3PLs Seize 44% of 2025’s Biggest U.S. Warehouse Deals
Third-party logistics firms signed 44 of the 100 largest warehouse leases completed last year, overtaking retailers and manufacturers to become the single biggest occupier group, according to CBRE data released this week.
3PL Share of Mega-Leases Jumps 57 Percent in One Year
The 44 deals inked by 3PLs compare with 28 in 2024, adding roughly 43 million sq ft of newly committed space. Analysts trace the surge to a blunt cost equation: brands facing uneven e-commerce volumes want variable rent, not fixed overhead, so they hand the keys to specialists that can pool capacity across several clients. “Outsourcing the real-estate decision is now part of outsourcing the entire fulfillment operation,” says John Morris, CBRE’s head of U.S. industrial services.
Average Lease Length Extends to Eight-Year Mark
The top 100 transactions totaled 98.8 million sq ft, barely above 2024’s 96.8 million, yet landlords secured longer commitments. The mean term rose to 98 months—eight years and two months—up from 92 months a year earlier. Longer covenants give institutional owners the steady cash-flow profiles their lenders demand after two years of valuation compression, while tenants lock in rents that remain 9 percent below the 2022 peak in most markets.
Retailers Retreat While Auto Sector Expands Footprint
General retailers and wholesalers claimed 28 of the mega-deals, down from 38 in 2024, as inventory-rightsizing that began in late 2023 drags on. Meanwhile, automotive, tire and parts groups doubled their presence, growing from four to eight leases. Battery and EV-component suppliers are especially active along the I-75 corridor and the Texas triangle, where speed-to-market outweighs labor cost.
Inland Empire, Chicago, Dallas Capture Bulk of New Space
Geographic concentration is unchanged: California’s Inland Empire logged 14 of the 100 leases for just under 12 million sq ft, lured by proximity to the Ports of L.A. and Long Beach and the nation’s deepest pool of Class-A warehouse labor. Chicago and Dallas-Fort Worth each contributed eight transactions, together adding 15.4 million sq ft near interstate junctions that reach 85 percent of U.S. consumers by truck in one day.
Secondary Markets Land One-Fifth of Large Deals
CBRE’s tally shows Indianapolis, Columbus (Ohio) and Greenville-Spartanburg (S.C.) among the top 10 host markets for the first time, accounting for a combined 5.7 million sq ft. Lower land costs—roughly one-third of Southern California pricing—let 3PLs design build-to-suit cross-dock campuses that can absorb seasonal surges without the congestion premiums common in coastal hubs.
Sources: CBRE U.S. Industrial & Logistics Market Report; CSCMP State of Logistics Report; NAIOP Industrial Space Demand Forecast; Bureau of Labor Statistics Occupational Outlook; FreightWaves SONAR
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