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1、United States2025RU.S.Manufacturing Renaissance 2025 Jones Lang LaSalle IP,Inc.All rights reserved.Executive summary2This report leverages two unique datasets and JLLs comprehensive market intelligence across the U.S.to provide a thorough outlook on manufacturing growth and future industrial demand.

2、Based on JLLs tracking of announcements following the Inflation Reduction Act(IRA)and CHIPS and Science Act(CHIPS)this report offers unique insights into the impact of new manufacturing across U.S.industries and regions.Additionally,this report draws on JLLs extensive local market intelligence on fu

3、ture industrial requirements,providing an outlook on tenant behavior,including location preferences,industry-specific activity drivers and the impact of external economic factors on demand.To date JLL is tracking over 500 post-IRA manufacturing announcements that cover a vast array of industries acr

4、oss the U.S.Reshoring and regionalization are reshaping global logistics,driven by automotive electrification,pandemic-related supply chain disruptions,and geopolitical uncertainties.Recent legislation,such as the CHIPS and Science Act and the Inflation Reduction Act,has catalyzed significant invest

5、ments in U.S.manufacturing,creating jobs and expanding supplier networks.These two legislative announcements have resulted in a combined total of over 131,000 jobs and$387 billion in investment in the U.S.JLLs Industrial Tenant Demand Study revealed an uptick in manufacturing facilities contribution

6、 to future industrial requirements,projecting close to 19%share in total demand and marking a 354%increase since 2018.We predict Manufacturing related demand to reach 25%of total U.S.industrial demand by 2028.This increase can be attributed to various factors,including reshoring initiatives,the need

7、 for supply chain resilience,and advancements.Competition for suitable land and power resources has intensified as manufacturers and their suppliers seek locations for build-to-suit facilities.This trend has impacted the Warehouse and Distribution sector and increased demand for logistics and manufa

8、cturing space.Over 52%of the manufacturing inventory in the U.S.is between 30 and 60 years old.While the U.S.manufacturing landscape is dominated by aging facilities,there is demand for modernized facilities capable of supporting advanced manufacturing processes and meeting sustainability requiremen

9、ts.Legislative funding,technological complexity,rising construction,labor costs and specific infrastructure needs for power and water have significant impacts on manufacturing growth as well as future venture capital funding.Rivian is Georgia is an example of a project that has faced delays due to f

10、unding issues.In Arizona,suppliers like LCY Chemical,Solvay,and others have postponed plans due to high construction and labor costs and infrastructure challenges.Advanced manufacturers face future challenges related to high-voltage power needs,skilled labor shortages,and environmental sustainabilit

11、y.However,opportunities exist in adopting emerging technologies,expanding into international markets,and implementing sustainable practices to gain competitive advantages.U.S.Manufacturing RenaissanceSource:JLL Research 2025 Jones Lang LaSalle IP,Inc.All rights reserved.Top trends driving U.S.manufa

12、cturingsevolution Contents301030204U.S.Manufacturing RenaissanceManufacturingsimpact on real estateChallenges to site selection,aging of buildings and growing demandManufacturing industriesat a glanceTop manufacturing sub-industries fueling growth05Charting the outlook and future of manufacturingWha

13、t to expect in the next chapter for manufacturingManufacturing hotspotsNew frontier and potential growth areas 2025 Jones Lang LaSalle IP,Inc.All rights reserved.Source:JLL Research 2025 Jones Lang LaSalle IP,Inc.All rights reserved.4U.S.Manufacturing RenaissanceTariffs and trade uncertainty:The inc

14、oming administration has been clear on their strategies to strengthen U.S.manufacturing with protectionist policies.While controversial,tariffs will likely increase demand for domestic manufacturing.Currently,JLL is monitoring 124 million s.f.of active manufacturing space requirements across the U.S

15、.,reflecting this potential shift in the manufacturing landscape.Geopolitical risks and supply chain resilience:The China+1 strategy now dominates supply chain risk mitigation,with foreign companies prioritizing the U.S.and North America as their primary markets outside China.Ongoing conflicts in Eu

16、rope and the Middle East are disrupting supply chains,while tensions between Taiwan and China,alongside reshoring efforts,are shifting manufacturing from China to North America.Site selection,power and labor challenges:Labor shortages persist,requiring strategic site selection.Competition for land a

17、nd power has increased as manufacturers seek build-to-suit facilities.Demand for electricity remains high,with manufacturers competing against data centers for power-rich locations.Automation will enable increased growth:The U.S.is behind other advanced economies with automation adoption.To offset i

18、ncreased costs of domestic production,automation will be a key complement on the production floor to increase productivity.Aging of manufacturing assets:The manufacturing sector in U.S.is experiencing increasing demand,yet the average manufacturing facility is over half a century old.This aging infr

19、astructure highlights a pressing need for modernized production facilities to meet current market requirements.Growing industries:The automotive industry,led by EVs and autonomous tech,spurred economic growth recently.Now,aerospace,defense,AI,and clean energy sectors are also seeing major expansion.

