temperature-controlled: Likely structurally undersupplied in many corridors because insulation, refrigeration infrastructure, and power requirements create high construction barriers. Food distribution, grocery, pharmaceutical, and life sciences demand can provide independent demand floors, but this page does not preserve a systematic cold-storage vacancy, rent, or pipeline dataset. Treat cold storage as a BTS / credit-tenant diligence lane, not a broad market ranking.

Development financing: Construction loan availability tightened sharply through 2023 and 2024 as industrial vacancy normalized and lenders pulled back from spec industrial. BTS structures with creditworthy tenants remain financeable. The Wells Fargo $150M acquisition loan for the Dalfen/Investcorp 19-asset, 1.38M SF portfolio across four markets confirms that conventional bank capital is available for quality industrial platforms, but the preserved source does not support a loan-to-value claim. Speculative construction is constrained outside Tier 1 coastal markets where land scarcity justifies the risk.

Acquisitions: Core industrial pricing has reset from the 2021-2022 peak in many markets, but this page does not preserve a uniform 15-25% price series. Core-plus and value-add basis can be more compelling where entry pricing sits below replacement cost and forward rent potential is source-supported. The Dalfen/Investcorp acquisition at pricing that the buyer described as not reflecting replacement cost or forward rent potential is an institutional confirmation of that entry thesis.

Preferred equity and mezz: Filling the capital stack gap where senior construction debt pulled back. Relevant in Tier 2 development markets where sponsor equity requirements increased as senior leverage contracted.

Sale-leaseback: Corporate real estate monetization remains an important net-lease lane. Industrial is the primary net-lease target for institutional capital. The inference that manufacturing expansion will create sale-leaseback supply is synthesis from the CBRE survey's 50%+ manufacturer expansion finding, not a directly quantified sale-leaseback pipeline.

Tariff-driven tenant pause: Even if reshoring demand eventually materializes, uncertainty about import costs delays leasing decisions in the near term. Markets with high port exposure (Savannah, Inland Empire, LA) and markets dependent on cross-border manufacturing (Laredo, El Paso) face near-term tenant hesitation risk even if the long-term thesis is intact.

Port volume volatility: Savannah, LA/Long Beach, and East Coast ports are sensitive to trade flow shifts. Port-adjacent industrial thesis depends on volume durability. Inland distribution hubs (DFW, Chicago) carry lower port concentration risk.

Power grid constraints: Data centers are competing with logistics for powered industrial land in key corridors. The competitive pressure suppresses new spec industrial supply — which is ultimately constructive for existing owners — but it creates site selection complexity for new development in Phoenix, Northern Virginia, and DFW powered-land zones.

Oversupply in select Tier 2 submarkets: Nashville suburban, Phoenix suburban, DFW southwestern submarkets, and Savannah outer-ring are still absorbing 2022–2023 speculative deliveries. Construction pipeline pullback is a possible forward catalyst, but the clearing horizon in these submarkets extends into 2026 and in some cases 2027.

Lease-expiration rollover risk: CBRE's occupier survey found that 67% of industrial tenants have more than 25% of leases expiring within 36 months — a combined exposure of over 1.7 billion SF nationally. Renewal rates are high and landlords are extending lease terms with incentives, but this creates mark-to-market pressure in markets where face rents rolled back from 2022 peak levels.

• Tariff impact modeling: No quantitative scenario analysis is available in the current public source layer for the industrial demand impact of sustained 10–25% import tariffs on lease absorption timing.
• Tenant survey disaggregation: The CBRE occupier survey is a national sample; market-by-market breakdown of expansion intentions and geographic preferences is not in the public summary reviewed.
• Construction cost curves: Cushman and Wakefield (April 2026) estimates a 6% materials cost increase and 3% total project cost increase from tariff exposure, but detailed per-market development proformas are not available.
• Cold storage metrics: No systematic public dataset for cold storage vacancy, asking rents, and pipeline by market is available in the current source layer.
• Watchlist market coverage: Indianapolis now has applied CBRE Q1 2026 and Colliers 2025 year-end / second-half observations and should be treated as a structured candidate rather than an import-pending lane. Kansas City now has applied Q1 2026 C&W and Newmark Zimmer observations plus local C&W Q2 market/node/product rows and should also be treated as a structured candidate pending peer calibration. Memphis now has applied Q1 and Q2 2026 industrial observations for inventory, vacancy, asking rent, absorption, completions, under-construction inventory, product slices, and submarket evidence, supporting a stronger structured function-first / basis-disciplined candidate lane, but it still lacks enough breadth and source-family convergence to rank as equal-confidence with the Tier 2 leaders.

