INTRODUCTION

After several years of historically elevated development activity, both the multifamily and industrial sectors have entered a different phase of the cycle. The record wave of projects delivered between 2022 and 2025 are largely in the rearview mirror, and both property types are positioned to see meaningfully lower new supply over the next several years. In multifamily, net delivered units peaked at just under 700,000 units nationally in 2024, representing the largest wave of new supply in decades. Deliveries are now projected to decline by more than 60% over the coming years, falling to approximately 234,000 units by 2028, the lowest annual level since the market emerged from the Global Financial Crisis. Industrial is following a similar trajectory. Deliveries are expected to average approximately 170 MSF annually across 2026 and 2027, down roughly 67% from recent peaks.