The U.S. logistics market remains active but is showing signs of rebalancing. Transaction volume has climbed 43% year-over-year, driven largely by private and institutional investors who now account for roughly three-quarters of all activity, even as cap rates have edged higher.
Leasing activity has begun to normalize following record highs in 2023, with rent growth slowing and vacancies rising amid historic construction levels. Freight indicators present a mixed picture, spot rates for vans and reefers are increasing, while the Cass Freight Index continues to signal weaker consumer demand. At the same time, tariffs have emerged as a growing concern, prompting many occupiers to diversify sourcing, regionalize supply chains, and secure flexible warehouse space near ports and inland hubs to mitigate risk.
Looking ahead, occupiers are focusing on agility, emphasizing strategically located and adaptable facilities that can withstand trade volatility and evolving cost pressures.
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