Source: Cushman & Wakefield Miami Industrial MarketBeat Q2 2026 adds a source-family-specific Miami-Dade table: 6.3% vacancy, 261,701 SF YTD absorption, 2.86M SF YTD leasing, 2.56M SF under construction, 829,429 SF of YTD completions, and $15.73/SF/year overall weighted net asking rent. The 2.5M-SF active pipeline was only about 11% preleased. Keep the C&W rows separate from JLL, CBRE, Colliers, Avison Young, and Marcus & Millichap; Airport West and North Central Dade are the clearest activity/pipeline nodes, but the metro remains delivery-timing sensitive.

Source: Cushman & Wakefield Salt Lake City Industrial MarketBeat Q2 2026 adds a current Wasatch Front source-family table: 7.8% vacancy, 545,289 SF of Q2 absorption, 619,795 SF of YTD absorption, 3.45M SF of YTD leasing, 2.05M SF under construction, 5% preleasing on a 2.1M-SF pipeline, and $0.86/SF/month weighted net asking rent. North West accounted for 94% of new leasing, while W/D vacancy was 9.8% versus 2.4% manufacturing and 2.8% office service/flex. Keep Salt Lake in selective small/mid-bay, manufacturing-support, and corridor-specific logistics screens rather than broad big-box beta.

Source: Cushman & Wakefield Boise Industrial MarketBeat Q2 2026 adds a current local C&W table to the Mountain West secondary-market sleeve: 9.6% vacancy, -298,915 SF of Q2 absorption, +327,687 SF of YTD absorption, 1.43M SF of YTD leasing, 7.41M SF under construction, and $0.90/SF/month NNN weighted net asking rent. Airport, Nampa, and Caldwell carry the main supply and vacancy pressure, while Southeast Boise, Southwest Boise, and West Boise are much tighter. Boise remains a corridor-selected, functional-industrial / manufacturing-support candidate rather than broad bulk-industrial beta; preserve the C&W local universe separately from the national C&W row, Colliers Treasure Valley observations, and other broker series.

Source: Cushman & Wakefield Orange County Industrial MarketBeat Q2 2026 keeps Orange County in the selective high-barrier infill sleeve rather than a broad overweight. C&W reports 5.2% vacancy, -362,429 SF Q2 / -1.32M SF YTD absorption, 4.80M SF of YTD new leasing, a 973K-SF pipeline, and $1.52/SF/month weighted NNN rent. North County and Greater Airport Area offer cleaner node evidence, while South County and warehouse/distribution remain lease-up risks; preserve C&W's universe separately from CBRE and other broker series.

• Analyses Hub
• National Industrial Market Ranking 2026
• Industrial Innovation and Occupier Sentiment 2026
• Greenville-Spartanburg CRE Capital Allocation 2026
• Savannah CRE Capital Allocation 2026
• Inland Empire CRE Capital Allocation 2026
• Texas Industrial Cross-Metro Comparison
• Light Industrial and Last-Mile Underwriting
• Sale-Leaseback and NNN Structures
• Tariff and Rate Volatility Impact on CRE Construction 2026
• Industrial Logistics Underwriting
• Industrial Development Underwriting
• CRE Supply Pipeline and Construction Analysis
• Tariff Trade Policy and Reshoring Impact
• Powered Land and Grid Advantage

