New U.S. Industrial Leases Return to Prior Peak, Renewals Drop
Business Wire•23/10/2026•09:00 ET
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Key Highlights
- ➤New U.S. industrial lease count index returns to historical peak
- ➤Renewal index falls, potentially leaving space requiring landlord backfills
- ➤Large-tenant leases reach 92% of peak for spaces above 200,000 square feet
- ➤Dallas-Fort Worth and Austin recovery reaches 97% and 95% of peak
- ➤St. Louis, East Bay and Cincinnati average only 53-59% of peak
Expert Statements
Juan Arias, National director of industrial analytics at CoStar Group
“While new leasing activity has recovered, it does not translate one-for-one into net absorption.”
Juan Arias, National director of industrial analytics at CoStar Group
“Relocations and weaker renewals can leave space behind, meaning recovery will also be influenced on how quickly landlords can backfill existing buildings.”
Juan Arias, National director of industrial analytics at CoStar Group
“Nationally, demand is extending beyond the newest warehouses into older buildings larger than 500,000 square feet, while midsized buildings still face excess supply and elevated competition for tenants.”
New U.S. Industrial Leases Return to Prior Peak, Renewals Drop
The U.S. industrial new lease count index has returned to its historical peak, while the renewal index has fallen, according to data from CoStar , the leading global provider of online real estate marketplaces, information and analytics in the property markets.
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