Apartment and industrial construction pipelines have fallen sharply from their respective peaks.
Marcus & Millichap’s October 2026 Construction Outlook reports apartment units under construction 50% below their 2023 peak and industrial space under construction 60% below its 2022 peak. Self-storage construction investment is 32% below its 2023 peak.
The remaining shares of peak are 50%, 40% and 68%, respectively, calculated from the reported declines. These percentages refer to different measures and do not compare absolute pipeline sizes.
Analysis: Less new supply can support rents where demand holds. Metro-level supply and demand still matter, and the reported declines alone do not establish a 2028–2029 supply forecast.
Key Takeaways
- Apartment units and industrial space under construction are at half their respective peak levels or less.
- Storage construction investment is at 68% of its peak; it is a different metric.
Marcus & Millichap — October 2026 Construction Outlook: apartment units under construction down 50% from 2023 peak; industrial space down 60% from 2022 peak; self-storage construction investment down 32% from 2023 peak. These are distinct measures. · https://www.marcusmillichap.com/research/research-brief/2026/10/research-brief-october-construction-outlook · Connect CRE — Shrinking Construction Pipelines Could Extend CRE Rent-Growth Runway, October 22, 2026. · Remaining shares of peak, 50%, 40% and 68%, are arithmetic derived from the reported declines; no 2028–2029 supply forecast is asserted.
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