Transportation and Logistics Real Estate: What Occupiers Need to Know

U.S. Transportation & Logistics Dashboard | Fall 2026

The U.S. transportation and logistics industry is showing early signs of stabilization, but shifting freight demand, rising operating costs and evolving trade policies continue to create uncertainty for occupiers.

Cresa's Fall 2026 U.S. Transportation & Logistics Dashboard examines the forces shaping logistics real estate, freight activity, investment and supply chain decisions. Combining national industry indicators with detailed analysis of eight major U.S. logistics markets, the report helps occupiers understand where conditions are improving, where challenges remain and how location strategies can adapt.

Five Transportation Industry Trends Shaping the Market

Cresa's latest research identifies five transportation industry trends influencing real estate and operational decisions across the U.S.

1. Logistics real estate is entering early stabilization. Rent growth has returned to low-single-digit levels after the sharp increases of 2021 and 2022. Vacancy and availability remain above
pre-pandemic levels, but both have begun to stabilize, while net absorption remains positive and the construction pipeline has contracted.

2. Capital is returning, but investors are demanding more yield. Logistics transactions increased by 12.8% over the trailing 12 months, while deal volume rose to $53.8 billion from $43.1 billion
over the same period. Average cap rates increased to 6.47% from 6.08%, while average pricing softened slightly. 

3. Freight indicators are moving in different directions. Spot rates for vans, flatbeds, and reefers increased over the past year, and air cargo revenue ton-miles remain above the long-term average. At the same time, rail carloads and the Cass Freight Index remain below their historical averages. Port volumes have remained relatively stable, while diesel prices have risen sharply in recent months.

4. Consumer demand remains resilient, but confidence and employment are softer. Retail and e-commerce spending continues to grow, and the ISM Manufacturing and Services PMI moved into expansion territory. However, consumer sentiment remains well below its long-term average, while logistics-related employment growth has slowed from post-pandemic peaks. 

5. Trade policy remains a real estate and network-planning variable. The Supreme Court’s 2026 decision held that IEEPA did not authorize the administration’s broad tariff actions. The administration responded by ending those measures, imposing a temporary 10 percent import surcharge under Section 122, and pursuing additional actions under Sections 310 and 232.

Logistics Market Trends: Real Estate and Investment

The logistics real estate market is transitioning from the rapid expansion of recent years toward more balanced conditions. Rent growth has moderated, leasing activity remains below its pandemic-era peaks and the construction pipeline has contracted significantly.

Investment activity, meanwhile, is gaining momentum.

U.S. Logistics Investment Highlights

Although capital is returning to the sector, higher cap rates and slightly softer pricing suggest investors continue to prioritize yield and manage financing risk.

For occupiers, stabilizing vacancy and a smaller construction pipeline create a changing environment for lease negotiations, facility expansions and long-term portfolio planning.

Explore Cresa's Industrial Real Estate Market research and Industrial Market analysis for additional insight into industrial property fundamentals and market conditions.

Freight Market Trends: Mixed Demand and Rising Costs

The U.S. freight market continues to send mixed signals. Truckload spot rates have strengthened across major equipment categories, and air cargo activity remains above its long-term average. However, rail freight volumes and broader shipment indicators continue to lag historical benchmarks.

Diesel prices have also increased sharply, creating additional uncertainty for transportation and logistics operators. Higher fuel expenses may influence shipping costs, routing decisions and the relative advantages of different distribution locations.

U.S. port volumes have remained relatively stable, but changing trade patterns reinforce the importance of evaluating access to multiple transportation modes and freight gateways.

For a closer look at maritime infrastructure and gateway markets, explore Cresa's US Ports research.

How Tariffs and Trade Policy Affect Logistics Real Estate

Trade policy remains an important consideration for transportation and logistics occupiers. On February 20, 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) did not authorize the President to impose tariffs. The administration responded by ending the affected IEEPA tariff actions, imposing a temporary 10 percent import surcharge under Section 122, and pursuing additional country-specific measures. The administration also continued adjusting tariffs affecting steel, aluminum, copper, and certain industrial equipment. As a result, trade policy remained fluid through the third quarter of 2026, with changes in tariff authority, country treatment, exemptions, and implementation creating continued uncertainty for importers.

For logistics occupiers, the primary implication is the potential for shifting sourcing, inventory, and import flows. That can change demand among ports, transload facilities, and inland distribution hubs. Facility strategies should preserve flexibility in transportation modes, supplier networks, and inventory levels as trade policy evolves. 

Comparing Major U.S. Logistics Markets

National transportation and logistics trends provide valuable context, but local market conditions ultimately determine how effectively a distribution network operates.

Cresa's dashboard evaluates eight major U.S. logistics markets across five factors: cost, access, labor, available space and natural-hazard risk.

Each market serves a distinct role within the national supply chain:

Los Angeles: A major Pacific port gateway offering direct access to international trade flows and extensive multimodal connectivity, alongside higher occupancy costs and a more constrained operating environment.

Inland Empire: A Southern California distribution hub offering specialized logistics labor, strong multimodal connectivity and significant large-block availability, although above-average rents and natural-hazard exposure remain important considerations.

New York: A major Northeast distribution gateway with access to a large consumer base, extensive transportation infrastructure and premium real estate costs.

Miami: An international gateway serving Florida and global trade networks, where occupancy costs and natural-hazard exposure require careful planning.

Savannah: A growing Southeast port market with competitive asking rents, specialized warehouse labor and expanding industrial supply.

Memphis: An established air cargo and distribution hub offering comparatively low rents and a concentrated logistics workforce.

Dallas: A major inland distribution market combining competitive occupancy costs, labor availability and significant industrial development.

Chicago: A leading intermodal hub with extensive rail connectivity, strong logistics labor specialization and access to Midwest consumer markets.

Rather than ranking markets as universally better or worse, the report highlights the tradeoffs occupiers should evaluate when selecting or expanding logistics facilities.

What These Trends Mean for Transportation and Logistics Occupiers

As the logistics real estate market moves toward stabilization, occupiers have an opportunity to reassess their real estate strategies.

Evaluate opportunities as market conditions shift. Moderating rent growth, positive net absorption and a smaller construction pipeline may create opportunities for occupiers to reconsider lease timing, expansion plans and long-term space requirements.

Account for total operating costs. Real estate expenses are only one part of a logistics facility's cost structure. Transportation access, fuel prices, labor availability and freight demand can significantly influence operational performance.

Location flexibility remains valuable. Trade policy, transportation costs, and uneven demand are encouraging occupiers to evaluate multiple distribution nodes, maintain inventory flexibility, and avoid relying on a single transportation channel.



Cresa's transportation and logistics advisors help occupiers evaluate these factors and align their real estate strategies with evolving business and supply chain needs. Download the full report for an in-depth look into the industry and changing market conditions.