Industrial Rent per Square Foot by Market: Q3 2026 Asking Rents for 83 U.S. Markets
Last updated: November 11, 2026
Key Takeaways
- U.S. industrial asking rents averaged $10.40/SF/yr NNN in Q3 2026, up 4% over the year, according to Cushman & Wakefield’s national market table.
- Rents run from $4.30/SF/yr in Memphis to $27.31/SF/yr in New York City’s outer boroughs, a spread of more than six times across the 83 markets C&W tracks.
- The West ($13.06) and Northeast ($13.44) are the most expensive regions; the Midwest ($6.99) is the least expensive.
- Dallas-Fort Worth posted the fastest rent growth of the 83 markets, about 20% over the year, while the Inland Empire, Miami and Oakland/East Bay fell the most.
- Asking rents are triple-net in most markets, so taxes, insurance and maintenance come on top of the quoted rate.
Industrial rent per square foot in the United States averaged $10.40 per square foot per year on a triple-net (NNN) basis in Q3 2026, according to Cushman & Wakefield, up 4% from a year earlier. Rents vary widely by market: coastal and supply-constrained metros ask three to six times what the lowest-cost inland markets do.
This page lists Q3 2026 asking rents for all 83 U.S. markets in C&W’s national table, with warehouse/distribution and manufacturing rents where published and year-over-year change, plus how to read and compare industrial rents. It is a market-rate reference for conventional industrial leases. For metro detail, see the Industrial Market Intelligence Hub.
$10.40
U.S. average, $/SF/yr NNN
+4%
Year-over-year change
$27.31
Highest: NYC outer boroughs
$4.30
Lowest: Memphis
How Industrial Rents Are Quoted
Industrial rents are usually quoted as an annual asking rate per square foot on a triple-net basis. Three conventions matter when you compare numbers.
- Annual vs. monthly. Most U.S. markets quote $/SF per year. Southern California, the Pacific Northwest, Phoenix and Salt Lake City usually quote $/SF per month; multiply by 12 to compare. $1.33/SF/mo is about $15.96/SF/yr.
- NNN vs. gross. A triple-net rate excludes property taxes, insurance and common-area maintenance, which the tenant pays on top. A gross or modified gross rate includes some or all of them. See our warehouse lease types guide.
- Asking vs. effective. Asking rents are what landlords list. Effective rents after free rent and tenant improvements can be lower, especially in softer markets.
About these figures
Rents are Cushman & Wakefield’s overall weighted average asking rents across all industrial classes, $/SF/yr NNN, from its Q3 2026 U.S. Industrial MarketBeat (preliminary). Year-over-year changes are WareCRE calculations from the same table. Some WareCRE metro reports use C&W’s local reports, which can define a market differently (for example, the national Tampa row covers Hillsborough County).
Industrial Rents by Region
| Region | Q3 2026 overall | Warehouse/distribution | Manufacturing |
|---|---|---|---|
| United States | $10.40 | $10.06 | $10.09 |
| Northeast | $13.44 | $13.73 | $10.07 |
| West | $13.06 | $12.39 | $14.54 |
| South | $8.88 | $8.68 | $7.64 |
| Midwest | $6.99 | $6.57 | $6.94 |
Source: Cushman & Wakefield U.S. Industrial MarketBeat Q3 2026. $/SF/yr NNN.
Highest and Lowest Industrial Rents
The 10 Most Expensive Markets
| Market | Q3 2026 rent ($/SF/yr NNN) | YoY change |
|---|---|---|
| New York City Outer Boroughs | $27.31 | −1.3% |
| San Francisco Peninsula, CA | $25.68 | +19.1% |
| San Jose (Silicon Valley), CA | $20.66 | +6.5% |
| Long Island, NY | $18.90 | +2.2% |
| Northern Virginia | $18.73 | +8.8% |
| Orange County, CA | $17.63 | −3.3% |
| San Diego, CA | $17.36 | −2.3% |
| Fort Lauderdale, FL | $17.32 | +6.9% |
| Northern New Jersey | $17.15 | −5.0% |
| Los Angeles, CA | $15.92 | −1.8% |
Source: C&W Q3 2026 national table; YoY is a WareCRE calculation. The San Francisco Peninsula jumped in Q3 2026, from $20.38 to $25.68, which can reflect changes in the space C&W samples as well as market movement.
