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Las Vegas' industrial market experienced a slight vacancy tightening to 12.7% in first quarter 2026 as net absorption of 1.5 million square feet outpaced construction deliveries of 1.3 million square feet, with major transactions including PepsiCo's 1.0 million square foot pre-lease at North Vegas Logistics Center and DHL's 1.3 million square foot multi-building move-in. Local employment declined 0.8% year-over-year while leasing activity declined from strong 2025 levels amid headwinds from slowing population growth, elevated housing costs, and a depressed labor market.

Cushman & Wakefield's Q1 2026 Las Vegas multifamily market report shows the metro added 312 units across one property while maintaining resilient demand with net absorption of 403 units, resulting in a vacancy rate decline to 10.6% and an effective rent of $1,451 per unit. Economic conditions improved with Las Vegas employment at 1.2 million, unemployment falling to 5.5%, and median household income reaching $84,400, while the construction pipeline compressed to 5,487 units underway—its lowest level since 2021—with year-end deliveries expected to reach 4,880 units, 46% above the 10-year average.

Cushman & Wakefield's Q1 2026 Indianapolis industrial market report shows strong tenant demand with net absorption reaching 3.3 million square feet (up 3,798.1% year-over-year), while the overall vacancy rate declined 380 basis points to 7.2% and asking rents remained relatively flat at $6.15 per square foot. Construction completions totaled just over 500,000 square feet—the lowest since Q1 2019—with the under-construction pipeline at 3.9 million square feet consisting primarily of build-to-suit projects, while warehouse and distribution leasing accounted for 90.2% of new leasing activity.

The U.S. office market is showing a selective recovery with shrinking inventory and declining availability, but demand remains concentrated in highest-quality assets and strongest locations. Trophy and class A buildings command an average rent premium of approximately 50% over class B space, while leasing activity remains 21% below pre-COVID averages nationally, though some markets like Manhattan and San Francisco have returned to or exceeded pre-pandemic leasing levels.

The Detroit office market in Q1 2026 recorded a 19.2% overall vacancy rate and positive net absorption of 328,000 square feet for a second consecutive quarter, with asking rents averaging $20.24 per square foot across all property classes. The Detroit Central Business District submarket saw the highest rent growth at 43.2% year-over-year to $35.80 per square foot, driven primarily by completion of the Class A Hudson's Detroit building where General Motors opened a 200,000-square-foot headquarters.

Cushman & Wakefield's Q1 2026 Indianapolis office market report documents that overall net absorption reached 92,000 square feet with a 20.8% vacancy rate and asking rents of $21.83 per square foot, driven primarily by strong Class A tenant demand concentrated in suburban submarkets particularly Keystone. The construction pipeline remains at a five-year low with only 70,000 square feet under construction, while investor sales dominated transaction activity at 87.3% of the 400,000 square feet in office sales during the quarter.

Las Vegas's office market recorded a 12.4% total vacancy rate in first quarter 2026 (down 30 basis points from year-end 2025), with modest net absorption of 206,410 square feet, while office-using employment totaled 238,000 jobs in December 2025, up 7.8% from pre-pandemic levels but down 2.2% year-over-year. The market faces headwinds from a sluggish housing sector, declining tourism, geopolitical tensions, and an empty construction pipeline with no new professional office projects delivered since 2024, though limited supply and steady renewal activity are expected to eventually drive moderate rent increases as Class A space continues to lease quickly while older inventory struggles.

Cushman & Wakefield's Q1 2026 Las Vegas industrial market report documents an 11.4% overall vacancy rate driven by 1.4 million square feet of new deliveries, while leasing activity of 3.0 million square feet (up 62% year-over-year) and consistent net absorption of 836,000 square feet sustained market fundamentals despite elevated supply. Average asking rents slightly declined to $1.07 per square foot, and the metro area's employment reached 1.2 million with unemployment falling to 5.5%, signaling continued economic growth and tenant demand sufficient to gradually absorb recent inventory additions as construction activity moderates.

