国别报告 | 全球工业用地情况分析报告（中）

发布时间：26-04-24　　来源：中国仓储与配送协会

中/英文供稿：贾帙隈 曼彻斯特大学 项目管理专业硕士研究生，国际仓储与物流联盟实习生

校            审：仉一诺 国际仓储与物流联盟秘书长助理

审              核：周武秀 国际仓储与物流联盟副秘书长

全球工业用地情况分析报告

Global Industrial Land Market Analysis Report

三、北美地区工业用地市场现状

North American Industrial Land Market

北美是全球规模最大、市场化程度最高的工业地产市场，目前在高利率环境及前期供给集中释放的背景下，整体进入去库存与租金增速放缓阶段。市场主体以头部物流地产商为主，包括Prologis（美国安博）、Global Logistics Properties（GLP，新加坡普洛斯）、East Group Properties（美国东方集团地产）等，其通过规模化持有与运营构成核心供给。

North America is the world's largest and most market-oriented industrial real estate market. Against a backdrop of elevated interest rates and a concentrated release of prior-cycle supply, the market has broadly entered a phase of inventory digestion and decelerating rent growth. The market is dominated by leading logistics real estate operators, including Prologis, Global Logistics Properties (GLP) and East Group Properties, which collectively form the core supply base through large-scale asset ownership and management.

美国方面，当前工业用地市场呈现出明显的“结构性错配”。开发活动在过去周期中过度集中于大型物流中心，导致超大型仓储设施供给阶段性过剩，而中小型工业厂房及仓储空间则持续紧缺。具体来看，10万平方英尺以上的大型工业设施空置率已上升至10%以上，而5万平方英尺以下的中小型空间空置率仅约4.1%。供需失衡推动中小型工业空间租金形成显著溢价，平均租金较大型物业高出约30%。

The United States currently faces a pronounced "structural mismatch." Development activity in the previous cycle was heavily concentrated in large-scale logistics centers, resulting in a cyclical oversupply of large warehouse facilities while small- and mid-size industrial space remains persistently undersupplied. Specifically, vacancy rates for facilities exceeding 100,000 sq. ft. have risen above 10%, whereas the vacancy rate for spaces below 50,000 sq. ft. stands at approximately 4.1% — near pre-pandemic lows in many markets, falling as low as 2.7% in high-demand markets such as Las Vegas. This supply-demand imbalance has generated a significant rent premium for small- and mid-size industrial space, with average rents running approximately 30% higher than those for large-format properties.

从总量上看，美国工业存量约19.5亿平方米，其中约7.5%处于空置状态。分城市来看，达拉斯-沃斯堡空置率约9%，芝加哥各子市场差异显著（1.1%–10.8%）。与此同时，在建规模已降至近十年低位（约占存量1.7%），反映开发端正在主动收缩供给。达拉斯-沃斯堡以2,880万平方英尺在建量位居全国第一，芝加哥以1,360万平方英尺位列第四。

In aggregate, U.S. industrial stock totals approximately 1.95 billion square meters, of which roughly 7.5% is vacant. At the city level, the Dallas–Fort Worth market has a vacancy rate of approximately 9%, while Chicago's submarkets vary significantly, ranging from 1.1% to 10.8%. Meanwhile, the construction pipeline has contracted to its lowest level in nearly a decade, representing approximately 1.7% of existing stock, reflecting a deliberate pullback on the development side. DFW leads the nation with approximately 28.8 million sq. ft. under construction, followed by Chicago at approximately 13.6 million sq. ft. in fourth place.

从工业用地角度看，美国新增可开发土地有限，市场以存量土地再开发为主，土地本身并不构成主要约束，核心问题在于不同类型工业空间供给结构与需求之间的不匹配。

From a land supply perspective, new developable industrial land in the U.S. is limited, and the market is predominantly driven by redevelopment of existing sites. Land availability per se is not the primary constraint; rather, the core issue lies in the structural mismatch between the types of industrial space being supplied and the nature of occupier demand.

加拿大工业地产市场整体表现出较强韧性。2025年底全国平均空置率约为5.5%–6.3%，虽较前期有所上升，但仍处于相对健康区间，全国平均净租金约为14.91加元/平方英尺。分城市来看，温哥华和多伦多空置率分别约为4.1%和3.9%，明显低于全国平均水平。可用空间持续紧张，租金保持上涨态势，多伦多部分核心区域的租金甚至上涨了9.9%，达到17.33加元/平方英尺。

Canada's industrial real estate market has demonstrated relatively strong resilience. The national average vacancy rate stood at approximately 5.5% to 6.3% at the end of 2025 which slightly elevated from prior levels but still within a healthy range. The national average net rent was approximately CAD 14.91 per sq. ft. At the city level, Vancouver and Toronto recorded vacancy rates of approximately 4.1% and 3.9% respectively, both well below the national average. Available space remains tight, and rents have continued to rise, with select core Toronto submarkets recording rent growth of 9.9%, reaching CAD 17.33 per sq. ft.

