CBRE

A key thesis in the report was focused on how the pairing of strong leasing and a decline in new construction held the overall quarterly vacancy rate at 6.6%, which the firm said reversed a stretch of quarterly losses that had been intact going back to the second quarter of 2022.

A report issued this week by Dallas-based industrial real estate firm CBRE found that third-party logistics (3PL) services providers saw gains in the number of the largest industrial leases signed over the first half of 2025, with the firm citing large occupiers outsourcing more of their warehousing and supply chain operations as a key driver the growth.

The research, entitled, “More Occupiers Opting to Buy Industrial Facilities,” pointed to various data points as keys resulting in the increasing sales of industrial facilities.

Occupiers signed leases for 49 mega distribution leases in 2024, topping the 43 signed in 2023 (2023 was the first year in which there was a decline in the number of mega distribution center leases—that saw sharp gains during the pandemic, topping out at 61 in 2022)

In its report, entitled “Three Trends Driving Resurgent 3PL Industrial Demand This Year,” CBRE stated that 3PLs share of bulk industrial leasing—or leases of 100,000 square-feet or more—increased to 34.1% through the third quarter, ahead of 30.6% a year ago at the same time.

Over the first half of 2024, CBRE observed that the number of leases signed by industrial occupiers, at 31, rose 35% annually, compared to the 21 leases signed over the first half of 2023. And it added that new supply in the 1 MSF-plus category was a key cog in the 2.2% annual decrease in first-year taking rents, whereas leases for warehouses of all sizes headed up 7.7%, for the same period.

In the report, entitled “2024 North America Industrial Big-Box Review & Outlook,” CBRE said that Food & Beverage was the third most active occupier for big-box leasing activity, at 8.6%, with Automobiles, Tires & Parts, E-commerce Only, and Building Materials & Construction rounding out the top six, at 7.0%, 5.4%, and 5.3%, respectively.

CBRE reported that the largest 100 industrial lease transactions in 2023 included 43 deals for 1 million square-feet (MSF) or more, which the firm describes as “megawarehouses.” This fell short of 2022’s record-high 63 deals and 2021’s strong 57 deals tally.  The average size of the top 100 leases came in at 986,744 square-feet, down from 2023’s record 1.07 MSF and the previous record set in 2021, at 1.05 MSF.

While the 2023 holiday season is now officially in the rearview mirror, it is full speed ahead for the subsequent reverse logistics season.

As demand for North American warehouse space soars, third-party logistics providers find new ways to serve their growing customer bases.

In its “U.S. Industrial Q3 2023” report, CBRE found that third quarter construction starts saw a 37% decline, from the second quarter to the third quarter, and a 64% annual decline, to 40 million square-feet (MSF), which CBRE said lowered the under-construction total, for the third consecutive quarter, to 479 MSF.

There was a 36% annual decline in 1 million square-foot-plus leasing activity, which drove an 18% decrease in total industrial space leased, in the first half of the year, at 373 million square-feet. And CBRE said that the number of 1 million square-feet deals dropped from 36, in the first half of 2022, to 23, for the same period in 2023, amid economic uncertainty and waning occupier urgency to hold additional inventory.

The U.S. industrial real estate market added 89 million square feet (MSF) of vacant supply, in the first quarter, which CBRE said represents the single largest quarter-over-quarter increase on record. What’s more, that subsequently led to the overall vacancy rate seeing an increase for the first time, going back to the second quarter of 2009, with a 50-basis point increase to 3.5% that still trails the 5.0% 10-year average.

CBRE found that the largest 100 industrial lease transactions in 2022 included a record-high 63 deals for 1 million square-feet or more—known as “megawarehouses”—topping the 57 deals recorded in 2021. What’s more, it added that the average size of the top 100 leases was 1.07 million square-feet (MSF), supplanting the previous record, of 1.05 million MSF, set in 2021.

With an eye on what it calls the equitable electrification of heavy-duty port transit, Oakland-based Forum Mobility, a provider of zero-emission trucking services, announced two initiatives focused on the company’s core mission, with each having an eye on the future. One initiative heralded by Forum is the closure of its $15 million Series A funding round, as well as its $400 million joint venture, with both serving as the beneficiaries of a fund led by CBRE Investment Management (IM) focused on...