Dallas, Texas – A transformative shift is underway in the competitive U.S. industrial real estate market, with third-party logistics (3PL) providers emerging as the dominant force in large-scale leasing activity, according to a recent report by CBRE, a Dallas-based industrial real estate firm.
3PLs Lead in Leasing Volume
CBRE's analysis reveals that 3PL companies accounted for 38 of the top 100 industrial leases in the first half of 2025, totaling 28.9 million square feet (MSF)—significantly outpacing other tenant categories. This marks a notable increase from 28 leases during the same period last year, underscoring the sector's rapid growth.
Traditional retail and wholesale tenants secured 28 leases (21.4 MSF), while e-commerce activity plummeted to just 7 leases (4.7 MSF)—a stark contrast to the 31 leases (13.2 MSF) recorded in early 2024. CBRE attributes this decline to e-commerce firms reevaluating their operational models after years of aggressive expansion.
Retail/wholesale leases: 28 deals, 21.4 MSF
E-commerce leases: 7 deals, 4.7 MSF
Mega-warehouses (>1 MSF): 13 deals, 15.5 MSF (down 50% YoY)
Market Rationalization and Regional Trends
The report notes a cooling in mega-warehouse leases (>1 MSF), with transactions halving year-over-year. James Breeze, CBRE's Global Head of Industrial & Retail Research, explains: "Tenants are prioritizing cost efficiency amid economic uncertainty. The era of unfettered expansion has given way to strategic, measured growth."
Geographically, Southern California's Inland Empire led with 14 leases (9.8 MSF), followed by Pennsylvania's I-78/I-81 corridor (9 deals, 6.3 MSF) and Dallas-Fort Worth (7 deals, 5.8 MSF)—regions benefiting from strategic logistics infrastructure and labor pools.
The Outsourcing Imperative
Breeze emphasizes that 3PL growth correlates directly with retailers and wholesalers outsourcing distribution to reduce capital expenditures and gain operational flexibility. "Companies are focusing on core competencies while leveraging 3PLs' specialized expertise—particularly valuable during supply chain disruptions," he told LM.
The analyst predicts sustained 3PL expansion, with mega-warehouse demand increasingly driven by logistics providers rather than traditional tenants. June 2025 alone saw 6 of 13 mega-warehouse leases signed by 3PLs—a trend expected to accelerate.
E-Commerce's Pivot
Contrary to declining e-commerce leases, Breeze clarifies that demand hasn't disappeared but shifted: "Online retailers are outsourcing distribution to 3PLs with specialized fulfillment infrastructure. This reflects maturation, not retreat."
The report concludes that 3PLs' rise—fueled by supply chain complexity, technological advancements, and evolving consumer expectations—will continue reshaping industrial real estate landscapes. Investors are advised to monitor this sector for emerging opportunities in customization and partnership models.