Warehouse Market Reports 2026: Free Vacancy & Rent Data for 28 US & Canadian Metros

This page is WareCRE’s warehouse market report library: free vacancy rates, asking rents, construction pipeline data, and submarket analysis for 28 of the largest industrial real estate markets in the US and Canada. Every report is built on Q2 2026 data from major brokerages and our own marketplace intelligence.

The reports focus on a segment most institutional research ignores: small-bay and flex warehouse space under 50,000 SF. That’s the space where most small businesses, e-commerce operators, and trades actually operate, and where vacancy, pricing, and availability often tell a completely different story than the metro-wide averages you’ll see in a CoStar report or a CBRE national summary.

If you’re a broker advising a client on site selection, an investor benchmarking a market, a tenant evaluating expansion options, or an operator pricing space, start with the metro report below, then use the comparison table to benchmark against alternative markets.

2026 Warehouse Market Reports by Metro

Each report includes: current vacancy rates, asking rent trends, construction pipeline analysis, submarket-level breakdowns, co-warehousing demand indicators, and a Q3 to Q4 2026 outlook. Click any metro to read the full report.

Southeast: 6 Markets

Population growth, port access, and low operating costs continue to pull distribution and manufacturing investment into the Southeast. Miami is the tightest metro in the region at 6.3% and also the most expensive at $15.73/SF, while Atlanta carries the region’s highest vacancy on its lowest rent.

• Atlanta: 8.5% vacancy, $7.48/SF NNN. Still absorbing its delivery wave; onshoring demand is a tailwind.
• Charlotte: 7.4% vacancy, $8.67/SF NNN. I-85 corridor growth driven by banking logistics and manufacturing relocation.
• Raleigh: 9.4% vacancy, $11.00/SF NNN. Research Triangle life sciences and advanced manufacturing hub.
• Tampa: 7.8% vacancy, $10.41/SF NNN. Vacancy near the national rate on an above-average rent.
• Orlando: 8.4% vacancy, $9.52/SF NNN. Manufacturing growth diversifying the base.
• Miami: 6.3% vacancy, $15.73/SF NNN. International trade gateway with structural undersupply.

Texas: 3 Markets

Texas accounts for more industrial inventory than most US states combined. Corporate relocations, population growth, and central geography keep the pipeline active, and Dallas-Fort Worth leads every US market on year-to-date leasing at 40.3M SF.

• Dallas-Fort Worth: 8.1% vacancy, $9.19/SF NNN. The national leasing leader at 40.3M SF YTD, ahead of the Inland Empire (28.5M SF) and Chicago (21.8M SF).
• Houston: 6.3% vacancy, $7.87/SF NNN. A major port market posting healthy YTD absorption on resilient import activity.
• Austin: Q2 vacancy and rent pending. The Q2 brokerage print sits far outside the market’s recent range and is under verification; see the table footnote.

Mountain West: 3 Markets

Lower costs and favorable business climates drove rapid expansion, and several Mountain West metros are still digesting speculative supply from the 2022–2024 cycle. Phoenix carries the highest vacancy of any metro we track at 10.8%, while Denver and Salt Lake City both sit at 7.8%.

• Denver: 7.8% vacancy, $10.09/SF NNN. Rent tracks close to the national average of $10.32.
• Phoenix: 10.8% vacancy, $13.41/SF NNN. Tenant leverage on paper, with onshoring demand supporting the inland thesis.
• Salt Lake City: 7.8% vacancy, $10.30/SF NNN. Inland port development and West Coast alternative positioning.

West Coast: 6 Markets

The most expensive industrial markets in the country sit here: Orange County at $18.24/SF and San Diego at $17.28/SF both clear $17, and Los Angeles is the tightest West Coast metro at 4.2%. Vacancy ranges widely across the region, from 4.2% in Los Angeles to 9.4% in Seattle.