The 10 Least Expensive Markets
| Market | Q3 2026 rent ($/SF/yr NNN) | YoY change |
|---|---|---|
| Memphis, TN | $4.30 | −0.5% |
| Milwaukee, WI | $5.65 | +5.0% |
| Columbia, SC | $5.68 | +9.9% |
| Cleveland, OH | $5.76 | +3.0% |
| Greenville, SC | $5.91 | +2.1% |
| Kansas City, MO | $5.93 | +3.7% |
| Roanoke, VA | $5.95 | −0.2% |
| St. Louis, MO | $6.04 | +14.8% |
| Madison, WI | $6.23 | +3.8% |
| Greensboro/Winston-Salem, NC | $6.37 | +3.2% |
Source: C&W Q3 2026 national table; YoY is a WareCRE calculation.
Where Industrial Rents Are Rising and Falling
Rent growth accelerated in 2026. C&W reports that 13 of the 83 markets it tracks posted double-digit year-over-year growth in Q3 (C&W’s count; our calculation from the restated table below gives 12), led by Dallas-Fort Worth at 20%, with St. Louis, Louisville, Tampa, Raleigh-Durham and Indianapolis also above 10%. Rents continued to soften in some key coastal markets in California, New Jersey and Miami.
| Fastest rent growth | YoY | Largest declines | YoY |
|---|---|---|---|
| Dallas-Fort Worth, TX | +19.9% | Inland Empire, CA | −9.9% |
| San Francisco Peninsula, CA | +19.1% | Miami, FL | −8.5% |
| Tucson, AZ | +15.2% | Oakland/East Bay, CA | −6.3% |
| St. Louis, MO | +14.8% | Northern New Jersey | −5.0% |
| Lakeland, FL | +13.6% | San Francisco North Bay, CA | −4.8% |
| Providence, RI | +13.3% | Hartford, CT | −4.6% |
| Louisville, KY | +13.0% | Pittsburgh, PA | −3.5% |
| Syracuse, NY | +11.7% | Orange County, CA | −3.3% |
Source: WareCRE calculations from C&W’s Q3 2026 national table (overall asking rent, Q3 2026 vs. Q3 2025). The San Francisco Peninsula’s gain came almost entirely in Q3 2026 and may partly reflect changes in C&W’s sample.
Compare listed rents in your market
Browse Warehouse ListingsIndustrial Asking Rents for All 83 Markets
| Market | Overall | Warehouse/distribution | Manufacturing | YoY (overall) |
|---|---|---|---|---|
| Atlanta, GA | $7.71 | $7.51 | $8.83 | +6.6% |
| Austin, TX | $11.96 | $11.57 | n/a | −0.9% |
| Baltimore, MD | $11.01 | $11.01 | n/a | −1.2% |
| Birmingham, AL | $7.47 | $7.32 | n/a | +0.9% |
| Boise, ID | $11.10 | $10.61 | $12.34 | +4.3% |
| Boston, MA | $15.85 | $15.05 | $16.06 | +7.2% |
| Buffalo, NY | $7.50 | $7.25 | $5.75 | +0.0% |
| Central New Jersey | $15.35 | $15.73 | $11.32 | −3.2% |
| Central Valley, CA | $8.46 | $8.45 | $8.57 | −0.5% |
| Charleston, SC | $8.24 | $7.99 | $8.50 | +3.6% |
| Charlotte, NC | $8.60 | $8.56 | $7.61 | +2.0% |
| Chicago, IL | $7.53 | $7.20 | $7.55 | +3.9% |
| Cincinnati, OH | $6.66 | $6.66 | $5.81 | +5.9% |
| Cleveland, OH | $5.76 | $5.68 | n/a | +3.0% |
| Colorado Springs, CO | $12.17 | $12.29 | $11.68 | +6.3% |
| Columbia, SC | $5.68 | $5.39 | $5.10 | +9.9% |
| Columbus, OH | $6.98 | $6.62 | $4.75 | +7.7% |
| Dallas-Fort Worth, TX | $9.76 | $9.55 | $8.46 | +19.9% |
| Denver, CO | $10.23 | $9.01 | $10.16 | +5.0% |
| Des Moines, IA | $7.24 | $6.70 | n/a | +6.0% |
| Detroit, MI | $7.40 | $6.48 | $7.86 | +2.5% |
| El Paso, TX | $8.25 | $8.50 | $9.50 | +0.0% |
| Fort Lauderdale, FL | $17.32 | $17.26 | $17.15 | +6.9% |
| Fredericksburg, VA | $11.51 | $11.50 | $13.48 | +10.8% |
| Grand Rapids, MI | $6.42 | $6.16 | $6.58 | +1.6% |
| Greensboro/Winston-Salem, NC | $6.37 | $6.33 | $5.80 | +3.2% |
