Real vacancy rates, rent comps, and absorption data for every major western market. Built for landlords, brokers, and investors who need the full picture.
Click any market to see vacancy rates, rent comps, submarket data, and trend analysis sourced from the most recent quarterly reports.
| Market | Overall Vacancy | Small-Bay Vacancy | Avg Rent NNN | Trend | Status |
|---|---|---|---|---|---|
| Spokane / Inland NW | ~2.5% | $12–$18/SF | ↑ Rising rents | Extremely Tight | |
| Hayden / CdA, ID | 0.72% | $14–$18/SF | ↑ Fully occupied | Fully Occupied | |
| Los Angeles | ~3.0% | $14–$18/SF | → Stabilizing | Tight — Infill | |
| Portland | ~5.0% | $11.04/SF | ↑ 15-yr high | Softening | |
| Boise | ~6.0% | $10–$13/SF | → Stabilizing | Moderate | |
| Seattle / Puget Sound | ~5.5% | $14.67/SF | ↑ New supply | Normalizing | |
| Salt Lake City | ~6.5% | $9–$12/SF | ↓ Improving | Improving | |
| Denver | 6.1% | $11.76/SF | → Stabilizing | Moderate | |
| Reno / Sparks | ~8.0% | $9–$11/SF | ↓ Improving from peak | Normalizing | |
| Phoenix | ~7.0% | $9–$12/SF | ↓ 3rd consec. decline | Improving |
| Submarket | Vacancy | Rent Range NNN | Product Type | Status |
|---|---|---|---|---|
| Hayden, ID | 0.72% | $14–$18/SF | Small-Bay Industrial | Fully Occupied |
| Coeur d’Alene, ID | 2.56% | $13–$17/SF | Small-Bay / Flex | Extremely Tight |
| Post Falls, ID | ~3.0% | $12–$16/SF | Small-Bay Industrial | Tight |
| Spokane Valley, WA | 3.1% | $10–$15/SF | Mixed Industrial | Tight |
| West Spokane, WA | 4.2% | $9–$13/SF | Large-Bay / Distribution | Moderate |
| Submarket | Vacancy | Rent NNN | Trend | Status |
|---|---|---|---|---|
| South Seattle / SODO | 7.2% | $16–$22/SF | → Stable | Moderate |
| Kent Valley | 10.1% | $13–$17/SF | ↑ New supply | Softening |
| Eastside (Bellevue/Redmond) | 6.8% | $18–$26/SF | → Stable | Moderate |
| Tacoma / Pierce County | 11.2% | $11–$15/SF | ↑ Elevated | Elevated |
| Snohomish County | 8.4% | $13–$17/SF | → Stabilizing | Moderate |
| Submarket | Vacancy | Rent NNN | Trend | Status |
|---|---|---|---|---|
| Airport Way / Columbia Corridor | 5.8% | $11–$14/SF | ↑ Rising | Moderate |
| Swan Island / North Portland | 4.9% | $13–$17/SF | → Stable | Moderate |
| Tualatin Valley / Hillsboro | 7.2% | $10–$13/SF | ↑ New supply | Elevated |
| Clackamas / SE Portland | 6.3% | $10–$13/SF | ↑ Sublease | Softening |
| Vancouver, WA | 5.1% | $11–$14/SF | → Stable | Moderate |
| Submarket | Vacancy | Rent NNN | Trend | Status |
|---|---|---|---|---|
| Boise / Garden City | 7.8% | $11–$14/SF | → Stabilizing | Moderate |
| Nampa / Caldwell | 9.4% | $9–$12/SF | ↑ New spec supply | Softening |
| Meridian / Eagle | 8.1% | $11–$14/SF | → Stable | Moderate |
| Kuna / SW Boise | 10.2% | $8–$11/SF | ↑ Elevated | Elevated |
| Submarket | Vacancy | Rent NNN | Trend | Status |
|---|---|---|---|---|
| Salt Lake City / Airport | 8.4% | $10–$13/SF | → Stable | Moderate |
| West Valley / Magna | 9.8% | $9–$12/SF | ↓ Improving | Improving |
| South Valley (Sandy/Draper) | 7.9% | $11–$14/SF | → Stable | Moderate |
| Provo / Utah Valley | 10.1% | $8–$11/SF | ↓ Improving | Improving |
| Ogden / Weber County | 9.3% | $8–$11/SF | → Stable | Moderate |
| Submarket | Vacancy | Rent NNN | Trend | Status |
|---|---|---|---|---|
| Denver / Commerce City | 8.1% | $12–$15/SF | → Stable | Moderate |
| Aurora / DIA Corridor | 10.4% | $10–$13/SF | ↑ New supply | Elevated |
| Northwest Denver (Broomfield) | 8.7% | $12–$16/SF | → Stable | Moderate |
| Southwest Denver (Englewood) | 7.2% | $12–$15/SF | ↓ Improving | Improving |
| Boulder / Longmont | 6.8% | $14–$18/SF | → Stable | Moderate |
| Submarket | Vacancy | Rent NNN | Trend | Status |
|---|---|---|---|---|
| Southwest Valley (Goodyear/Avondale) | 12.1% | $9–$12/SF | ↓ Improving | Elevated |
| Tempe / Chandler | 7.4% | $11–$15/SF | → Stable | Moderate |
| North Phoenix / Deer Valley | 8.9% | $10–$13/SF | ↓ Improving | Improving |
| Mesa / Gilbert | 8.2% | $11–$14/SF | → Stable | Moderate |
| Scottsdale / East Valley | 6.8% | $13–$17/SF | → Stable | Moderate |
| Submarket | Vacancy | Rent NNN | Trend | Status |
|---|---|---|---|---|
| LA Infill / Vernon | 3.1% | $18–$24/SF | → Stable | Tight |
| South Bay (Torrance/Carson) | 4.8% | $16–$20/SF | → Stable | Tight |
| San Gabriel Valley | 5.9% | $14–$18/SF | ↑ Slight rise | Moderate |
| Inland Empire West (Ontario) | 7.4% | $12–$16/SF | ↑ New supply | Moderate |
| Inland Empire East (Riverside) | 9.2% | $10–$14/SF | ↑ Elevated | Elevated |
| Submarket | Type | Vacancy | Trend | Status |
|---|---|---|---|---|
| Turnpike / W. Lonestar | Small-Bay (<15K SF) | <2.0% | ↓ Tightening | Extremely Tight |
| Infill DFW (<50K SF) | Flex / Small Industrial | ~4.8% | → Stable | Tight |
| North Dallas / Plano | Flex / Light Industrial | ~7.2% | → Stable | Opportunity |
| Big-Box Logistics (>500K SF) | Large Format | 15.0% | ↑ Rising | Softening |
DFW posted record Q1 leasing activity with 4.1M SF of net absorption. Small-bay under 50K SF tells a completely different story from the bulk market — infill corridors near the Turnpike remain below 2% availability. Asking rents at $8.40/SF NNN are rising steadily. DFW added 239M SF of new industrial since 2020, nearly all large-format — small-bay inventory barely grew.
