Intelligent Investment
3PLs Drive Top 100 Industrial Leases in 2025
January 20, 2026 3 Minute Read
Increased outsourcing to third-party logistics providers (3PLs) and continued network optimization helped to drive larger lease commitments in 2025. The top 100 industrial leases of 2025 totaled 98.8 million sq. ft., up from 96.8 million sq. ft. in 2024.
While the number of leases exceeding 1 million sq. ft. declined modestly to 46 in 2025 from 49 in 2024, the average size of the top 100 increased to 988,000 sq. ft. from 968,000 sq. ft. This underscores continued demand for large, highly efficient distribution facilities as occupiers prioritized scale, efficiency and long-term network optimization.
3PLs accounted for 44 of the top 100 leases, up from 28 in 2024, reflecting continued outsourcing of logistics operations. General retailers & wholesalers were next with 28 lease signings, down from 38 in 2024. The automobile, tires & parts sector was the only other industry to increase its share of the top 100, accounting for seven leases in 2025 compared with five in 2024.
New leasing activity accounted for a greater share of the top 100 in 2025. Seventy-eight of the top 100 leases were new deals totaling 77.6 million sq. ft., while 22 were renewals totaling 21.2 million sq. ft. In 2024, renewals accounted for 40 of the top 100 leases for 37.4 million sq. ft.
Lease terms also lengthened across the top 100 in 2025, signaling increased willingness of large occupiers to make longer-term commitments. The average lease term rose to approximately 98 months, up from 92 months in 2024.
Figure 1: Industry Share of Top 100 Industrial Leases in 2025
The top 100 remained concentrated in established logistics hubs. California’s Inland Empire led all markets with 14 leases totaling 11.8 million sq. ft., followed by Chicago and Dallas-Ft. Worth each with eight leases totaling 8.7 million and 8.3 million sq. ft., respectively.
Indianapolis, Columbus and Greenville-Spartanburg were new entrants to the top 10 markets of the top 100 list, reflecting increased big-box activity in secondary logistics hubs. These markets continued to benefit from scale, infrastructure and proximity to major population centers.
Big-box industrial leasing is expected to remain selective and concentrated in 2026. While the composition of tenants and deal structures may change, the preponderance of top leases will be in core markets, reinforcing the importance of modern distribution facilities within national supply chains.
Figure 2: Leading Markets for Top 100 Lease Transactions in 2025
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The largest industrial leases of 1 million sq. ft. or more in H1 2025 were notably fewer than last year, as occupiers became more selective and less expansion-minded.
Industrial & Logistics
Contacts
John Morris
President, Americas Industrial & Logistics, Advisory Services