• Source: Cushman & Wakefield Inland Empire Industrial MarketBeat Q2 2026 — current C&W market and East/West/South table supporting selective port-gateway recovery, pipeline relief, and node-specific timing gates
• Source: Cushman & Wakefield Savannah Industrial MarketBeat Q2 2026 — complete current Savannah C&W table supporting the Port Corridor lane, Crossroads move-out caution, rebuilt pipeline, and outer-ring vacancy gate
• data/properties.db — cross-market industrial observations: vacancy, rent, absorption, and rent growth for Inland Empire, Chicago, Nashville, DFW, Houston, Charlotte, Greenville-Spartanburg, Savannah, Cleveland, Las Vegas, and secondary Texas markets
• National Industrial Market Ranking Readiness 2026 — evidence-readiness matrix for the ranked industrial sub-leagues
• National Industrial Market Ranking 2026 — verified benchmark framing for five industrial archetypes; current as of Q4 2025 / early 2026
• Industrial Innovation and Occupier Sentiment 2026 — CBRE occupier survey, Link Logistics / John Morris podcast, and Wells Fargo / Dalfen Investcorp transaction data; all published April 2026
• Metro capital allocation analyses: Inland Empire CRE Capital Allocation 2026, Chicago CRE Capital Allocation 2026, Savannah CRE Capital Allocation 2026, Nashville CRE Capital Allocation 2026, Greenville-Spartanburg CRE Capital Allocation 2026, Atlanta CRE Capital Allocation 2026, Houston CRE Capital Allocation 2026
• Source: Newmark Lots to Gain Industrial Outdoor Storage 2025 — IOS-versus-bulk-warehouse benchmark rows for national IOS allocation discipline
• Source: Matthews Atlanta GA Industrial Market Report Q1 2026 — Matthews / CoStar Atlanta cross-check for vacancy, absorption, asking rent, construction, deliveries, sales volume, pricing, cap rate, and demographic context
• Source: Matthews Cleveland OH Industrial Market Report Q4 2025 — Matthews / CoStar Cleveland defensive-yield cross-check for vacancy, negative absorption, asking rent, construction, sales volume, pricing, cap rate, and demographic context
• Source: Matthews Cleveland OH Industrial Market Report Q1 2026 — Matthews / CoStar Cleveland follow-up for vacancy, rent, construction, sales volume, pricing, cap rate, demographic context, and lower-confidence absorption conflict
• Source: Marcus & Millichap Cleveland Industrial Market Report 2Q 2026 — Marcus & Millichap Cleveland teaser overlay for March 2026 lowest-vacancy-rank context, Q1 absorption turnaround, 80 bps trailing vacancy increase, small-space stability, Cuyahoga Heights-Garfield Heights warehouse demand, big-box selectivity, and Port of Cleveland infrastructure context
• Source: JLL Cleveland Industrial Market Dynamics Q1 2026 — JLL Cleveland Q1 2026 table-grade cross-check for absorption, vacancy, availability, rent, development, preleasing, deliveries, stable concessions, Class A W/D sales volume, and Hudson site-readiness acreage
• Source: JLL U.S. Industrial Market Dynamics Q2 2026 — public national Q2 headline cross-check for leasing acceleration, absorption, vacancy compression, large-format quality bifurcation, construction pipeline, and asking rent; article-level evidence only
• Source: Cushman & Wakefield Cleveland Industrial MarketBeat Q1 2026 — C&W/CRESCO Cleveland Q1 2026 market-total cross-check for inventory, vacancy, absorption, leasing activity, construction, completions, and weighted net asking rent
• Source: Cushman & Wakefield Pittsburgh Industrial MarketBeat Q2 2026 — C&W Pittsburgh Q2 2026 source-family table for market total, 14 submarkets, manufacturing/flex/W-D rent bases, absorption, leasing, construction, completions, and selective-demand caveats
• Source: JLL St. Louis Industrial Market Dynamics Q1 2026 — JLL St. Louis Q1 2026 source-family cross-check for negative absorption, direct absorption, vacancy, availability, high preleasing, zero deliveries, stable concessions, and named Class A leases
