Intelligent Investment
Bright Spots in Industrial: Leasing Resilience, Manufacturing and Continued Investor Appetite
September 22, 2025 6 Minute Watch
Summary
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President, Industrial & Logistics, Capital Markets
President, Americas Industrial & Logistics, Advisory Services
Head of U.S. Investor Research
- Smaller Users Set Free for Demand
The largest users remain largely on the sidelines as they have for the last two years. Without better economic news, leasing is unlikely to return to 2021 and 2022 levels. In the meantime, 50,000 sq ft to 100,000 sq ft users are driving demand. - Markets Stabilize After Brief Pause
Investor activity briefly slowed after “Liberation Day” due to trade policy uncertainty, but since then, have largely returned to normal. Capital markets remain active heading toward year-end. - Optimism Grows in Manufacturing, But Cross-Border Investment Remains Cautious
Manufacturing-related leasing is up 50% year-over-year, driven by smaller, regional manufacturers. However, large-scale, cross-border manufacturing investments are still hampered by trade uncertainty. - Investors Look to Tertiary Markets
Industrial remains an attractive asset class, but has normalized following thepandemic-driven frenzy. For outsized returns, investors should aim for tertiary markets and/or take on more leasing risk in key markets. Core and core-plus capital remains abundant, supporting continued investment.
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