Third-party logistics providers (3PLs) increased their share of the 100 largest leases in the first half of the year, as large occupiers outsource more of their warehousing and supply chain operations, according to a CBRE report.
By the numbers, 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.
That steep growth pushed general retail and wholesale tenants–which held the largest share of the top 100 leases in H1 2024–down to second place with 28 leases totaling 21.4 million sq. ft. Third place went to e-commerce companies, which 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.
“The industrial landscape is evolving,” John Morris, President of Americas Industrial & Logistics at CBRE, said in a release. “Outsourcing is increasingly prevalent as organizations respond to tariff pressures, geopolitical uncertainty, extreme weather events, and rising labor costs. These factors are complicating supply chain management and driving greater reliance on flexible 3PL solutions.”
CBRE’s analysis also revealed that large occupiers are moving toward smaller industrial lease commitments amid higher rents. 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.
