Leases on U.S. industrial properties with at least one million square feet more than doubled to 38 in the first half of 2026 compared to just 16 in the same period last year. Third-party logistics providers continued to hold the majority of the nation’s 100 largest leases, but their share fell, according to a report from CBRE Group.
“The largest leases signal continued stabilization across the industrial and logistics sector,” said Chris Zubel, executive managing director, Americas industrial and logistics at CBRE. “Occupiers are also making longer-term commitments, which reflects increased confidence in their business prospects and logistics planning.”
CBRE (NYSE: CBRE) said the top-100 leases in the U.S. totaled 93.6 million square feet in the first half, a 26% year-over-year increase, “as occupiers showed greater willingness to make long-term commitments to modern distribution facilities.” The average lease term increased by 5 months to 89 months, according to the Dallas-based commercial real estate services and investment firm.
With warehouse rents experiencing significant growth following the pandemic, locking in longer lease terms is a tactical financial decision. It protects companies from future rent inflation and secures capacity in tight, high-demand logistics corridors.
New leases accounted for 66 of the top-100 through the first six months of the year, with renewals accounting for 34. The numbers were 60 and 40, respectively, last year.
California’s Inland Empire led the way, accounting for 14 leases (12.6 million square feet), followed by Dallas-Fort Worth at 11 leases (10.5 million square feet) and Chicago with 9 leases (9.4 million square feet).
“These established hubs are supported by transportation networks and logistics infrastructure, strong labor pools and access to major consumer markets,” the report said.
Third-party logistics providers held 30 of the top-100 leases versus 38 last year.
Companies in the food and beverage sector were the second-largest occupier, “as they expanded their regional distribution networks to improve supply chain resiliency.” Space held by this group more than tripled to 16.6 million square feet.
General retailers and wholesalers accounted for just 17 of the top-100 leases, a decline from 28 leases in the 2025 period.
Why it matters? By signing long-term contracts for larger spaces, logistics companies appear to becoming increasingly confident in future growth prospects.
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