20、The top trends driving U.S.manufacturings evolutionSource:JLL Research 2025 Jones Lang LaSalle IP,Inc.All rights reserved.5U.S.Manufacturing RenaissanceWhile we are still in the first inning of this manufacturing renaissance,site selection trends are shifting2020-20242025 and BeyondGrowth industries

21、Semiconductor,Clean Energy,Battery&EVAll energy,AI hardware(semiconductor),Aerospace and DefenseGeopolitical tensionsSite preferenceBrownfieldGreenfieldMost viable brownfield sites have been taken.Refurbishment of existing brownfields are often more expensive than greenfield.Power upgradesTwo years

22、or lessGreater than two years(four to eight years in some locations over 10MW)Power is a national problem and increased demand across multiple industries(inc.Data Centers)has constrained capacity.LaborLow-cost geographies with sufficient laborPrioritize community,quality-of-life aspects for recruiti

23、ng and retention of high-quality talentTalent shortages are forever problems and heightened competition in low-cost geographies erodes initial cost savings.IncentivesPursue state,local,and federal to receive anything availableIncentives will never make a bad location a good oneStringent restrictions

24、 with federal incentives and limited desirable states and counties mean the offerings may not align with operational strategies.Source:JLL Research 2025 Jones Lang LaSalle IP,Inc.All rights reserved.6U.S.Manufacturing Renaissance Global giants:Korea,Taiwan and Germany amplify U.S.manufacturing with

25、major investmentsU.S.KoreaTaiwanJapanNetherlandsCanada68%11%9%3%3%1%1%3%What is the origin of manufacturers investing in the U.S.?GermanyTo navigate geopolitical change and ensure business continuity,leaders are developing resilient supply chains,building geopolitical expertise,expanding into growth

26、 markets,implementing smart nearshoring strategies,and investing in regional differentiation.These actions involve diversifying suppliers,enhancing decision-making processes,prioritizing high-growth regions,relocating production closer to home markets,and adopting customized approaches for different

27、 regions.Note:Percentages based on projected investment sizeSource:JLL ResearchOther 2025 Jones Lang LaSalle IP,Inc.All rights reserved.7U.S.Manufacturing RenaissanceManufacturing construction spending shows massive increase over the past four yearsWhile manufacturing construction spending has seen

28、a massive increase over the last few years,it is starting to stabilize.This is most likely due to the completion of major projects,higher interest rates,market saturation,and economic shifts.A focus on upgrading existing facilities,supply chain improvements,policy changes,and demand normalization al

29、so contributed to overall spending leveling off.In general,this suggests a move towards more sustainable investment levels in manufacturing facilities.$50$100$150$200$250$30020022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024Construction spending(in millions)

30、Source:JLL Research,U.S.Census Bureau 2025 Jones Lang LaSalle IP,Inc.All rights reserved.Report8Manufacturings impact on real estateU.S.Manufacturing Renaissance8 2025 Jones Lang LaSalle IP,Inc.All rights reserved.2025 Jones Lang LaSalle IP,Inc.All rights reserved.9U.S.Manufacturing RenaissanceManuf

31、acturing related demand to reach 25%of U.S.Industrial demand by 2028Based on JLLs active tenants in the market data,we project future manufacturing requirements to account for close to 19%share of the total,marking a 354%increase since 2018.This trend is particularly evident in major markets like Ch

32、icago,Dallas-Fort Worth,and Phoenix.Key growth drivers include land availability,power,labor,and advanced manufacturing integration.The Manufacturing resurgence has come from a variety of industries,but primary growth industries include Battery&Electric Vehicles,clean energy and Semiconductors.93.5%

33、95.7%95.1%92.3%92.4%87.0%81.2%6.5%4.3%4.9%7.7%7.6%13.0%18.8%0%10%20%30%40%50%60%70%80%90%100%2018201920202021202220232024Demand requirements(as a percent of total demand s.f.)Warehouse&DistributionManufacturingSource:JLL Research,2024-2025 Industrial Tenant Demand Study 2025 Jones Lang LaSalle IP,In

