3PLs Take the Lead in 2025’s Top 100 Industrial Leases as More Big Companies Outsource Their Logistics Operations

Outsourcing to third-party logistics providers (3PLs) drove larger industrial leases in 2025, with 3PLs capturing the largest share of the top 100 leases, CBRE reports.

3PLs accounted for 44 of the top 100 leases in 2025, up 57% from 28 leases in 2024. The significant increase indicates that more big companies are turning to 3PLs to manage their complex logistics so they can focus on their core business. 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 sq. ft., increasing from 96.8 million sq. ft. 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 in 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 sq. ft. That’s up from 60 new leases among last year’s largest 100. Meanwhile, renewals accounted for 22 leases totaling 21.2 million sq. ft. last year, down from 40 in the year prior.

“The average lease size and term of the top 100 leases both increased in 2025 as the flight to quality remained strong and occupiers took advantage of opportunities to upgrade,” said John Morris, President of Americas Industrial & Logistics at CBRE. “This trend highlights the continued demand for large distribution facilities as occupiers prioritize scale, efficiency, and long-term supply chain solutions.

CBRE’s report reveals that, while the number of leases in 2025 exceeding 1 million sq. ft. declined to 46 from 49 in 2024, the average size of the top 100 leases increased to 988,000 sq. ft. from 968,000 sq. ft. The average lease term also rose to approximately 98 months, up from 92 months the year previously. The increase in lease terms is due to the stabilization of supply and rent growth. As a result, landlords are now more focused on maintaining occupancy and securing tenants for longer periods. Some landlords are offering incentives to guarantee occupancy and reduce turnover risk.

California’s Inland Empire continues to claim the largest share of the top 100 leases with 14 leases totaling 11.8 million sq. ft., followed by Chicago and Dallas-Fort Worth markets, each with eight leases totaling 8.7 million and 8.3 million sq. ft., respectively. These markets are established logistics hubs, supported by robust transportation networks and logistics infrastructure.

Leading Markets for Top 100 Lease Transactions in 2025