While Liberation Day kicked off the quarter with an uptick in volatility, the industrial sector had been under increased pressure long before early April. The heightened uncertainty around trade only increased that pressure, resulting in a more meaningful cap rate expansion in the Industrial sector than the REIT market experienced as a whole, with the Southern California market experiencing this repricing most acutely.
Our Q2 2025 REIT Cap Rate Perspective Summary Report offers more detailed insight into this sector, as well as our perspective across the REIT market.