The Indianapolis retail market recorded net absorption of negative 18,000 square feet in Q1 2026 with an overall vacancy rate of 4.8%, while average asking rents increased 6.5% quarter-over-quarter to $17.97 per square foot triple net. As of Q4 2025, Indianapolis employment stood at 1.2 million with an unemployment rate of 3.4%, and the median household income reached $83,600.

Greater Columbus's industrial market achieved a 5.2% vacancy rate in Q1 2026 with net absorption of 2.1 million square feet year-to-date, while asking rents averaged $6.34 per square foot despite a 1.6% year-over-year decline. Key transactions included an undisclosed e-commerce company's purchase of the 1.1 million square foot West Jefferson Logistics Center for $96 million and Crane Logistics' 509,000 square foot lease at Pickaway County, with 418,000 square feet of new construction delivered in the quarter.

Metro Detroit's industrial vacancy rate declined 20 basis points to 4.4% in first quarter 2026 as the market absorbed 2.1 million square feet, with Southeast Oakland County experiencing a surge in demand following GM's retooling of Orion Assembly from EV to gas-powered vehicle production. The report documents major tenant activity including Lear Corporation's 346,182 SF lease and Piston Automotive's completed 715,012 SF build-to-suit, while highlighting that Detroit MSA unemployment rose to 5.3% in January 2026 and manufacturing employment posted a 2.8% year-over-year gain despite overall payroll employment declining 0.20%.

The Detroit industrial market experienced rising vacancy and negative absorption in Q1 2026, with the vacancy rate reaching 4.1%—the highest since 2015—while net absorption totaled negative 829,000 square feet driven by slower leasing activity and increased move-outs. Overall net asking rents increased 2.1% year-over-year to $7.40 per square foot, the highest rate since Q4 2023, though new leasing activity surged 57.8% year-over-year to 2.3 million square feet, signaling potential future demand recovery.

This Cushman & Wakefield MarketBeat report analyzes the Cincinnati industrial real estate market in Q1 2026, finding that overall vacancy fell to 5.4% with year-to-date net absorption reaching 2.7 million square feet—a multi-year high—while the overall asking rent remained essentially flat at $6.35 per square foot. Key tenants including Walmart (1.2 million square feet at C5 Encore Logistics Center) and DB Schenker Logistics drove demand, and Greater Cincinnati ranked in the top 10 of the largest U.S. metropolitan areas for new corporate investment projects according to Site Selection Magazine.

Cleveland's retail market in Q1 2026 maintained a 5.1% vacancy rate supported by limited new construction and tight supply, though demand softened with negative absorption of 623,000 square feet and rent growth moderated to 0.7%. Investment activity strengthened with sales volume reaching $140 million, as investors focused on grocery-anchored centers and net lease assets offering stable income despite broader economic uncertainty and demographic headwinds.

Cushman & Wakefield's Q1 2026 Cleveland office market report indicates overall vacancy remained flat at 10.9% with net absorption of negative 481,804 square feet, reflecting continued tenant downsizing despite solid leasing activity, while asking rents declined slightly to $19.42 per square foot overall with Class A rents rising to $21.73 per square foot. Transaction activity in Q1 included 98 sales totaling 2.77 million square feet led by the 640,736-square-foot auction of 6300 Wilson Mills Road, and 197 leases totaling 638,599 square feet with 61 percent of deals under 2,000 square feet, concentrated among smaller tenants.

Cushman & Wakefield's Cincinnati Office MarketBeat for Q1 2026 reports that Greater Cincinnati's overall office vacancy rate stood at 25.6% with negative net absorption of 13 square feet, while the overall asking rent across all classes was $20.81 per square foot, representing a slight year-over-year increase. Key transactions included Taft Law's relocation and Paycor's occupancy of a newly constructed 44,000-square-foot headquarters, with leasing activity at 196,000 square feet down 34% year-over-year.