• Los Angeles: 4.2% vacancy, $15.83/SF NNN. The largest US industrial market and a port market with healthy YTD absorption.
• Orange County: 5.2% vacancy, $18.24/SF NNN. Structurally tight infill with the SoCal premium.
• San Diego: 7.2% vacancy, $17.28/SF NNN. Defense, biotech, and cross-border logistics.
• SF Bay Area: 8.0% vacancy, $14.68/SF NNN (Oakland/East Bay submarket). Tech-economy demand against scarce supply.
• Portland: 6.5% vacancy, $10.89/SF NNN. Pacific Northwest distribution and semiconductor corridor.
• Seattle: 9.4% vacancy, $12.48/SF NNN. E-commerce logistics and aerospace manufacturing; see the rent footnote below.

Midwest: 5 Markets

Onshoring and nearshoring are driving outperformance in inland hubs, and the Midwest’s combination of central logistics access, affordable rents, and transportation infrastructure keeps demand coming. Chicago ranks third nationally on year-to-date leasing at 21.8M SF, and Omaha’s 2.1% vacancy is the lowest of any metro we track.

• Chicago: 4.8% vacancy, $7.55/SF NNN. The nation’s freight crossroads and third-largest leasing market YTD.
• Indianapolis: 6.0% vacancy, $6.31/SF NNN. Crossroads of America; the lowest rent of any metro we track.
• Minneapolis: 4.9% vacancy, $8.62/SF NNN. Upper Midwest logistics and manufacturing base.
• Des Moines: 7.6% vacancy, $7.24/SF NNN. I-80/I-35 crossroads at well below the national average rent.
• Omaha: 2.1% vacancy, $7.78/SF NNN. The tightest industrial market of the 28 we cover.

Northeast & Mid-Atlantic: 3 Markets

Dense population centers with constrained land supply create premium pricing and persistent demand. The Northeast was the only US region to post a vacancy increase in Q2 2026, up 10 basis points, and New York City remains the highest-rent market in this table at $27.50/SF.

• New York City: 7.0% vacancy, $27.50/SF NNN. The highest asking rent of any metro we cover, with last-mile premiums.
• Philadelphia: 10.3% vacancy, $12.81/SF NNN. I-95 corridor logistics with port-driven demand and real tenant choice.
• Washington DC (DMV): 5.0% vacancy, $17.44/SF NNN (Northern Virginia submarket). Data center construction reshaping the industrial base.

Canada: 2 Markets

Tighter land constraints and the July 2026 CUSMA review add variables that don’t exist in US markets. Q2 2026 figures for both Canadian metros are pending: Cushman & Wakefield Canada has not published its Q2 data yet, and we will restore the numbers as soon as it does.

• Toronto (GTA): Q2 vacancy and rent pending. Canada’s largest industrial market and the national bellwether.
• Calgary: Q2 vacancy and rent pending. Energy transition creating new demand.

Warehouse Vacancy Rates & Rental Rates: 28-Metro Comparison

This is the snapshot. Vacancy rates and average asking rents for every metro WareCRE covers, sorted by region. Click any metro to read the full report with submarket data, construction pipeline, and outlook. Bookmark this table. We refresh it as new market data is released.

Notes on this table. Toronto and Calgary show as Pending because Cushman & Wakefield Canada has not published Q2 2026 yet; both figures return when it does. Austin shows as Pending because the Q2 print sits far outside the market’s recent distribution and may reflect an inventory re-benchmarking rather than a change in conditions, and it conflicts with our own Austin report; it is under verification and we would rather show nothing than publish a number we cannot stand behind. Two rows use a submarket as the proxy because Cushman & Wakefield publishes no consolidated row for the metro: SF Bay Area is Oakland/East Bay, and Washington DC (DMV) is Northern Virginia. Seattle’s rent here is the Cushman & Wakefield figure so the table stays internally comparable; our Seattle report instead uses Kidder Mathews at $1.06/SF per month, because the Q2 Cushman & Wakefield Seattle rent is an outlier that other brokerages do not corroborate.

