In Q3 2025, the U.S. industrial real estate market showed continued signs of cooling, with the national vacancy rate climbing to 7.5% and rent growth slowing to 1.4% year-over-year. While coastal markets like Los Angeles and the Inland Empire posted negative rent growth amid elevated vacancies, Sunbelt metros such as Dallas-Fort Worth, Charlotte, and Columbus remained more resilient with moderate rent gains despite higher supply pipelines. Gateway cities including New York, San Francisco, and San Jose saw demand soften, with vacancies edging higher and rental growth flattening. Conversely, select secondary markets like Cincinnati, Louisville, and Tampa continued to outperform the national average with healthier absorption and stronger rent gains. Looking ahead to Q4, vacancy rates are expected to rise modestly as new deliveries outpace leasing, but rent growth should stabilize near current levels, with top-performing secondary markets offsetting weakness in large coastal hubs.