Columbus's multifamily market reached a two-decade high vacancy rate of 9.9% in Q4 2025 as new supply deliveries increased 41% year-over-year while average asking rents stalled at approximately $1.4K per unit with flat quarterly growth of 0.4%. The report identifies elevated mid-priced Class B deliveries in suburban submarkets, particularly Delaware County, as the primary driver of competitive pressure, while noting that the slowing construction pipeline and expected sharp decline in 2026 deliveries may improve market balance.

The Columbus multifamily market in Q4 2025 recorded a vacancy rate of 10.6% (a recent high, up 140 basis points year-over-year) and an effective rent of $1,346 per unit monthly, with 2025 marking a record-breaking delivery year of nearly 9,500 units despite more than 11,000 units remaining under construction. Net absorption for 2025 totaled more than 5,800 units (the second-highest on record), while Greater Columbus ranked 7th nationally on RentCafe's 2025 livability index and maintained a 4.6% unemployment rate equivalent to the national average.

Cushman & Wakefield's Q4 2025 Cincinnati multifamily market report shows vacancy reached 8.1% (the highest level since 2005, up 60 basis points year-over-year), while effective monthly rent stood at $1,400 per unit (a 2.3% year-over-year increase). The market delivered 2,886 units in 2025 with 4,250 units under construction, marking the 16th consecutive year of positive net absorption at 2,374 units for the year-to-date period.

Las Vegas retail vacancy climbed to 6.1% in Q4 2025 while asking rent increased to $2.06 per square foot, with the market recording $543.5 million in annual sales volume, a 54% year-over-year gain reflecting renewed liquidity and strengthened pricing at $283.57 per square foot. The metro economy added jobs with unemployment falling to 5.6%, median household income reaching $81,300, and Lifestyle Centers posting the strongest annual occupancy gains of 52,250 square feet as tenants gravitated toward amenitized, destination-oriented environments.

Columbus's retail market maintained historically tight fundamentals in Q4 2025 with 3.0% vacancy and 423,000 square feet of absorption despite retailer bankruptcies and big-box relocations, supported by strong population growth and limited new supply of only 361,000 square feet under construction. Rent growth moderated to 3.8% year-over-year at $20.28 per square foot, while investment sales totaled $132 million at $157 per square foot with an 8.3% cap rate, reflecting stable investor demand anchored by constrained availability and durable demand drivers from the region's diversified economy and major new manufacturing investments.

The Q4 2025 U.S. industrial market report by Avison Young states that national vacancy held flat for two consecutive quarters for the first time in the post-COVID cycle, with vacancy plateauing at 9.3% and net absorption reaching 54.9 million square feet, the highest level since Q1 2023. The report indicates that inventory under construction increased 2.0% as developers resumed activity after a pullback, leasing volumes surged 10.2% above pre-COVID averages, and industrial investment volume exceeded $96 billion, with stronger-than-expected demand in the second half of 2025 driven by clarity on trade policy and manufacturing investment tied to OBBBA incentives.

In Q1 2026, the Las Vegas office market recorded 12.5% overall vacancy, $2.35 asking rent per square foot, and 299,000 square feet of year-to-date net absorption, with the unemployment rate at 5.5% and 1.2 million jobs in the metro area. Class A vacancy declined 200 basis points quarter-over-quarter to 19.4% as tenants pursued suburban amenity-rich properties, Class B tightened to 11.2%, and limited future pipeline supply is expected to gradually constrain availability and support a more landlord-favorable environment.

Portland's industrial market in Q1 2026 experienced direct vacancy rising to 6.5% (a 15-year high), up 160 basis points year-over-year, with asking rents averaging $0.87 PSF NNN under pressure from increased concessions and sublease activity, while net absorption remained negative at -872,345 SF and leasing volume improved 31% year-over-year to 2.5 million square feet. The regional unemployment rate for Portland-Vancouver-Hillsboro MSA reached 4.9% as of December 2025 (up from 4.1% year-prior), manufacturing employment declined 4.3% year-over-year to 114.7k jobs, and meaningful market recovery is not expected until at least 2027 due to continued supply deliveries and uneven absorption across submarkets.