从供给端看，全国工业存量约20.76亿平方英尺，在建规模约2120万平方英尺，其中超过一半尚未预租，意味着未来仍存在一定潜在供给压力。温哥华存量约2.23亿平方英尺，在建419万平方英尺；多伦多存量约8.5亿平方英尺，在建845万平方英尺；蒙特利尔存量约3.72亿平方英尺，空置率约为5.6%。

On the supply side, national industrial stock totals approximately 207 million square meters, with approximately 21.2 million square meters under construction, of which more than half remains unleased, suggesting some degree of future supply pressure. Vancouver's stock stands at approximately 223 million sq. ft. with 4.19 million sq. ft. under construction; Toronto's stock is approximately 850 million sq. ft. with 8.45 million sq. ft. in the pipeline; Montreal's stock is approximately 372 million sq. ft. with a vacancy rate of approximately 5.6%.

图1:加拿大已开发工业用地情况

Status of Developed Construction Industrial Land in Canada

图2:加拿大在建工业用地规模情况

Overview of Industrial Land Under Development in Canada

在工业用地方面，加拿大核心城市受土地政策约束明显，例如温哥华受城市增长边界（Urban Growth Boundary）限制，可开发工业空地极为有限，成为推高租金的重要因素。因此，加拿大市场的核心约束在于土地供给受限与需求持续增长之间的矛盾。

Regarding land supply, core Canadian cities face notable land policy constraints. Vancouver, for example, is subject to an Urban Growth Boundary that severely limits the availability of developable industrial land, which is a key driver of elevated rents in that market. The fundamental constraint in Canada is therefore the tension between restricted land supply and sustained demand growth.

墨西哥受近岸外包（Nearshoring）趋势驱动，电子、汽车及医疗设备制造业持续扩张，带动工业地产需求快速增长。其现代化甲级工业空间主要集中于北部制造业走廊，包括蒙特雷、华雷斯城、蒂华纳等城市，空置率接近0%，市场整体供不应求。开发商虽在加速新建项目，但受制于基础设施与土地开发条件，新增供给难以及时释放，租金呈双位数增长。

Mexico has seen rapid industrial real estate demand growth, driven by the nearshoring trend and continued expansion in electronics, automotive, and medical device manufacturing. Modern Class A industrial space is primarily concentrated in northern manufacturing corridors, including Monterrey, Ciudad Juárez, and Tijuana, where vacancy rates are approaching 0%, and the market is broadly supply-constrained. While developers are accelerating new construction, the pace of new supply delivery remains limited by infrastructure and land development conditions, resulting in double-digit rent growth.

从工业用地角度看，墨西哥北部地区名义上可开发土地相对充足，但具备完善水、电、道路等配套条件的“即插即用”型工业用地极为稀缺。这一结构性瓶颈成为限制工业地产供给扩张的关键因素。

From a land supply perspective, northern Mexico nominally has a relatively ample stock of developable land, but "plug-and-play" industrial sites, those equipped with full water, power, and road infrastructure, are extremely scarce. This structural bottleneck is the key factor constraining the expansion of industrial real estate supply.

数据来源：

Rental Vacancy Rate for Georgia https://tradingeconomics.com/united-states/rental-vacancy-rate-for-georgia-percent-a-na-fed-data.html

Real Estate Investment in Georgia 2026: A Comprehensive Analysis for Investors with Numbers and Comparisons https://arcisge.com/en/real-estate-investment-in-georgia-2026/

Canada Industrial MarketBeat https://www.cushmanwakefield.com/en/canada/insights/canada-marketbeats/industrial-marketbeats 

U.S. Industrial Market Shows Renewed Momentum Heading into 2026 as Vacancy Stabilizes and Leasing Demand Strengthens https://www.cushmanwakefield.com/en/united-states/news/2026/01/industrial-market-shows-renewed-momentum-heading-into-2026

中国仓协保税、跨境电商与海外仓分会

 Bonded,Cross-Border E-Commerce and Overseas Hub Branch

 China Association of Warehousing and Distribution