Core Hubs Endure as 3PLs Rewire Industrial Leasing
Third-party logistics providers pushed industrial leasing deeper into ?go-big-or-go-home? territory in 2025, even as the number of mega-deals eased and occupiers became more selective about where and how they commit to space.
According to CBRE?s analysis of the 100 largest industrial leases signed last year, total volume edged up to 98.8 million square feet from 96.8 million square feet in 2024, even as signings of 1 million square feet or more slipped to 46 from 49.
The average lease size for the top 100 deals increased to 988,000 square feet from 968,000 square feet, indicating that while fewer tenants are taking down the very largest blocks, big-box users that do transact are leaning into scale.
CBRE attributes the dynamic to a mix of continued outsourcing to third-party logistics providers and ongoing efforts by large occupiers to recalibrate their distribution networks rather than simply add nodes.
3PLs Gain Share as Retailers Rely on Partners
3PLs were the clear winners in this reshuffling. They accounted for 44 of the top 100 leases in 2025, up sharply from 28 a year earlier. General retailers and wholesalers still represented the second-largest cohort but saw their share of the top 100 shrink to 28 leases from 38 in 2024, a sign that more of their big-box demand is being intermediated by logistics partners.
Only the automobile, tires and parts sector expanded its footprint among the leading deals outside of 3PLs, capturing seven leases in 2025 compared with five in the prior year, as supply chains tied to vehicle production and aftermarket distribution continued to modernize.
New Deals, Longer Terms Reshape Commitments
The structure of deals also shifted in ways that matter for capital allocation. New leases dominated the rankings: 78 of the top 100 transactions were new commitments totaling 77.6 million square feet, while just 22 were renewals covering 21.2 million square feet.
That is a marked reversal from 2024, when renewals accounted for 40 of the top 100 leases and 37.4 million square feet, suggesting that more large users in 2025 were willing to relocate or reconfigure footprints rather than simply roll over existing space.
At the same time, the average lease term for these top deals extended to roughly 98 months from 92 months, signaling a stronger willingness among major occupiers to lock in longer commitments once they have landed on a preferred network configuration.
Core Hubs Lead, Secondary Markets Break Through
Geographically, the upper tier of leasing remained anchored in familiar logistics hubs, though there was notable movement beneath the surface. California?s Inland Empire once again led all markets, capturing 14 of the top 100 leases totaling 11.8 million square feet, a reminder that, even amid rising operating costs and shifting regulatory pressures, the market?s role as a gateway for import-driven distribution remains entrenched.
Chicago and Dallas?Fort Worth each registered eight of the largest leases, totaling 8.7 million square feet and 8.3 million square feet, respectively, reinforcing their positions as national-scale platforms with deep labor pools and connectivity.
CBRE notes that Indianapolis, Columbus and Greenville?Spartanburg joined the top 10 markets for leading leases for the first time, reflecting growing big-box activity in secondary hubs that combine highway and intermodal access with proximity to major population centers.
Selective Big-Box Demand Poised to Continue
Those new entrants highlight an ongoing dispersion of big-box demand without undermining the dominance of core markets. CBRE?s research emphasizes that the bulk of the largest leases still concentrated in established distribution corridors, where modern building stock and infrastructure can support high-throughput operations.
At the same time, the rise of Indianapolis, Columbus and Greenville?Spartanburg in the rankings points to a widening map of acceptable locations for large-format users, particularly as occupiers balance transportation costs, labor conditions and service-level expectations for two- and three-day delivery.
Looking ahead, CBRE expects big-box leasing in 2026 to remain selective and concentrated rather than broad-based. The firm suggests that while tenant mix and deal structures may continue to evolve, the heaviest leasing will remain focused in core logistics markets and a handful of emerging secondary hubs.
Source: GlobeSt/ALM