| Greenville, SC | $5.91 | $5.89 | $5.31 | +2.1% |
| Hampton Roads, VA | $9.43 | $9.28 | $9.03 | +2.5% |
| Hartford, CT | $7.70 | $7.25 | $5.89 | −4.6% |
| Houston, TX | $8.16 | $7.93 | $9.33 | +5.0% |
| Indianapolis, IN | $6.60 | $6.44 | $5.68 | +10.2% |
| Inland Empire, CA | $12.17 | $12.15 | $12.48 | −9.9% |
| Jacksonville, FL | $8.06 | $7.93 | $8.95 | +0.2% |
| Kansas City, MO | $5.93 | $5.23 | $5.90 | +3.7% |
| Lakeland, FL | $9.18 | $9.14 | $11.52 | +13.6% |
| Las Vegas, NV | $12.94 | $12.39 | $13.38 | +1.2% |
| Long Island, NY | $18.90 | $19.24 | $16.07 | +2.2% |
| Los Angeles, CA | $15.92 | $16.05 | $14.41 | −1.8% |
| Louisville, KY | $6.95 | $7.03 | $5.49 | +13.0% |
| Madison, WI | $6.23 | $6.27 | $5.02 | +3.8% |
| Memphis, TN | $4.30 | $4.12 | $4.33 | −0.5% |
| Miami, FL | $15.16 | $14.90 | $18.49 | −8.5% |
| Milwaukee, WI | $5.65 | $5.74 | $5.21 | +5.0% |
| Minneapolis, MN | $8.81 | $7.83 | $8.31 | +3.9% |
| Nashville, TN | $9.09 | $8.97 | $8.90 | −0.5% |
| New Haven, CT | $8.48 | $7.90 | $8.86 | +1.0% |
| New York City Outer Boroughs | $27.31 | $28.04 | $20.15 | −1.3% |
| Northern New Jersey | $17.15 | $17.43 | $14.47 | −5.0% |
| Northern Virginia | $18.73 | $18.61 | n/a | +8.8% |
| Oakland/East Bay, CA | $14.80 | $14.70 | $15.02 | −6.3% |
| Omaha, NE | $8.00 | $7.66 | $7.50 | +2.8% |
| Orange County, CA | $17.63 | $17.50 | $16.14 | −3.3% |
| Orlando, FL | $9.81 | $9.25 | $12.29 | +6.7% |
| PA I-81/I-78 Distribution Corridor | $9.02 | $9.07 | $6.58 | +1.2% |
| Palm Beach County, FL | $14.45 | $14.26 | $13.78 | +4.3% |
| Philadelphia, PA | $12.82 | $12.97 | $9.52 | +1.3% |
| Phoenix, AZ | $13.51 | $12.37 | $13.77 | +3.5% |
| Pittsburgh, PA | $7.63 | $7.15 | $6.62 | −3.5% |
| Portland, OR | $10.73 | $10.62 | $7.38 | +1.8% |
| Providence, RI | $8.50 | $8.50 | n/a | +13.3% |
| Puget Sound Eastside, WA | $14.80 | $12.72 | $14.22 | +0.6% |
| Raleigh-Durham, NC | $11.33 | $10.61 | $6.10 | +10.3% |
| Reno, NV | $10.06 | $9.93 | $8.71 | +2.0% |
| Richmond, VA | $7.78 | $7.81 | $7.30 | −2.1% |
| Roanoke, VA | $5.95 | $5.68 | $6.01 | −0.2% |
| Rochester, NY | $6.79 | $7.25 | $6.25 | −0.4% |
| Sacramento, CA | $9.74 | $9.22 | $13.28 | +1.4% |
| Salt Lake City, UT | $10.24 | $10.09 | $10.48 | +7.0% |
| San Antonio, TX | $8.85 | $8.34 | n/a | +3.1% |
| San Diego, CA | $17.36 | $15.61 | $16.46 | −2.3% |
| San Francisco North Bay, CA | $14.03 | $15.75 | $13.71 | −4.8% |
| San Francisco Peninsula, CA | $25.68 | $25.82 | $25.08 | +19.1% |
| San Jose (Silicon Valley), CA | $20.66 | $18.10 | $23.03 | +6.5% |
| Savannah, GA | $6.67 | $6.80 | n/a | +1.2% |
| Seattle, WA | $12.52 | $12.23 | $11.95 | +7.8% |
| Southern New Hampshire | $12.97 | $12.59 | $13.15 | +9.1% |
| St. Louis, MO | $6.04 | $5.64 | $7.38 | +14.8% |
| St. Petersburg/Clearwater, FL | $11.98 | $12.31 | $10.08 | +8.2% |
| Suburban Maryland | $15.34 | $14.64 | n/a | −0.8% |
| Syracuse, NY | $7.45 | $7.12 | $6.39 | +11.7% |
| Tampa, FL | $11.06 | $10.45 | $12.48 | +11.5% |
| Tucson, AZ | $11.11 | $9.56 | n/a | +15.2% |
| Tulsa, OK | $7.62 | $7.53 | $7.66 | +9.5% |
Source: Cushman & Wakefield U.S. Industrial MarketBeat Q3 2026, overall weighted average asking rent, warehouse/distribution and manufacturing rents, $/SF/yr NNN (preliminary). n/a = not published. YoY is a WareCRE calculation.