Sources: CBRE Q1 2026 DFW Industrial · Cushman & Wakefield Q1 2026 DFW MarketBeat · Colliers Q1 2026
| Submarket | Type | Vacancy | Trend | Status |
|---|---|---|---|---|
| O’Hare / Elk Grove / N. Cook | Small-Bay / Flex | <3.0% | ↓ Tightening | Extremely Tight |
| Chicago Infill (City) | Urban Small-Bay / Flex | ~3.5% | → Stable | Very Tight |
| I-55 / Southwest Suburbs | Industrial / Distribution | 5.5% | → Stable | Tight |
| Large-Bay (500K+ SF) | Big-Box Logistics | 7–8% | ↑ Rising | Softening |
Chicago leads all 11 tracked markets in rent growth at +5.2% YoY. Small-bay vacancy has stayed below 4% for five consecutive years in core submarkets. The O’Hare/Elk Grove/North Cook corridor is one of the tightest industrial corridors in the nation — essentially no land available for new small-bay development. Overall vacancy at 4.91% is the second tightest market in the dataset behind only Spokane/Inland Northwest.
Sources: Cushman & Wakefield Q1 2026 Chicago MarketBeat · CBRE Q1 2026 Chicago Industrial · Colliers Q1 2026
| Submarket | Type | Vacancy | Trend | Status |
|---|---|---|---|---|
| Atlanta Infill (<100K SF) | Small-Bay / Flex | ~4.2% | → Stable | Tight |
| I-85 / Northeast Corridor | Light Industrial / Flex | ~4.5% | → Stable | Tight |
| I-20 / South Atlanta | Industrial / Distribution | ~6.5% | → Stable | Opportunity |
| Distribution Centers (>700K SF) | Big-Box Logistics | 9.0% | ↑ Rising | Softening |
Atlanta posted 3.8M SF of net absorption in Q1 2026 — its strongest first quarter in four years. Buildings under 50,000 SF continue to drive leasing activity while bulk logistics product sees elevated vacancy. Small-bay rents at $7.68/SF NNN represent strong value compared to coastal markets. Georgia’s port infrastructure and I-85/I-20 network supports small importers, e-commerce operators, and light manufacturers.
Sources: Cushman & Wakefield Q1 2026 Atlanta MarketBeat · CBRE Q1 2026 Atlanta Industrial · Colliers Q1 2026
Across every western U.S. market, spaces under 10,000 SF are consistently posting vacancy rates roughly half those of large-format industrial. Less than 1% of commercial inventory is currently under construction — compared to over 3% for large-format — creating a structural supply constraint that is driving rent growth and investor returns.
This is not a local phenomenon. From Los Angeles infill to the Inland Northwest, the same pattern holds: commercial industrial is the tightest, most liquid, and fastest-appreciating segment of the industrial market.
“What stands out right now is not just demand, but where liquidity is actually returning first. We’re seeing capital re-engage most decisively in small-bay industrial because the fundamentals are easier to underwrite and the income story is clearer.”
— Brian Malliet, CIO, BKM Capital Partners — Q4 2025 Market UpdateNational vacancy peaked in late 2025 and is now declining. Net absorption hit its strongest Q1 in three years. The cycle is resetting in favor of landlords and investors.
Every data point on this page is sourced from published quarterly reports from the leading commercial real estate research firms.
Cushman & Wakefield, JLL, Colliers, Lee & Associates, and Savills publish quarterly market reports covering vacancy, absorption, and rent data for every major U.S. market.
Kiemle Hagood (Spokane) and NAI Black (Coeur d’Alene) publish quarterly reports covering the Inland Northwest with submarket-level detail unavailable from national sources.
Active listing data from the Industrix platform provides real-time small-bay vacancy and rent signals for the markets where we have active listings — updated continuously.
Market data is updated quarterly following the publication of institutional reports. Platform data is updated in real time. All data is labeled with its source and publication date.
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