• Source: JLL Des Moines Industrial Market Dynamics Q1 2026 — JLL Des Moines Q1 2026 source-family cross-check for modest absorption, vacancy, availability, rent, high preleasing, sales activity, Altoona / Bondurant / Ankeny industrial projects, and Norwalk / Altoona data-center context
• Source: JLL Raleigh-Durham Industrial Market Dynamics Q1 2026 — JLL Raleigh-Durham Q1 2026 source-family overlay for absorption, direct absorption, vacancy, availability, rent, development, preleasing, deliveries, direct vacancy, large-format scarcity, build-to-suit timing, and utility-ready-site constraints
• Source: Cushman & Wakefield Raleigh-Durham Industrial MarketBeat Q2 2026 — C&W Raleigh-Durham Q2 2026 full table for 20 submarkets plus core / outlying / market aggregates, demand concentration, deliveries, construction preleasing, and weighted net asking rents
• Source: JLL Charleston Industrial Market Dynamics Q1 2026 — JLL Charleston Q1 2026 source-family overlay for elevated vacancy / availability, limited YTD absorption, deliveries, preleasing, one 1.0M SF Charleston Trade Center sublease, manufacturing-tour interest, and elevated concessions
• Source: JLL Las Vegas Industrial Market Dynamics Q1 2026 — JLL Las Vegas Q1 2026 source-family overlay for absorption, vacancy, availability, preleasing, deliveries, rising concessions, DHL / Pepsi North Las Vegas megabox activity, and limited comparable 500,000-SF-plus options
• Source: Cushman & Wakefield Las Vegas Industrial MarketBeat Q1 2026 — C&W Las Vegas Q1 2026 source-family table for market totals, submarkets, product rows, major leases, sales, completions, direct versus overall vacancy, and supply-digestion caveats
• Source: CBRE Las Vegas Industrial Figures Q2 2026 — CBRE Las Vegas Q2 2026 source-family table for market total, size, product, class, submarket, vacancy, availability, absorption, deliveries, construction, and rent
• Source: Marcus & Millichap Indianapolis Industrial Market Report 2Q 2026 — Marcus & Millichap Indianapolis teaser overlay for 200 bps vacancy decline to 7.3%, post-2020 building vacancy compression above 1,200 bps to about 11%, named healthcare / manufacturing users, East / South above-10% vacancy caveat, Boone / Hendricks below-4% scarcity, and within-I-465 pressure
• Source: JLL Indianapolis Industrial Market Dynamics Q1 2026 — JLL Indianapolis Q1 2026 source-family overlay for absorption, vacancy, availability, rent, preleased pipeline, first-generation absorption share, construction-project counts, speculative starts, and active-demand context
• Source: Marcus & Millichap Detroit Industrial Market Report 2Q 2026 — Marcus & Millichap Detroit teaser overlay for 5% March 2026 vacancy, auto-sector restructuring pressure, metrowide net relinquishment, Northeast Detroit / Down River directional vacancy context, and automaker investment support
• Source: JLL Detroit Industrial Market Dynamics Q1 2026 — JLL Detroit Q1 2026 source-family overlay for negative absorption, vacancy, availability, rent, fully preleased BTS pipeline, Morgan Foods lease evidence, Q1 sales-volume context, and Romulus fully leased delivery
• Source: JLL West Michigan Industrial Market Dynamics Q1 2026 — JLL West Michigan Q1 2026 source-family overlay for 205,348 SF absorption, 4.3% vacancy, 5.3% availability, $5.29/SF rent, fully preleased 317,000 SF pipeline, GrowthSpoke lease evidence, fully available delivery context, and named sale prices
• Source: JLL Milwaukee Industrial Market Dynamics Q1 2026 — JLL Milwaukee Q1 2026 source-family overlay for 5.6% vacancy, 8.9% availability, absorption, pipeline, preleasing, rent, Waukesha / Ozaukee dispersion, Germantown large-space scarcity, Oak Creek delivery, and Mitchell Airport cargo context
• Source: JLL Minneapolis Industrial Market Dynamics Q3 2025 — JLL Minneapolis Q3 2025 source-family backfill for 4.3% vacancy, 9.2% availability, 3.11M SF YTD absorption, preleasing, first-generation leasing, manufacturing share, sales, and active tenant demand