34、c.All rights reserved.10U.S.Manufacturing RenaissanceManufacturing real estate requirements have increased by an average of 50%year-over-year since 2020Demand for manufacturing facilities has seen a significant uptick.JLLs Industrial Tenant Demand Study found that manufacturing now represents 19%of

35、overall future industrial requirements.The rise in demand can be attributed to various factors,including reshoring initiatives,the need for supply chain resilience,and advancements in manufacturing technologies.As companies seek to optimize their production processes and bring operations closer to e

36、nd markets,the demand for modern,technologically advanced manufacturing spaces is likely to continue its upward trajectory.123.9-20 40 60 80 100 120 1402018201920202021202220232024Square footage(in million s.f.)YearDemand for manufacturing facilities is up,accounting for 19%of overall requirements t

37、his year.Since 2020 manufacturing requirements have increased by 50%per year on average.From 2018 to 2020,manufacturing requirements decreased 1.9%per year on average.Note:JLLs Industrial Tenant Demand Study is a survey of demand requirements across over 60+JLL markets across the U.S.Source:JLL Rese

38、arch,2024-2025 Industrial Tenant Demand Study 2025 Jones Lang LaSalle IP,Inc.All rights reserved.11U.S.Manufacturing RenaissanceObsolete manufacturing buildingshint at a need for more modernized infrastructureDespite growing demand in the manufacturing sector,the average age of existing manufacturin

39、g facilities in the U.S.is 51 years.Modern facilities are crucial for localized manufacturing,efficient distribution,and resilient inventory management.Progressive markets like Savannah and Phoenix are leading in new facility development,while cities such as Chicago,Detroit,Los Angeles,and New Jerse

40、y have significant older inventory.Markets with older inventory will increasingly require updatedfacilities capable of integrating advanced technologies to enhance productivity,efficiency,and adaptability as the current inventory ages.02,0004,0006,0008,00010,00012,0000-91019202930-3940-4950-5960-697

41、0-7980-8990-99100+Number of buildings52%of the manufacturing buildings are between 30 and 60 years oldSource:JLL Research 2025 Jones Lang LaSalle IP,Inc.All rights reserved.12U.S.Manufacturing RenaissanceMarkets with manufacturing buildings30+years oldAs manufacturing evolves,cities with aging indus

42、trial infrastructureface a critical need for modernization.Outdated facilities will increasingly require significant updates to integrate advanced technologies,enhancing productivity,efficiency,and adaptability.This transformation is essential to meet the demands of modern manufacturing processes,im

43、prove energy efficiency,and maintain competitiveness in a rapidly changing industrial landscape.Cities that proactively address this need for updated facilities will be better positioned to attract and retain manufacturing businesses,fostering economic growth and technological innovation in their in

44、dustrial sectors.0100200300400500 Seattle/Puget Sound Milwaukee Minneapolis-St.Paul Greensboro/Winston-Salem West Michigan Dallas-Fort Worth Cleveland Eastern&Central PA New Jersey Los Angeles Detroit Chicago Total manufacturing inventory(in million s.f.)Source:JLL Research 2025 Jones Lang LaSalle I

45、P,Inc.All rights reserved.U.S.Manufacturing Renaissance131Suitable land with limited real estate availabilityManufacturers need substantial land for operations and expansion.The gold rush for brownfield sites from 2020 to 2023 leaves functionally obsolete options that are usually more costly to reha

46、bilitate than to develop a greenfield property.With limited brownfield options,theyre exploring greenfield sites.32Strained grid:power and utility access challengesWhile the focus on the green revolution will likely subside,demand for electricity will not especially as manufacturers compete with dat

47、a centers for sites with access to heavy power.Access to robust,cost-effective power and utility infrastructure is important to manufacturers and can impact their competitiveness and bottom line.Skilled labor in a tight labor marketLabor shortages are not going away.Manufacturers need to be strategi

48、c about their site selections to avoid savings erosion from recruiting and retention packages amid heightened competition.As manufacturing becomes more advanced and sophisticated,a robust skilled workforce is essential for operating complex systems and equipment.The manufacturing challenges:land,pow

49、er,and laborSource:JLL Research 2025 Jones Lang LaSalle IP,Inc.All rights reserved.14Manufacturing industries at a glance14 2025 Jones Lang LaSalle IP,Inc.All rights reserved.U.S.Manufacturing Renaissance 2025 Jones Lang LaSalle IP,Inc.All rights reserved.15U.S.Manufacturing RenaissanceActive indust

