Cushman & Wakefield’s latest Waypoint 2026 report indicates that global logistics real estate is moving into a new phase in which landlords are expected to regain leverage after several years of more tenant-friendly dynamics. The study covers 135 logistics markets worldwide and projects a clear shift in negotiating power over the next three years as vacancy tightens and new supply remains limited.
According to the report, just over half of the markets analyzed, or 52%, are expected to offer tenant-favorable conditions in 2026. By 2029, that share is projected to decline sharply to 33%, reflecting reduced availability and a more competitive environment for occupiers seeking space. Over the same period, the proportion of markets characterized as landlord-favorable is forecast to rise from 26% in 2026 to 39% in 2029, signaling a broad-based rebalancing in owners’ favor across global logistics hubs.
The analysis ties this changing balance to the combined impact of elevated demand and constrained supply pipelines, which are expected to keep vacancy levels low in many key distribution and warehousing markets. With limited new projects coming online relative to occupier requirements, landlords are anticipated to have greater ability to hold firm on lease terms and pricing, particularly in locations critical to supply chain performance.
Cost pressures are a core theme of the report. Cushman & Wakefield notes that average global logistics rents now stand 36% above 2020 levels, underscoring the speed and scale of rental growth since the start of the decade. At the same time, occupiers are facing higher operating costs, compounding the financial impact of space decisions and prompting a more selective approach to location and asset quality.
Looking ahead, 54% of the markets surveyed expect further rental growth over the next three years, suggesting that many occupiers will continue to encounter upward pressure on occupancy costs even as they contend with broader inflation and cost-control priorities. The report implies that securing and holding strategic locations in key logistics corridors is becoming a long-term competitive necessity rather than a short-term tactical choice.
Report author Sally Bruer emphasizes that “the next phase of the logistics cycle will be defined by preparedness.” She highlights that businesses which integrate resilience into their real estate strategies, including through more effective use of technology, greater deployment of automation and a focus on energy-secure assets, are likely to be better positioned to manage disruption. In her view, these occupiers will have a stronger platform to capture long-term growth, even as rents rise and landlords gain negotiating strength in many global logistics markets.
