U.S. industrial net absorption reached 83 million square feet in Q3 2026, Colliers data summarized by CRE Daily on November 10, 2026, the strongest quarter since 2022. Deliveries totaled 71 million square feet, so demand beat supply for the second consecutive quarter and vacancy fell to 7.2%.
The print lands the same week as MDH Partners' Laredo DHL acquisition and JLL IPT's Boston distribution buy. Macro tightening is showing up in border, coastal, and infill deal flow simultaneously.
How Much Did the Supply-Demand Balance Improve?
Colliers' trailing 12-month math tells the reversal story:
| Period | Absorption | Deliveries | Net |
|---|---|---|---|
| Trailing 12 months (Q3 2026) | 255M SF | 261M SF | ~balanced |
| Prior trailing year | — | — | ~112M SF supply surplus |
Asking rents for warehouse and distribution space averaged $10.43 per square foot, slightly above the prior year, with Colliers saying rents stabilized after the supply-driven correction.
That stabilization pairs with JLL's Q3 read of 3.2% national asking rent growth to $10.55 PSF on a different survey. Directionally, landlords are done giving away rollover.
Which Markets Won Q3 2026?
Top MSA absorption:
- Dallas-Fort Worth: 15.4M SF
- Chicago: 8.8M SF
- Houston: 8.3M SF
Midwest and South captured ~80% of national demand. Regional vacancy:
| Region | Vacancy Q3 2026 | Change |
|---|---|---|
| Midwest | 5.1% | -22 bps |
| West | 7.5% | -16 bps |
| South | 8.5% | slightly higher |
| Northeast | 8.1% | slightly higher |
Colliers saw vacancy fall in 34 of 79 tracked markets. Steepest drops: Columbus, Indianapolis, Stockton, Charleston, Memphis, Phoenix.
Houston's 8.3M SF quarter aligns with Colliers Houston's 21.1M SF YTD absorption narrative and recent owner-user buying interest noted locally.
Is Construction Coming Back?
329M SF sat under construction in Q3, +19% YoY but -54% from the 711M SF peak at year-end 2022.
Leaders under construction:
- DFW: 40.3M SF
- Houston: 25.5M SF
- Atlanta: 19.8M SF
Austin is the caution flag: 11.5% of stock under construction with 19.2% vacancy, per CRE Daily's Colliers recap.
Facilities Dive's November 2, 2026 Colliers/JLL recap tied demand to data-center supply chains, 3PLs, and power infrastructure users. Colliers echoes that equipment and construction-material tenants are absorbing while older small buildings lag.
How Should This Colliers Print Be Used With CBRE and Yardi?
Three benchmarks, one quarter:
| Source | Q3 2026 headline | Vacancy read |
|---|---|---|
| Colliers (via CRE Daily) | 83M SF absorption | 7.2% |
| CBRE (Your CAIO coverage) | 104.6M SF absorption | ~6.8% (JLL cited in sister coverage) |
| Yardi Matrix | Starts 274.4M SF YTD | ~9.7% |
Do not average them. Use Colliers for market-share and regional vacancy trends; use CBRE/JLL for big-box flight-to-quality; use Yardi for development pipeline starts.
Deal corroboration this week:
- Phoenix portfolio: Oxford Sycamore 460k SF
- Global logistics capital: CTP Vietnam platform $500M
The Numbers Worth Writing Down
- Q3 2026 absorption: 83M SF (Colliers)
- Q3 deliveries: 71M SF
- National vacancy: 7.2%
- Asking rent: $10.43/SF (slightly YoY positive)
- Trailing 12M absorption / deliveries: 255M / 261M SF
- Under construction: 329M SF (-54% vs. 2022 peak)
- Top market absorption: DFW 15.4M SF
Absorption Beats Supply Again
Two straight quarters of demand beating deliveries is the macro line landlords needed after 2025's glut narrative. 83 million square feet is not 2021 frenzy, but it is enough to keep institutional buyers allocating 40% to warehouses.
Underwrite market-by-market: Midwest tightening is real; Austin oversupply is real; border logistics trades on tenancy. Colliers gives you the map; your rent roll tells you if you are on it.
Sources
- Industrial Absorption Hits 83M SF, Strongest Since 2022, CRE Daily, November 10, 2026
- Industrial Facilities Gained Momentum in Q3: Colliers, JLL, Facilities Dive, November 2, 2026
- CBRE Q3 2026 Industrial Absorption, Your CAIO, November 2026
- MDH Partners Laredo Acquisition, Your CAIO, November 2026