50、riesDemand from 2020-2023EnergyBattery technology,solar,hydrogen,nuclear and energy storageAerospace and defenseSatellite,rocket,astronautics and space logisticsClimate captureCarbon removal and storage,carbon utilization,point-source carbon capture and MRV and ratingsBiotech and food techAgTech,alt

51、ernative proteins and beverage techMaterial scienceNanotechnology,biomaterials and metals and alloysAdvanced automotive and transportationElectric vehicles,autonomous vehicles,components,EVTOL and droneArtificial intelligenceSemiconductors,autonomy,robotics and machine learningStable or increasing d

52、emand2025 and beyondSource:JLL Research 2025 Jones Lang LaSalle IP,Inc.All rights reserved.16U.S.Manufacturing RenaissanceAviation and DefenseThe aviation and defense manufacturing industry,led by giants like Boeing and Lockheed Martin,remains vital despite challenges.Government-influenced and innov

53、ation-driven,its expanding into areas like space exploration and cybersecurity.Recent federal funding shifts favor MSAs with strong labor capabilities,such as Dallas-Fort Worth,over traditional hubs.Despite VC funding slowdowns,the industry continues to see record growth in contracting,underscoring

54、its strategic importance and economic impact globally.$5.4BTotal capital invested in the U.S.20,861Jobs created in the U.S.Investment in Aerospace and Defense 2020-2024 YTDSource:JLL Research,Bloomberg Government,Lightcast$448.6$410.5$437.5$488.0$475.3$6.1$8.0$7.1$6.1$5.3$-$5.0$10.0-$100.0$100.0$300

55、.0$500.020202021202220232024 YTD*DOD awarded contracts volume($billions)VC investment($billions)Note:Capital invested and jobs created are from JLLs proprietary database of Manufacturing announcements post IRA and CHIPS and Science Act.DOD total funding amounts based on aggregate of the top 50 citie

56、s to receive funding;NAICS Code:3364/33641DOD contract award volume($billions)VC capital invested($billions)DOD funded Aerospace Manufacturing volume and employment 5010,00020,00030,00040,00050,00060,00070,00080,000$0$50$100$150$200Dallas-FortWorthSt.LouisHartfordSeattleBridgeportTucsonLos AngelesOr

57、landoSan DiegoBostonPhoenixAtlantaMajor manufacturing announcementsCompanyStateCapital invested1AirbusAL$1B2Boom SupersonicNC$500M3Joby AviationOH$500M4Boom SupersonicNC$500M5Terran OrbitalFL$300MContract award volume($)Total employment 2025 Jones Lang LaSalle IP,Inc.All rights reserved.17U.S.Manufa

58、cturing RenaissanceBattery and Electric VehiclesThe battery and EV industries are driving significant manufacturing growth in the U.S.,attracted by strong labor markets,robust infrastructure,and supportive federal and state policies including the Inflation Reduction Act.This surge is reshaping the i

59、ndustrial landscape as companies invest in high-tech plants with advanced robotics and automation,favoring regions with skilled workforces,reliable power grids,advantageous incentive packages,and efficient logistics.The complex supply chains for EVs are also spurring the development of specialized m

60、anufacturing clusters,including suppliers of critical components.Simultaneously,the environmental focus of these industry is pushing advancements in sustainable practices,including energy-efficient production methods,and the use of renewable energy within the facilities.$197BTotal capital invested i

61、n the U.S.256,796Jobs created in the U.S.Source:JLL Research,BloombergNEFNote:Capital invested and jobs created are from JLLs proprietary database of Manufacturing announcements post IRA and CHIPS and Science Act Electric Vehicle sales in the U.S.5Growth markets with job creationsCompanyJobs created

62、1Georgia39,626 2Texas36,744 3California29,210 4South Carolina24,435 5Arizona17,830 Total Sales($Millions)Share of Vehicle SalesMajor manufacturing announcementsStateCapital investedTesla GigafactoryTX$10.0BTesla GigafactoryNV$9.8BHyundaiGA$7.6BExxonMobilTX$7.0BToyotaNC$6.9B0%5%10%15%$0.0$0.5$1.0$1.5

63、$2.02015201620172018201920202021202220232024EV salesEV share of new passenger vehicle sales(%)2025 Jones Lang LaSalle IP,Inc.All rights reserved.18U.S.Manufacturing RenaissanceClean EnergyThe clean energy industry is experiencing rapid growth,driven by climate and energy security concerns,government