How to Turn a Rent Quote Into a Budget
- Convert to annual base rent. Multiply the rate by the square footage. A 10,000 SF space at $10.40/SF/yr NNN is $104,000 a year in base rent, or about $8,667 a month.
- Add the NNN charges. Ask the landlord for the current estimate of taxes, insurance and common-area maintenance per square foot and add it to the base rate.
- Add utilities and services. Power, gas, water, trash and any services the lease leaves to you.
- Account for escalations. Most industrial leases raise rent each year by a fixed percentage. Model every year of the term, not just year one.
- Net out concessions. Divide any free rent and tenant improvement allowance across the term to compare effective cost between offers.
Small units
Smaller spaces usually rent for more per square foot than large blocks in the same market. Our small bay industrial guide shows Q3 2026 examples by size band.
Find industrial space with clear pricing
Compare warehouse and industrial listings with sizes, specs and asking rents.
Browse Warehouse ListingsRelated Resources
Frequently Asked Questions
What is the average industrial rent per square foot in 2026?
U.S. industrial asking rents averaged $10.40 per square foot per year on a triple-net basis in Q3 2026, according to Cushman & Wakefield, up 4% from a year earlier. Warehouse/distribution space averaged $10.06 and manufacturing space $10.09. Rates vary widely by market, from $4.30 in Memphis to $27.31 in New York City’s outer boroughs.
Which U.S. market has the highest industrial rents?
New York City’s outer boroughs had the highest industrial asking rent of the 83 markets in Cushman & Wakefield’s Q3 2026 table, at $27.31/SF/yr NNN, followed by the San Francisco Peninsula at $25.68 and San Jose (Silicon Valley) at $20.66. Coastal, land-constrained markets dominate the top of the list.
Which U.S. market has the lowest industrial rents?
Memphis had the lowest industrial asking rent in Cushman & Wakefield’s Q3 2026 table at $4.30/SF/yr NNN. Milwaukee ($5.65), Columbia, SC ($5.68) and Cleveland ($5.76) were next. Lower-cost markets are mostly in the Midwest and South, where land is cheaper and supply is easier to add.
How fast are industrial rents rising?
National asking rents rose 4% over the year in Q3 2026, up from roughly 1% growth in the second half of 2025, according to Cushman & Wakefield. C&W counts 13 of 83 markets with double-digit growth, led by Dallas-Fort Worth at 20%, while several coastal markets in California, New Jersey and Miami softened.
Are industrial rents quoted per month or per year?
Most U.S. markets quote industrial rent per square foot per year. Southern California, the Pacific Northwest, Phoenix and Salt Lake City usually quote per month, so multiply by 12 to compare: $1.33/SF/mo is about $15.96/SF/yr. Check whether the rate is triple-net or gross before comparing.
What does NNN mean in an industrial rent quote?
NNN, or triple-net, means the quoted rent excludes property taxes, building insurance and common-area maintenance. The tenant pays those on top of base rent, usually as a monthly estimate reconciled each year. A gross or modified gross lease bundles some or all of them into the rate, so compare total occupancy cost, not just the quoted rate.
Sources: Cushman & Wakefield U.S. Industrial MarketBeat Q3 2026, asking rent tables (figures preliminary). Year-over-year changes, rankings and the budget example are WareCRE calculations from that table. Each report reflects the most recent vacancy, rental, and construction data available at the time of publication.
