The Inland Empire Claimed the Largest Number of Industrial Leases Nationally in The First Half of 2025

For the second consecutive year, California’s Inland Empire accounted for the largest share of the top 100 industrial leases in the first half of 2025, according to a new report from CBRE.

The region claimed 14 of the top 100 leases. Fifty-five point five percent of the Inland Empire’s transactions were renewals, and across all 14 leases, the square footage totaled 9.8 million sq. ft.

“Major credit companies are reentering the Inland Empire market, driving a 112 percent year-over-year rise in built-to-suit deals. Large occupiers are consolidating older facilities into modern spaces as lease rates fall. Leasing activity, tours, and proposals are surging, with space utilization climbing due to inventory front-loading amid shifting trade policies. As new construction slows, competition for Class A space is expected to intensify,” said Ian Britton, a Senior Managing Director at CBRE.

Nationally, 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.

CBRE's analysis also reveals large occupiers are moving toward smaller industrial lease commitments amid higher rents in Q2, favoring flexible, right-place, right-time options that require less capital outlay. 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.

Other top industrial leasing markets include:

Leading Markets for Top 100 Lease Transactions in 2025