64、 incentives(namely,the Inflation Reduction Act),and decreasing costs.Developers are adopting sustainable practices,such as using timber in warehouse construction and installing rooftop solar panels.Supply chain participants are forming partnerships with sustainable suppliers and embracing low-carbon

65、 transportation.While initial investments in sustainable practices may be required,long-term benefits include reduced energy consumption and operational costs.This trend reflects the growing integration of clean energy solutions across sectors,highlighting sustainabilitys increasing importance in bu

66、siness and infrastructure development.$26.5BTotal capital invested in the U.S.40,046Jobs created in the U.S.Source:JLL Research,BloombergNEFNote:Capital invested and jobs created are from JLLs proprietary database of Manufacturing announcements post IRA and CHIPS and Science Act Solar PV Manufacturi

67、ng Plants in the U.S.,by capacity(MW/year)5Growth markets with job creationsCompanyJobs created1Georgia12,640 2Texas4,890 3New Mexico3,600 4South Carolina2,7005Colorado2,400 Major manufacturing announcementsStateCapital investedQcellGA$2.5B MaxeonNM$2.4B Vikram SolarCO$1.2B First SolarAL$1.1B Enel/3

68、SunOK$1.0B 050,000100,000150,000200,0002018201920202021202220232024CommissionedUnder ConstructionAnnounced 2025 Jones Lang LaSalle IP,Inc.All rights reserved.19U.S.Manufacturing RenaissanceLife SciencesThe life sciences industry has grown in the past decade as technological leaps have led to the eme

69、rgence of new modalities and treatments.The technological advancements have driven large R&D investments in drug discovery and led to the downstream of manufacturing capacity needs as therapies and medical devices make their way through the clinical trial stages.While many larger life sciences and m

70、edtech companies conduct manufacturing in-house,others outsource to Contract Manufacturing Organizations(CMOs).All facilities require large clear heights,significant FFEs and heavy power;and are heavily regulated by the FDA to ensure the safety.$15.7BTotal capital invested in the U.S.3,065Jobs creat

71、ed in the U.S.Life sciences worldwide revenues and forecast,billionsSource:JLL Research,Evaluate,BioSpace,PitchbookNote:Capital invested and jobs created are from JLLs proprietary database of Manufacturing announcements post IRA and CHIPS and Science Act U.S.clinical trials market size(revenue)in bi

72、llions5Major manufacturing announcementsCompanyStateCapital invested1Eli LillyIN$5.3B2Eli Lilly and CoIN$4.5B3BeiGene NJ$800M4Agilent Technologies Inc.CO$725M5BeiGeneNJ$700M$0$500$1,00020232024202520262027202820292030BiologicsSmall Molecule$22.70$23.83$25.01$26.25$27.55$28.92$30.35$31.86$33.44$35.10

73、$0$10$20$30$402021202220232024202520262027202820292030 2025 Jones Lang LaSalle IP,Inc.All rights reserved.20U.S.Manufacturing RenaissanceSemiconductorsSemiconductors are essential in a vast array of devices,from smartphones and computers to automobiles and industrial equipment.The semiconductor indu

74、stry has experienced dramatic accelerated growth over the past decade,driven by surging demand for AI and CHIPS Act incentives.The combination of technological needs and policy support has catalyzed the expansion in high-performance semiconductor production and domestic manufacturing capabilities.Lo

75、oking ahead,the industrys outlook remains positive,buoyed by emerging technologies;however,challenges persist,including supply chain disruptions,geopolitical tensions,and the need for substantial investments in research and development.As the world becomes increasingly digitized,semiconductors are p

76、oised to play a crucial role in shaping technological progress and economic growth.$543BTotal capital invested in the U.S.38,734Jobs created in the U.S.Source:JLL Research,S&P Capital IQ,Market Capitalization greater than$250,000 as of 4/9/2024Note:Capital invested and jobs created are from JLLs pro

77、prietary database of Manufacturing announcements post IRA and CHIPS and Science Act.Global technology industry segment chart based on market cap greater than$250,000 as of 4/9/2024Global technology industry segmentation5Growth markets with job creationsStateJobs created1Arizona11,970 2Texas8,050 3Oh

78、io3,000 4California2,780 5Idaho2,000 Major manufacturing announcementsStateCapital investedIntel U.S.$100BMicron TechnologyNY$100BTSMCAZ$65BIntel Corporation(Expansion)OR$52BSamsung TX$45B6%9%14%22%26%23%IT ServicesInternet RetailInteractive Media&Srvcs.HardwareSemiconductorsSoftware 2025 Jones Lang

