ENGLISH NEWS BRIEF
Summary
The U.S. warehouse real estate market is moving towards a supply-demand balance after post-pandemic volatility. Key trends include slowing new development, a focus on efficiency over size, and federal policies encouraging manufacturing reshoring, which are helping the sector navigate high interest rates. While rents are stabilizing overall, some markets see slight declines due to oversupply.
Key Points
- Market Rebalancing: Warehouse supply and demand are reaching equilibrium. New construction has slowed significantly, and third-quarter 2025 demand shows strong signs of recovery.
- Big-Box Sector: Vacancy rates are near cyclical peaks (11% in top markets). New supply in H1 2025 was 48M sq ft, far below the 2023 peak. Rents are expected to stabilize before resuming growth.
- Demand Drivers: Reshoring of manufacturing could increase overall warehouse demand by ~35% over five years. E-commerce firms are projected to account for nearly 25% of new leasing in 2026.
- New Priorities: Tenants now prioritize power-ready facilities (for automation), strategic location/proximity to consumers, and efficiency over pure square footage.
- External Factors: High interest rates and economic uncertainty persist, but federal onshoring policies provide a counterbalance. AI and property tech are increasingly used for site analysis and cost reduction.
中文新闻简报
摘要
美国仓库房地产市场在经历疫情后的波动后，正趋向供需平衡。主要趋势包括新开发项目放缓、租户更关注效率而非面积、以及联邦政策推动制造业回流，这些因素帮助该行业应对高利率环境。租金整体趋于稳定，但部分市场因供应过剩出现小幅下降。
关键要点
- 市场再平衡：仓库供需正趋于平衡。新建筑显著放缓，2025年第三季度的需求显示出强劲复苏迹象。
- 大型仓库板块：空置率接近周期峰值（主要市场为11%）。2025年上半年新供应量为4800万平方英尺，远低于2023年峰值。租金预计将先稳定，然后恢复增长。
- 需求驱动因素：制造业回流可能在未来五年内使整体仓库需求增加约35%。预计到2026年，电商公司将占新租赁需求的近25%。
- 新优先事项：租户现在优先考虑电力就绪设施（支持自动化）、战略位置/靠近消费者以及运营效率，而非单纯追求面积。
- 外部因素：高利率和经济不确定性持续存在，但联邦回流政策形成了对冲。人工智能和房地产科技正越来越多地用于选址分析和成本削减。
Original Article Link: https://www.cnbc.com/2025/11/28/warehouse-real-estate-rebalance.html