Industrial real estate demand is rebounding in 2026 after the slowest first half in eight years. Michael Bull, CCIM gets the latest from Marc Selvitelli, President and CEO of the Commercial Real Estate Development Association (CREDA, the organization known for decades as NAIOP).
Only 75 million square feet of industrial space delivered in the first half of 2026, the lowest in eight years. Yet 595 million square feet are now under construction, up 5% year over year, with vacancy essentially flat at 6.9%. Marc explains why the sector is normalizing toward historical norms instead of repeating the post-pandemic rocket ship, and why consumer spending and e-commerce still support the trend. One caveat sits under the numbers: the forecast assumes the conflict with Iran winds down in the second half of the year.
The conversation also covers the CREDA sentiment survey (slow, steady, and quietly positive as capital returns), the return to office at 3.4 days a week, why power availability is now the single biggest constraint on new development, and the explosion in data centers, from 2% of members three years ago to 12% today. Marc and Michael dig into industrial outdoor storage (under 2% vacancy nationwide), medical office, office-to-residential conversions, senior housing technology, and what AI really does and does not change for brokerage.
In this episode:
00:00 Intro: NAIOP Is Now CREDA
00:56 Why NAIOP Rebranded to the CRE Development Association
02:29 Industrial Demand Forecast: Slowest First Half in 8 Years
04:22 The Iran Conflict Assumption in the Forecast
05:10 595M SF Under Construction as Development Turns Up
06:19 Industrial Investment and Capital Coming Back
07:21 CREDA Sentiment Survey: Slow and Steady, Trending Positive
08:09 Multifamily Uncertainty and Office Finding Its Footing
09:44 Return to Office: 3.4 Days a Week, AI Firms at Five
10:34 Construction, Labor, and Power: The Biggest Constraint
12:12 Data Centers: From 2% of Members to 12%
14:39 Industrial Outdoor Storage: Under 2% Vacancy Nationwide
15:42 End-of-Year Opportunities: IOS, Medical Office, Conversions
17:23 A 185,000 SF Tower at 30%: The Office Condo Play
18:45 Senior Housing Demand and the Technology Gap
21:07 AI, Brokerage, and Why Relationships Still Win
25:24 Final Takeaway
Connect with Marc Selvitelli, CAE:
https://www.linkedin.com/in/marc-selvitelli-cae-7b6a991
CREDA Website: https://www.credaglobal.org
Connect with Michael Bull & The Show:
Michael Bull, CCIM
Bull Realty, Inc
https://www.linkedin.com/in/michaelbull/
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