The U.S. industrial sector closed out the first half of 2026 with its clearest signs of broad-based recovery in years, even as elevated energy costs and regional imbalances keep the rebound from being universal.
Highlights from the report:
- Leasing activity climbed to 490.6 million square feet in the first half of 2026, up 27.1% year over year and the third-highest first-half total on record.
- The construction pipeline rose to 303.9 million square feet in the second quarter, up 7.3% from Q1 but still down 61.2% from its 2022 peak.
- Warehouses of 750,000 square feet and larger remain the market's tightest segment, with vacancy down 160 basis points from a year ago.
- Companies that build, cool, power and equip data centers are emerging as a fresh source of leasing demand.
- Industrial sales posted their second-strongest first half on record, while refinancing volume climbed to an all-time high of $91.3 billion over the trailing four quarters.