79、 LaSalle IP,Inc.All rights reserved.Report21Manufacturing hotspotsU.S.Manufacturing Renaissance21 2025 Jones Lang LaSalle IP,Inc.All rights reserved.2025 Jones Lang LaSalle IP,Inc.All rights reserved.U.S.Manufacturing Renaissance234445556667111112141416183044-10 20 30 40 50 Illinois New Mexico Color

80、ado Oklahoma Mississippi New York Tennessee Kansas Kentucky Indiana South Carolina Alabama Nevada California Ohio Michigan Arizona Georgia TexasManufacturing planned s.f.announced(in millions)States leading the manufacturing space race based on recent announcements in the U.S.Source:JLL Research,JLL

81、 Manufacturing Database 2025 Jones Lang LaSalle IP,Inc.All rights reserved.State-by-state powerhouses:manufacturings job creation from recent announcements U.S.Manufacturing Renaissance2455668991011121416172328323555570102030405060OklahomaIllinoisFloridaMississippiKansasAlabamaNew YorkIndianaTenness

82、eeNevadaKentuckyOhioMichiganNorth CarolinaSouth CarolinaArizonaCaliforniaTexasGeorgiaManufacturing jobs created(in thousands)Source:JLL Research,JLL Manufacturing Database 2025 Jones Lang LaSalle IP,Inc.All rights reserved.Report25Charting the outlook and future of manufacturingU.S.Manufacturing Ren

83、aissance25 2025 Jones Lang LaSalle IP,Inc.All rights reserved.2025 Jones Lang LaSalle IP,Inc.All rights reserved.Outlook for manufacturers includes growth and challengesU.S.Manufacturing Renaissance261Manufacturers face persistent disruptions amid rising transportation costs,higher costs for raw mat

84、erials and labor,as well as supply chain inefficiencies.Lack of supply chain transparency and material scarcity are persistent and evolving.3Manufacturers are increasingly adopting technological solutions and innovations to address operational challenges.Effective use of data can optimize operations

85、,reduce risks,and support informed business decisions.2Greater focus on artificial intelligence(AI)and integrating it into some operations.In order to fully leverage,organizations will need to prioritize the rationalization of their data,all while increasing focus on cybersecurity and data privacy.4

86、Manufacturers face challenges in attracting skilled workers,emphasizing competitive pay,retention,and growth programs.Increased competition in hot/low-cost markets can erode wage savings,demanding a strategic balance between cost savings and talent attraction.Source:JLL Research,Manufacturing Drive

87、2025 Jones Lang LaSalle IP,Inc.All rights reserved.2025 Jones Lang LaSalle IP,Inc.All rights reserved.Research authors27Research at JLLJLLs research team delivers intelligence,analysis and insight through market leading reports and services that illuminate todays commercial real estate dynamics and

88、identify tomorrows challenges and opportunities.Our more than 550 global research professionals track and analyze economic and property trends and forecast future conditions in over 60 countries,producing unrivalled local and global perspectives.Our research and expertise,fueled by real-time informa

89、tion and innovative thinking around the world,creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions.About JLLFor over 200 years,JLL(NYSE:JLL),a leading global commercial real estate and investment management company,has helped clients buy,

90、build,occupy,manage and invest in a variety of commercial,industrial,hotel,residential and retail properties.A Fortune 500 company with annual revenue of$20.8 billion and operations in over 80 countries around the world,our more than 111,000 employees bring the power of a global platform combined wi

91、th local expertise.Driven by our purpose to shape the future of real estate for a better world,we help our clients,people and communities SEE A BRIGHTER WAYSM.JLL is the brand name,and a registered trademark,of Jones Lang LaSalle Incorporated.For further information,visit .COPYRIGHT JONES LANG LASAL

92、LE IP,INC.2025This report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics discussed,which are inherently unpredictable.It has been based on sources we believe to be reliable,but we have not independently verified those source

93、s and we do not guarantee that the information in the report is accurate or complete.Any views expressed in the report reflect our judgment at this date and are subject to change without notice.Statements that are forward-looking involve known and unknown risks and uncertainties that may cause futur

94、e realities to be materially different from those implied by such forward-looking statements.Advice we give to clients in particular situations may differ from the views expressed in this report.No investment or other business decisions should be made based solely on the views expressed in this report.Mehtab RandhawaGlobal Head of Industrial RGreg MatterExecutive Managing DKelsey NastasiSenior Research M