📦 U.S. logistics vacancy falls as office stabilizes

CBRE said U.S. industrial net absorption in Q3 2026 reached its highest level since 2022, while office vacancy slipped to 18.2% and leasing climbed to 63.8 million square feet. The figures point to a firmer backdrop for commercial property demand after a prolonged period of uneven performance.

According to CBRE’s quarterly update published on October 23, 2026, industrial vacancy fell to 6.4% as logistics demand improved, while office fundamentals showed a modest recovery rather than a full rebound. CoStar separately noted that U.S. office leasing remains below historical norms, highlighting how concentrated the improvement has been.

Why it matters for investors

The data suggest that industrial assets continue to enjoy the clearest support from tenant demand, particularly in logistics-linked markets where lower vacancy can translate into firmer rent growth and pricing resilience. Office remains a more selective story, with stabilization appearing in leasing and vacancy metrics even as the market stays well below pre-pandemic norms. That split matters for capital allocation, since underwriting assumptions for logistics and office are diverging again after two years of broad commercial real estate caution.

➡️ Industrial vacancy at 6.4% signals a tighter leasing environment than office, where vacancy remains elevated at 18.2%.

➡️ The recovery in office demand is improving, but it is not yet broad-based across U.S. markets.

The latest figures point to a market where logistics assets are regaining momentum faster than office, and where investors will keep differentiating sharply by property type and metro exposure.