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