The worse may be over for the U.S. warehouse market, according to research published today by the market intelligence firm Interact Analysis. Senior analyst Matthieu Kulezak writes that the market bottomed out in 2025 and is now slowly recovering, benefiting from easing economic uncertainty and steady e-commerce demand.According to Interact Analysis, the number of warehouses entering the building stock peaked at 2,784 in 2022 and then dropped steeply through 2023 and 2024. The market hit bottom in 2025 with only 585 warehouses entering the building stock. Interact Analysis anticipates that that number will creep upward this year, as construction projects that were delayed in late 2024 and 2025 return to the pipeline.Kulezak’s optimism was muted, however, noting that construction costs remain at record highs and financing remains tight. The analyst does not expect construction to return to pre-pandemic levels until 2028, especially as speculative development is now focused on data centers as opposed to distribution centers.Furthermore, this recovery is fragile. “Renewed trade tensions between the U.S. and China could quickly reverse recent gains,” Kulezak writes, “reigniting uncertainty and delaying investment decisions once again.”
