Outsourcing to third-party logistics providers (3PLs) drove larger industrial leases in 2025, with 3PLs capturing the largest share of the Top 100 leases, according to a CBRE report.
“Occupiers committed to larger footprints and longer lease terms as they took advantage of opportunities to upgrade their space amid a continued flight to quality trend,” says John Morris, president of Americas Industrial and Logistics at CBRE. “2025’s activity reflects continued strong demand for large distribution facilities as occupiers prioritize scale, efficiency, and long-term supply chain solutions."
Key takeaways:
· 3PLs accounted for 44 of the Top 100 leases in 2025, up 57% from 28 leases in 2024. The significant increase indicates that large companies are relying on 3PLs to manage their complex logistics. At the same time, the rise of e-commerce is further fueling this trend, as online retailers increasingly rely on 3PLs for logistics support.
· Overall, the Top 100 largest leases in 2025 totaled 98.8 million square feet, up from 96.8 million square feet in 2024. General retailers and wholesalers were second behind 3PLs with 28 lease signings, down from 38 in 2024. The automobile, tires and parts sector was the only other industry to increase its share of the Top 100 with seven leases in 2025 compared with five in 2024.
· New leasing activity accounted for a larger share of the top leases in 2025, with 78 of the Top 100 leases being new deals totaling 77.6 million square feet, up from 60 new leases among last year’s largest 100. Meanwhile, renewals accounted for 22 leases totaling 21.2 million square feet last year, down from 40 in the year prior.
· While the number of leases in 2025 exceeding 1 million square feet declined to 46 from 49 in 2024, the average size of the Top 100 leases increased to 988,000 square feet from 968,000 square feet. The average lease term also rose to approximately 98 months, up from 92 months the year previously, due to the stabilization of supply and rent growth.
· California’s Inland Empire continues to claim the largest share of the Top 100 leases with 14 leases totaling 11.8 million square feet, followed by Chicago and Dallas-Fort Worth markets, each with eight leases totaling 8.7 million and 8.3 million square feet, respectively.
