The U.S. industrial new lease count index has returned to its historical peak, while the renewal index has fallen, according to data from CoStar.
Large tenants have led new-lease recovery, as the index for leases of 200,000 square feet or more has climbed to 92 percent of its peak, while the 50,000–199,999-square-foot segment has recovered to about 90 percent.
Smaller tenants remain closer to prior leasing highs, with all categories below 50,000 square feet standing at roughly 91–98 percent of the peak, although momentum has begun to level off in several size ranges.
“While new leasing activity has recovered, it does not translate one-for-one into net absorption,” said Juan Arias, national director of industrial analytics at CoStar Group. “Relocations and weaker renewals can leave space behind, meaning recovery will also be influenced by how quickly landlords can backfill existing buildings. Nationally, demand is extending beyond the ne