• Source: JLL Baltimore Industrial Market Dynamics Q1 2026 — JLL Baltimore Q1 2026 source-family overlay for negative absorption, 10.1% vacancy, 13.6% availability, low preleasing, rising concessions, first-generation big-box option counts, and BW Corridor delivery concentration
• Source: Marcus & Millichap Baltimore Industrial Market Report 2Q 2026 — Marcus & Millichap Baltimore 2Q 2026 teaser overlay for modest leasing improvement, six-of-eight-quarter negative absorption pattern, Harford County relinquishment pressure, unleased speculative deliveries, and Southern Anne Arundel / Columbia local supply additions
• Source: JLL Pittsburgh Industrial Market Dynamics Q1 2026 — JLL Pittsburgh Q1 2026 source-family overlay for absorption, vacancy, availability, rent, restrained pipeline, low preleasing, direct absorption / vacancy, and City Brewing commitment-size evidence
• Source: Marcus & Millichap Chicago Industrial Market Report 2Q 2026 — Marcus & Millichap Chicago teaser overlay for 2025 leasing-growth context, Joliet / Bolingbrook / O'Hare large-bay demand, small-bay move-outs, net relinquishment through June 2025, Q1 2026 average-lease-size threshold, opening-quarter absorption strength, and half-unclaimed pipeline as of April
• Source: Marcus & Millichap Atlanta Industrial Market Report 2Q 2026 — Marcus & Millichap Atlanta teaser overlay for population-growth demand support, 2019-2024 inventory expansion, speculative-pipeline vacancy pressure, South Atlanta delivery growth, I-20 East supply relief, and Blue Ridge Connector rail connectivity
• Source: Matthews Tampa FL Industrial Market Report Q1 2026 — Matthews / CoStar Tampa Bay I-4 / Florida-interior distribution cross-check for vacancy, absorption, asking rent, rent growth, construction, T12 sales volume, pricing, cap rate, and demographic context
• Source: JLL Tampa Bay Industrial Market Dynamics Q1 2026 — JLL Tampa Bay Q1 2026 source-family row for absorption, vacancy, availability, annual rent, rent growth, pipeline, preleasing, East Side absorption, named tenant commitments, and proposed-pipeline context
• Source: Cushman & Wakefield Tampa Bay Industrial MarketBeat Q2 2026 — C&W Tampa Bay Q2 market totals, county and submarket rows, product vacancy, leasing rebound, rent, and pipeline-availability evidence
• Source: Matthews Jacksonville FL Industrial Market Report Q1 2026 — Matthews / CoStar Jacksonville source-family cross-check for vacancy, leasing count, adjusted lease size, asking rent, construction range, Q1 sales volume, and demographics
• Source: Marcus & Millichap Jacksonville Industrial Market Report 2Q 2026 — Marcus & Millichap Jacksonville teaser overlay for 2026 construction slowdown, prior delivery wave, 750 bp vacancy increase, five-month lease-up time, small-bay / newer sub-50K SF pressure, port activity, and larger-distribution absorption
• Source: Cushman & Wakefield Jacksonville Industrial MarketBeat Q2 2026 - C&W Q2 2026 operating table for vacancy, absorption, leasing, pipeline, weighted-net rent, and Northside/Westside versus Orange Park/St. Johns dispersion
• Source: Cushman & Wakefield San Diego Industrial MarketBeat Q2 2026 - C&W Q2 2026 source-family table for market total, county submarkets, product slices, absorption, leasing, pipeline, rent, and source-family dispersion versus CBRE
• Source: Matthews San Diego CA Industrial Market Report Q2 2026 - Matthews / CoStar Q2 2026 operating-and-capital split for vacancy, negative absorption, rent pressure, construction, sales volume, average pricing, cap rate, demographics, and quality-selective liquidity
• Source: Marcus & Millichap Orlando Industrial Market Report 2Q 2026 — Marcus & Millichap Orlando teaser overlay for completion slowdown after more than 20M SF delivered over four years, minimal March 2026 vacancy-change context, OIA-west 200,000-SF-plus leasing, freight-node connectivity, older sub-50K SF move-outs, and newer small-bay stability
