Industrial cap rates have compressed across major U.S. logistics corridors, with brokers citing renewed competition from private capital and core-plus funds.

Last-mile distribution assets within 30 minutes of major population centers are commanding premium pricing on a per-square-foot basis.

Family-office allocators are returning to industrial after a brief 2024 pause, prioritizing assets with long-term creditworthy tenants and embedded rent escalators.

Underwriting is differentiating between modern, clear-height bulk warehouses and aging infill stock that requires meaningful capital expenditure.