Midwest U.S. Industrial Figures Q4 2025

‒ Q4 2025 net absorption was 16.0 million sq. ft. showing continued growth.
‒ The Midwest continued steady construction activity in Q4 with 45.3 million sq. ft. underway. 61.0% of current construction underway is already leased. 10.4 million sq. ft. delivered in Q4 2025.
‒ Under construction activity decreased by 1.1 million sq. ft. quarter-over-quarter due to construction deliveries.
‒ The Midwest markets posted 49.0 million sq. ft. of industrial leasing activity in Q4 2025, 65.8% of which was new leasing activity.
– Vacancy rates remained stable quarter-over-quarter, finishing with an average rate of 5.4% in Q4 2025.
– Asking lease rates remained relatively stable with only a slight decrease ($7.25 per sq. ft. to $7.23 per sq. ft.).