• Source: Cushman & Wakefield Orlando Industrial MarketBeat Q2 2026 — C&W Q2 2026 operating table for 8.4% vacancy, Q2/YTD absorption, YTD leasing, pipeline, weighted-net rent, and Airport/Lake Nona versus Lake Mary/Sanford dispersion
• Source: Cushman & Wakefield Polk County Industrial MarketBeat Q2 2026 — C&W Q2 2026 Polk County, East Polk, Lakeland, and submarket table with broker-universe reconciliation against CBRE
• Source: JLL Orlando Industrial Market Dynamics Q1 2026 — JLL Orlando Q1 2026 source-family row for absorption, vacancy, availability, rent, deliveries, low preleasing, North Orange absorption, Lake County vacancy, Southeast / Southwest Orange delivery and rent context, and Space Coast aerospace thesis caveats
• Source: JLL Charlotte Industrial Market Dynamics Q1 2026 — JLL Charlotte Q1 2026 source-family overlay for absorption, vacancy, availability, rent, pipeline, deliveries, large-format Class A cross-dock scarcity, mid-size tenant leasing, and spec-delivery lease-up caveats
• Source: Marcus & Millichap Phoenix Industrial Market Report 2Q 2026 — Marcus & Millichap Phoenix 2Q 2026 teaser overlay for large-box vacancy compression, large-user leasing count, I-10 / Loop 303 gains, southeast advanced-manufacturing tightening, and completion-slowdown / hiring-energy caveats
• Source: Marcus & Millichap New York Industrial Market Report 2Q 2026 — Marcus & Millichap New York 2Q 2026 teaser overlay for small-bay infill resilience, near-9% Q1 2026 vacancy context, 2020s-built vacancy above 35%, Queens / Bronx multi-story lease-up caution, and Bronx vacancy above-13% context
• Source: Marcus & Millichap Northern New Jersey Industrial Market Report 2Q 2026 — Marcus & Millichap Northern New Jersey 2Q 2026 teaser overlay for Turnpike / Newark Liberty / Meadowlands infill distribution, Bergen / Essex below-7% vacancy context, Hudson / Union / Bayonne older-node move-outs, Morris County near-10% vacancy context, and manufacturing tax-credit support.
• Source: Cushman & Wakefield New Jersey Industrial MarketBeat Q2 2026 — C&W Q2 statewide, regional, and selected-corridor table for vacancy, leasing, absorption, rents, pipeline, completions, and Class A / non-Class-A dispersion.
• Source: Marcus & Millichap Columbus Industrial Market Report 2Q 2026 — Marcus & Millichap Columbus 2Q 2026 teaser overlay for Licking County / Pickaway County demand, metrowide vacancy decline, named tenants, tapering-pipeline rent-pressure context, and teaser-only limits
• Source: JLL Columbus Industrial Market Dynamics Q1 2026 — JLL Columbus Q1 2026 source-family overlay for absorption, vacancy, availability, pipeline, preleasing, named Class A occupancies / leases, Amazon's West Jeff One acquisition, and Class B departure caveats
• Source: Partners Austin Industrial Q1 2026 Quarterly Market Report — Partners / CoStar Austin table cross-check for vacancy, availability, absorption, deliveries, construction, delivered-vacant share, annual asking rent, submarket risk, and capital-market rows
• Source: Newmark Austin Real Estate Market Reports Q1 2026 — Newmark Austin office / industrial PDF pair; industrial rows support advanced-manufacturing demand plus elevated vacancy / pipeline risk
• Source: JLL Austin Industrial Market Dynamics Q1 2026 — JLL Austin Q1 2026 source-family overlay for absorption, vacancy, availability, rent, pipeline, preleasing, deliveries, rising concessions, Samsung pipeline share, Baer / ZT tenant demand, and speculative-delivery pressure
• Source: Marcus & Millichap Austin Industrial Market Report 2Q 2026 — Marcus & Millichap Austin teaser overlay for Georgetown absorption / vacancy context, Hays County completion and vacancy-pressure context, Northeast / Southeast Austin vacancy decline context, and Northeast / Southeast active-pipeline share
