Warehouse Lease Rates (Q1 2026 Data)
Key Takeaway
The Cushman & Wakefield Q1 2026 national overall asking rent is $10.20/sf/year NNN, with vacancy of 7.0%. JLL's Q1 2026 average direct asking rate is $10.34/sf/year. Among 83 published metros, asking rents run from $4.36 in Memphis, TN to $27.59 in NY Outer Boroughs.
Table of Contents
National asking rents, Q1 2026
Two national series are shown separately. Cushman & Wakefield also reports Q1 2026 net absorption of 40 million square feet, quarterly completions of 54 million square feet, and 284.1 million square feet under construction. Year-over-year asking-rent growth in that report is 2.1%.
| Series | Asking rent | Vacancy | YoY asking-rent change |
|---|---|---|---|
| Cushman & Wakefield overall weighted asking rent | $10.20/sf/yr | 7.0% | 2.1% |
| JLL average direct asking rate | $10.34/sf/yr | 7.5% | 0.8% |
Source / as of: Cushman & Wakefield, United States Industrial Marketbeat, Q1 2026 (preliminary). Overall weighted asking rent, NNN, all property types. JLL national figure: JLL, United States Industrial Market Dynamics, Q1 2026. Average direct asking rate. The two national series are not blended.
Cushman & Wakefield national series, Q1 2025–Q1 2026
| Period | Overall asking rent | Vacancy |
|---|---|---|
| Q1 2025 | $9.99/sf | 6.9% |
| Q2 2025 | $10.06/sf | 7.1% |
| Q3 2025 | $10.05/sf | 7.1% |
| Q4 2025 | $10.13/sf | 7.0% |
| Q1 2026 | $10.20/sf | 7.0% |
Source / as of: Cushman & Wakefield, United States Industrial Marketbeat, Q1 2026 (preliminary). Overall weighted asking rent, NNN, all property types.
Regional asking rents
These are the four regions in the Marketbeat. This site does not assign metros to those regions, and it does not publish state averages.
| Cushman & Wakefield region | Overall asking rent (NNN, $/sf/yr) | Vacancy |
|---|---|---|
| Northeast | $13.56 | 7.6% |
| Midwest | $6.75 | 4.8% |
| South | $8.63 | 7.8% |
| West | $12.79 | 7.9% |
Source / as of: Cushman & Wakefield, United States Industrial Marketbeat, Q1 2026 (preliminary). Overall weighted asking rent, NNN, all property types.
Warehouse asking rents by metro (83)
Each row is one overall asking rent and one vacancy rate. Building-class ranges, wage rates, and NNN add-on ranges are not in the source and are not listed.
Source / as of: Cushman & Wakefield, United States Industrial Marketbeat, Q1 2026 (preliminary). Overall weighted asking rent, NNN, all property types.
What NNN means in these figures
A triple-net lease bills property taxes, insurance, and common-area maintenance on top of base rent. Cushman & Wakefield defines the overall asking rents above as NNN averages weighted by available direct and sublease space. A gross lease folds some of those expenses into a higher base rent. Compare offers on the same basis, and ask for the operating-expense history for the building you are quoting. This page does not estimate that add-on.
Frequently Asked Questions About Warehouse Lease Rates
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