The power balance in global logistics real estate is shifting from renters to landlords, due to a combination of tight supply, rising costs, and structural uncertainty, according to a report from industrial real estate firm Cushman & Wakefield.
An analysis of 135 global logistics markets shows that the proportion experiencing tenant‑favorable conditions is expected to fall from 52% in 2026 to 33% by 2029 as vacancy tightens and supply remains constrained, Cushman & Wakefield said in its “Waypoint 2026” report.
That shift will see 39% of markets experiencing landlord-favorable conditions in 2029, up from 26% in 2026. And the trend occurs as global logistics rents already sit 36% above 2020 levels and operating costs continue to rise, prompting occupiers to make strategic decisions to secure critical locations.
One reason for the change is that demand for higher‑quality, strategically located assets is being reinforced as businesses redesign their networks to reduce exposure to geopolitical, trade, and climate disruption, which are becoming structural factors, rather than episodic disruptors.
“The next phase of the logistics cycle will be defined by preparedness,” report author Sally Bruer of Cushman & Wakefield said in a release. “Businesses that embed resilience into their real estate strategies, through smarter use of technology, automation and energy‑secure assets, will be far better placed to navigate disruption and capture long‑term growth.”
The pace of change varies among global regions, but the Americas face the most abrupt shift towards landlords. Current tenant‑favorable conditions in 53% of markets are down sharply from 72% a year ago as vacancy has stabilized. By 2029, landlord‑favorable markets (17% today) are expected to rise to 46%—the most pronounced regional shift globally.
“The Americas are moving back to a landlord-led market faster than any other region. In the U.S., we are already seeing supply and demand rebalance, while nearshoring into Mexico continues to drive new demand. For occupiers, that means the cost of waiting is rising quickly, especially for well-located, high-quality space,” Jason Tolliver, President, Americas Logistics & Industrial Services, Cushman & Wakefield, said.
