1 Million-Sq.-Ft. Industrial Leases More Than Double in H1 2026

The number of industrial leases of at least 1 million sq. ft. more than doubled to 38 in the first half of 2026 from 16 a year earlier, underscoring the momentum in the industrial leasing market this year.

Those megaleases are included in CBRE’s analysis of the largest 100 U.S. industrial leases of this year’s first half. By many measures, the largest 100 leases highlight expansion: They totaled 93.6 million sq. ft., up 26% from 74.4 million sq. ft. a year earlier. Their average lease size increased to 936,000 sq. ft. from 744,000 sq. ft., while their average lease term lengthened to 89 months from 84 months.

“The largest leases signal continued stabilization across the industrial and logistics sector,” said Chris Zubel, Executive Managing Director, Americas Industrial & Logistics, CBRE. “Occupiers are also making longer-term commitments, which reflects increased confidence in their business prospects and logistics planning. For the broader market, these commitments point to a resilient industrial real estate sector.”

Third-party logistics providers (3PLs) remained a key source of industrial demand, accounting for 30 of the largest 100 leases in H1 2026, the largest share of any occupier class. Their share declined from 38 leases in H1 2025 as other industries stepped up their leasing activity.

Food & beverage occupiers recorded the largest increase; the square footage they leased more than tripled to 16.6 million sq. ft. as they expanded their regional distribution networks to improve supply chain resiliency.

In contrast, general retailers and wholesalers accounted for fewer of the largest leases than a year ago (17 versus 28 in H1 2025). This reflected a greater focus on optimizing existing distribution networks rather than pursuing expansion.

New leasing activity accounted for 66 of the largest 100 leases. That’s up from 60 new leases among last year’s largest 100. Renewals fell to 34 from 40 in H1 2025. Even so, their total square footage leased increased to 31.7 million from 26.7 million.

On a market level, California’s Inland Empire accounted for the largest share of the top 100 leases with 14 leases totaling 12.6 million sq. ft., followed by Dallas-Fort Worth with 11 leases totaling 10.5 million sq. ft. and Chicago with nine leases totaling 9.4 million sq. ft. These established hubs are supported by transportation networks and logistics infrastructure, strong labor pools and access to major consumer markets.

Leading Markets for Top 100 Lease Transactions in H1 2026