Figures

Northeast U.S. Logistics Figures Report Q1 2025

Continued supply additions drive rising vacancy and softening rents

April 29, 2025 2 Minute Read

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  • The combined leasing and user sale activity of the Northeast U.S. Industrial & Logistics (I&L) market totaled 11.6 million sq. ft in Q1 2025, down 22.7% from Q1 2024.
  • Average asking rents for all asset types decreased 1.4% quarter-over-quarter and 5.2% year-over-year to $14.16 per-sq.-ft. as vacancy grew by 60 basis points (bps) to 7.6%, marking the 12th straight quarter of vacancy expansion.
  • Construction completions totaled 10.3 million sq. ft. in Q1 2025, 14.4% more than in the previous quarter while new construction starts trended downward, with just 3.4 million sq. ft. breaking ground in Q1 2025.