➤ Signal
The “industrial has peaked” narrative is wrong at the top of the size range.
After a post-2022 digestion period, the largest warehouses are leasing again — and the 32% jump concentrates exactly where doubt was highest. The biggest boxes carry the most leasing risk; their rebound is the cleanest signal of occupier conviction.
The demand mix is telling. Two-thirds from 3PLs and manufacturers points to supply-chain reconfiguration and reshoring, not e-commerce froth. This is structural absorption, not a sugar high.
The AI angle is the new wrinkle. Warehouses staging data-center equipment — like the Crane/AWS facility — tie industrial demand to the same capex wave driving the power deals. One trend, two property types. Expect big-box development to thaw and large-format investment sales to follow leasing, with markets near data-center clusters and reshoring corridors leading.
Key Takeaways
- “The mega-box rebound says industrial’s growth engine just changed fuel, not gears.”
- “Source: Green Street / Connect CRE / Commercial Property Executive — June 2026”
- “Related on CRE 360 Signal: Microsoft and Chevron Bet 2.67 Gigawatts on West Texas Compute”
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