3PLs Increased Share of Largest 100 Industrial Leases in H1 2025 as Outsourcing Ramped Up

Third-party logistics providers (3PLs) were responsible for more of the 100 largest leases in H1 2025, as large occupiers outsource more of their warehousing and supply chain operations, according to a new CBRE report.

3PLs signed 38 of the 100 largest leases totaling 28.9 million sq. ft. in this year’s first half. That’s up from 28 leases in the same period last year.

General retail and wholesale tenants, which held the largest share of the top 100 leases in H1 2024, fell to second with 28 leases totaling 21.4 million sq. ft. E-commerce companies signed just seven leases totaling 4.7 million sq. ft., down from the 31 leases totaling 13.2 million sq. ft. in the same period last year. Many e-commerce firms continue to reassess their operations following a period of substantial growth.

"The industrial landscape is evolving," said John Morris, President of Americas Industrial & Logistics at CBRE. “Outsourcing is increasingly prevalent as organizations respond to tariff pressures, geopolitical uncertainty, extreme weather events, and rising labor costs. These factors are complicating supply chain management and driving greater reliance on flexible 3PL solutions." CBRE's analysis also reveals large occupiers are moving toward smaller industrial lease commitments amid higher rents. This is evident in a drop in mega-warehouse leases—those 1 million sq. ft. and larger— accounting for 13 of the top 100 leases, compared to 31 a year earlier. Furthermore, the average size of leases in the largest 100 declined to 718,000 sq. ft. from 814,000 sq. ft. in H1 2024.

Renewals remained a significant portion of the largest leases, accounting for 38 of the top 100 as many occupiers opted to stay in place and avoid the costs associated with a relocation.

For the second consecutive year, California’s Inland Empire accounted for the largest share of the top 100 leases in the first half, followed by the Pennsylvania I-78/81 corridor and Dallas-/Fort Worth areas. These markets are critical distribution hubs, supported by strong transportation access and logistics infrastructure.

Leading Markets for Top 100 Lease Transactions in 2025