Palm Beach County's office market recorded a 13.5% overall vacancy rate at the end of Q1 2026, down 50 basis points quarter-over-quarter, with Downtown West Palm Beach vacancy falling 340 basis points annually to 12.7% driven by occupancies at One Flagler. Net absorption reached 128,000 square feet year-to-date despite new leasing activity declining 20% year-over-year, while overall average asking rents rose 6.3% year-over-year to $54.20 per square foot with Class A rents reaching $64.78 per square foot, the fifth highest in the nation.

The Minneapolis office market in Q1 2026 experienced a vacancy rate of 27.5%, declining 50 basis points year-over-year, with negative net absorption of 235,930 square feet driven primarily by Huntington Bank's 423,000-square-foot move-out, while asking rents held at $29.97 per square foot and leasing activity totaled 662,392 square feet with Class A assets capturing 63.7% of volume. Investment sales remained limited with selective repricing evident in downtown assets trading at nominal prices, though stabilized suburban properties like One Corporate Center II sold for $13.4 million, and the local unemployment rate stood at 3.8% in Q4 2025.

Minneapolis's multifamily market delivered 876 units in Q1 2026 with stabilized vacancy rising to 6.1% and net absorption declining to 240 units year-over-year, as supply outpaced demand while construction costs and tight financing conditions continued to constrain the development pipeline at 6,054 units. Average effective rents reached $1,557 per unit, up 2.6% year-over-year, with rent growth remaining steady across core locations while outer submarkets faced more competitive conditions and elevated concessions during lease-up.

Palm Beach County's retail market vacancy rate decreased 10 basis points year-over-year to 3.8% in Q1 2026, while average asking rent jumped 6.2% to a record $38.54 per square foot, driven by strong net occupancies and influx of top-of-market priced supply. Retail investment sales surged to $477.2 million in quarterly volume—the largest since Q2 2022—with cap rates averaging 6.1%, below the national average of 7.3%, reflecting strong investor demand fueled by wealth influx and limited available space.

The Portland multifamily market in Q2 2026 maintained a 7.1% vacancy rate with average asking rents of $1,656 per month, remaining essentially flat year-over-year despite positive net absorption of 2,604 units year-to-date. Construction activity declined significantly, with units under construction falling 35.9% to 4,215 units and year-to-date deliveries down 24.8% to 1,813 units, while average sale prices per unit decreased 12.9% to $182,489 and cap rates increased to 6.4%.

This Cushman & Wakefield report analyzes Salt Lake City's office market in Q1 2026, finding an overall vacancy rate of 23.0% (down 120 basis points year-over-year), 199,100 square feet of net absorption, and average asking rents of $26.39 per square foot across all property classes. Key findings include strong demand for Class A space (52% of 729,000 square feet in new leasing activity), no new office deliveries recorded, and significant supply constraints driven by ongoing adaptive reuse conversions that have removed approximately 957,000 square feet from inventory since Q4 2022.

Cushman & Wakefield's Minneapolis Industrial MarketBeat Q1 2026 report tracks market conditions across a 360.9 million square-foot industrial portfolio, reporting a 4.9% vacancy rate, net absorption of -366,000 square feet, and asking rents of $8.54 per square foot, with manufacturing users accounting for 55.6% of new leased space and speculative construction limited to under 250,000 square feet delivered and approximately 627,000 square feet under construction. Investor sentiment shifted toward smaller multi-tenant infill assets with diversified tenant rosters, while local unemployment remained stable at 3.8% in Q4 2025, 50 basis points below the national average, and new leasing held steady at approximately 2.2 million square feet quarter-over-quarter.