Global logistics real estate rents declined in 2025, with a 2.3 percent drop in the first half of the year as many customers delayed leasing decisions amid economic and trade-policy uncertainty. In the second half of the year, leasing activity picked up and rent declines narrowed to about 1.4 percent, indicating increased market engagement. Prologis data show that seasonally adjusted net absorption accelerated in the latter half of 2025, and by the fourth quarter, absorption exceeded new supply, suggesting that vacancy rates may be at or near their peaks. Development activity remained limited, with replacement-cost rents approximately 20 percent above market rents, contributing to the lowest level of completions since 2018. The report notes that demand drivers such as consumption and ecommerce growth supported rent resilience, even as cost sensitivity influenced tenant location choices. Looking ahead, Prologis expects this combination of easin
