Fueled by unleased speculative deliveries, the national industrial vacancy rate climbed 30 basis points during the third quarter to reach 6.4%, according to Cushman & Wakefield's latest industrial segment research. This represents the lowest quarterly increase in vacancy since the fourth quarter of 2022 and remains below the 10-year pre-pandemic average of 7%.

New industrial supply has slowed, and overall absorption remains soft but positive, said Jason Price, senior director and Americas head of logistics and industrial research at the firm. "We expect that net absorption will more than double in 2025 as leasing activity accelerates with greater economic certainty."

During the quarter, overall net absorption was 29.5 million square feet, a decrease from 45 million square feet during the second quarter but an improvement from 21 million square feet during the first quarter. All together, the country has absorbed 96 million square feet of industrial product through three quarters and is on pace to easily exceed 100 million square feet by the end of the year.