Industrial Hiring Lifts CRE Demand in Select Metros

The National Association of Realtors’ third-quarter 2026 Commercial Real Estate Demand Index found that local hiring in manufacturing, transportation and warehousing is shaping commercial real estate demand, despite industrial employment being roughly flat nationally. San Antonio made the largest jump, rising from 76th to ninth, while Seattle climbed to 44th and Nashville to 20th; Austin also entered the top 10. Of 306 metros, 143 scored above the index’s 100-point benchmark, led by St. George, Utah, and smaller markets generally outperformed major cities, including Miami, New York, Los Angeles and San Francisco, which remained below average.