3PLs secure 38 of top 100 U.S. industrial leases, outpacing retail and e-commerce tenants, notes CBRE report

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.

CBRE reported that 3PLs inked 38 of the top 100 largest leases over the first half of the year, representing a collective 28.9 million square-feet (MSF), topping the 28 leases signed a year ago, for the same period.

Following 3PLs were general retail and wholesale tenants, the segment at the top a year ago, for the same period, with 28 signed leases, for 21.4 MSF, with e-commerce leases, at seven, for 4.7 MSF, well below the 31 leases, for 13.2 MSF, signed a year ago, with CBRE observing that a fair share of e-commerce players are in the process of reassessing their operations after, “a period of substantial growth.”

Addressing mega-warehouse leases, which CBRE defines as warehouses 1 million MSF or larger, the first half of the year saw 13 leases, totaling 15.5 MSF, signed, which marked less than half of the 31 leases signed, for 34.5 MSF, for the same period a year ago. The main reason for this was that occupiers were more selective and also less expansion-minded, said CBRE. And it added that industrial occupiers appear to be making smaller commitments amid higher rents in 2025.

Southern California’s Inland Empire was the region with the most signed leases over the first half of 2025, at 14, for a total of 9.8 MSF, with the PA I-78/I-81 Corridor next, with nine leases, for 6.3 MSF, and Dallas-Fort Worth next, with seven leases, for 5.8 MSF.

CBRE Vice President, Global Industrial and Retail Research James Breeze told LM that 3PL demand for industrial space continues to increase more as retailers and wholesalers outsource distribution.

“Retailers and wholesalers are outsourcing at a greater clip to lower capital investment costs, provide more flexibility for seasonal inventory flows, expand or contract within specific markets easier, and focus business investment on core competencies rather than distributing product,” said Breeze.

When asked if this could be viewed as a lasting trend, with the number rising over the next year, Breeze said CBRE is projecting 3PL market share to escalate in the coming quarters.

He noted that the reason for that is that product distribution is becoming more specialized, with a greater focus on technology and outsourcing to companies that specialize in this just makes more sense, and he added that it also provides more insulation for companies during times of economic and supply chain uncertainty.

Looking at mega-warehouse leases, Breeze said that he believes as more 3PLs are called upon to handle distribution, their footprints will increase.

“We could see an increase in MSF deals—June alone accounted for six of the 13 MSF+ leases,” he said. “The increase in MSF+ deals will be more focused on 3PL occupiers rather than the traditional retailers and wholesalers.”

As for e-commerce activity, Breeze explained that the decline in e-commerce demand correlates with the increase in 3PL leases as more specialized distribution is outsourced to companies who have the infrastructure and specialization to handle e-commerce distribution.