Data from Q2 2026 brokerage reports (Cushman & Wakefield, CBRE, Colliers, JLL) and WareCRE marketplace data. Cushman & Wakefield marks its Q2 figures preliminary and subject to revision. All rents NNN or equivalent unless noted. See our price-per-square-foot guide for more detailed rent analysis.

3 Forces Reshaping Warehouse Demand in 2026

The Small-Bay Gap Is Narrowing, and Small-Bay Is Still Far Tighter

National industrial vacancy edged below 7% to 6.9%, but the size split still matters more than the headline. Cushman & Wakefield reports that vacancy in buildings larger than 500,000 SF has declined 300 basis points from its late-2024 peak to 8.1%, while vacancy in shallow-bay product edged modestly higher and remains exceptionally tight at 4.8%. In other words, big box is the segment that is improving, and the gap between the two has narrowed to roughly 330 basis points. What has not changed is the conclusion for occupiers: small-bay is still materially tighter than big box, so a tenant looking for sub-100,000 SF space has meaningfully less choice than the national vacancy number implies, and should expect to move faster on the options that do exist. Full analysis: Small-Bay vs. Big-Box: What the Vacancy Gap Means in 2026.

Supply Chains Are Adapting to the Tariff Environment, Not Breaking

Trade policy is still reshaping where companies put warehousing and manufacturing, but the Q2 evidence points to adaptation rather than disruption. Cushman & Wakefield notes that major port markets, including Houston, New Jersey, Los Angeles and Savannah, reported healthy year-to-date absorption gains, reflecting resilient import activity as businesses adapt to the new tariff environment. Inland hubs are benefiting from a separate driver: onshoring and nearshoring. Every metro report in this library addresses how tariffs are affecting that specific market. The macro view: How Tariffs Are Reshaping Warehouse Demand in 2026.

Inland Markets Are Winning the Absorption Race

Cushman & Wakefield credits onshoring and nearshoring for outperformance across inland hubs including Dallas-Fort Worth, Phoenix, Atlanta, and the Midwest. The leasing table backs it up: Dallas-Fort Worth leads the country with 40.3M SF of year-to-date leasing, ahead of the Inland Empire at 28.5M SF and Chicago at 21.8M SF. Tight inland markets like Omaha (2.1% vacancy), Chicago (4.8%), and Minneapolis (4.9%) show how little slack is left in centrally located product. This isn’t cyclical. It’s a structural rebalancing of where distribution happens in the US. For the macro context: Industrial Real Estate Trends & Outlook 2026.

National Industrial Market Outlook: Q3 to Q4 2026

Q2 2026 looks like a market moving into balance rather than one turning. Vacancy edged below 7% to 6.9%, a 10 basis point improvement on Q1. Net absorption of 62.1M SF ran essentially level with 62M SF of completions, which is what a market in equilibrium looks like. Average asking rent reached $10.32/SF NNN, up 1.6% on the quarter and 2.9% year over year. The pipeline is the number to watch: 305.1M SF under construction is up 18% year over year, but it remains roughly 57% below the Q3 2022 peak of 716M SF, so new competitive supply is still far thinner than it was three years ago. The Northeast was the only region to record a vacancy increase, at 10 basis points. Cushman & Wakefield marks these Q2 figures preliminary and subject to revision, so treat them as directional rather than final.

Cushman & Wakefield’s own read is constructive. Jason Price, Head of Logistics & Industrial Research, expects vacancy to “trend lower through year’s end, led by modern logistics and large-format facilities.” Jason Tolliver, President of Logistics & Industrial Americas, describes a sector “entering a new phase with healthier fundamentals and more balanced growth.” For occupiers and investors, that argues for two things through Q3 and Q4: large-format space is where availability is most likely to keep compressing, and the small-bay segment at 4.8% vacancy remains the tighter side of the market to transact in. For the full analysis, read our Industrial Real Estate Trends & Outlook 2026.

Industrial Real Estate Research & Guides