Midwest Cold Storage Trends 2025

Cold storage product across the Midwest is largely inefficient and aging after many decades of underinvestment. Even so, vacancy has historically trended below 4%, as the facilities are mission critical to the success of industries from grocery to pharmaceuticals and remain requirements of their real estate footprints. As new spec product continues to absorb quickly, and state-of-the-art spec and built-to-suit projects alike command significantly higher rents, we expect to see renewed investor and developer interest in the sector across the Midwest.