Executive Summary Market Cooling After Frenzied Growth:  The U.S. industrial real estate sector in mid-2025 is experiencing a moderate cooldown after the pandemic-era boom. Vacancy rates have climbed to a decade high (~7.4%) as of Q3 2025  – up from historic lows under 4% in 2022 – amid nearly three years of supply outpacing demand. Softer market conditions have shifted bargaining power towards tenants, with annual rent growth slowing to just 1.6%, the weakest since 2012 . In

Introduction In this hotel feasibility study, we analyze MMCG’s hospitality performance indicators  to identify the top 10 U.S. markets best positioned for new hotel development  over the next 2–3 years. Key metrics include 12-month RevPAR  (revenue per available room) levels and year-over-year (YoY) growth, occupancy rates  and trends, ADR  (average daily rate) levels and trends, as well as room inventory changes  (recent supply growth and pipeline under construction). We co