• Source: Marcus & Millichap Memphis Industrial Market Report 2Q 2026 — Marcus & Millichap Memphis teaser overlay for Class I rail count, MEM cargo-airport positioning, large-bay leasing growth / volume, manufacturing vacancy compression, Ford BlueOval City / Amplify pipeline anchors, and small-bay supplier-demand context
• Source: Cushman & Wakefield Memphis Industrial MarketBeat Q2 2026 — C&W / Commercial Advisors local Q2 2026 table and bulk-versus-small/mid-bay supply split
• Source: Cushman & Wakefield San Antonio Industrial MarketBeat Q1 2026 - C&W San Antonio source-family table for market total, submarkets, product rows, key leases, construction completions, and active projects; keep separate from Partners because absorption, completions, rent, and pipeline definitions differ.
• Source: Partners DFW Industrial Q1 2026 Quarterly Market Report — Partners / CoStar DFW table cross-check for vacancy, availability, absorption, leasing, deliveries, construction, annual asking rent, submarket/product dispersion, and capital-market liquidity rows
• Source: Marcus & Millichap Dallas-Fort Worth Industrial Market Report 2Q 2026 — Marcus & Millichap DFW teaser overlay for South Dallas vacancy compression, Google warehouse commitments, DFW Airport vacancy / asking rent, Q1 leasing growth, and greater southwest Arlington / Fort Worth-side supply caveats
• Source: Marcus & Millichap Houston Industrial Market Report 2Q 2026 — Marcus & Millichap Houston teaser overlay for Port Houston cargo-supported channel leasing, energy / industrial-support / export-oriented user mix, northwest distributor softness, 250,000 SF-plus vacancy compression, onshoring context, and oil-shock risk
• Source: Marcus & Millichap Miami-Dade Industrial Market Report 2Q 2026 — Marcus & Millichap Miami-Dade teaser overlay for MIA cargo growth, pass-through freight, Q4 2025 leasing above 5.0M SF, 100K+ SF lease-count improvement, Q1 2026 move-outs, and tariff / energy-volatility risk
• Source: Cushman & Wakefield Broward Industrial MarketBeat Q2 2026 — complete Q2 2026 Broward geography and product table supporting selective coastal-infill allocation with completion-availability, product-dispersion, and Pompano reconciliation caveats
• Source: Matthews Nashville TN Industrial Market Report Q2 2025 — Matthews / CoStar Nashville Q2 2025 source-family row for sales volume, sale pricing, vacancy, availability, rent growth, absorption, construction, Wilson County / Southeast new-supply concentration, and selected lease / portfolio-sale context
• Source: Cushman & Wakefield Austin Industrial MarketBeat Q2 2026 — C&W Austin Q2 2026 source-family row for 22.3% vacancy, positive absorption, 4.625M SF under construction, rent normalization, and Georgetown / Southeast / Round Rock / Northeast submarket dispersion.
• Source: Cushman & Wakefield Kansas City Industrial MarketBeat Q2 2026 — C&W local Q2 market, nine-submarket, and five-product-type table supporting current Tier 2 candidate calibration with data-center, rent-basis, and node-dispersion caveats.

The new CBRE Raleigh-Durham Q2 table strengthens the quality-led industrial branch but not a blanket scarcity ranking: 8.9% vacancy, 1.31M SF Q2 absorption, 917,000 SF deliveries, and 5.49M SF under construction across 112.50M SF. More than 90% of warehouse absorption was Class A, while submarket and source-family dispersion remain material. See Source: CBRE Raleigh-Durham Industrial Figures Q2 2026.

C&W's broader 120.97M-SF survey reinforces the selection rule with 9.4% vacancy, 512,850 SF Q2 absorption, 2.75M SF YTD completions, and 5.66M SF under construction. Only 23.2% of that pipeline was preleased, and Franklin County's Eaton occupancy exceeded the market's total absorption while core markets remained negative. National ranking should therefore reward modern-building demand and utility-ready tenant proof, not the metro headline. See Source: Cushman & Wakefield Raleigh-Durham Industrial MarketBeat Q2 2026.