U.S. logistics tenants are signing longer leases for larger warehouses at a record pace, signaling growing confidence in demand and a tactical move to lock in capacity before rents rise further.
According to a report from CBRE Group (NYSE: CBRE), 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. 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.
Longer lease terms protect against rent inflation
With warehouse rents experiencing significant growth following the pandemic, locking in longer lease terms is a tactical financial decision, the report said. The average lease term increased by 5 months to 89 months, according to CBRE. This protects companies from future rent inflation and secures capacity in tight, high-demand logistics corridors.
Chris Zubel, executive managing director, Americas industrial and logistics at CBRE, said in a statement: “The largest leases signal continued stabilization across the industrial and logistics sector. Occupiers are also making longer-term commitments, which reflects increased confidence in their business prospects and logistics planning.”
Top markets: Inland Empire, Dallas-Fort Worth, Chicago
| Market | Number of top-100 leases | Total square footage |
|---|---|---|
| Inland Empire (CA) | 14 | 12.6 million |
| Dallas-Fort Worth | 11 | 10.5 million |
| Chicago | 9 | 9.4 million |
These established hubs are supported by transportation networks and logistics infrastructure, strong labor pools and access to major consumer markets, according to CBRE.
3PLs still dominant but share slips
Third-party logistics providers (3PLs) continued to hold the majority of the nation's 100 largest leases, but their share fell to 30 leases from 38 in the prior-year period. Companies in the food and beverage sector were the second-largest occupier, with space held by this group more than tripling to 16.6 million square feet as they expanded regional distribution networks to improve supply chain resiliency.
General retailers and wholesalers accounted for just 17 of the top-100 leases, a decline from 28 leases in the 2025 period.
Lease mix shifts toward new commitments
New leases accounted for 66 of the top-100 through the first six months of 2026, with renewals accounting for 34. That compares to 60 new leases and 40 renewals in the first half of 2025, indicating a shift toward fresh commitments rather than extensions.
Implications for shippers and operators
For freight forwarders and logistics managers, the trend toward longer leases in larger facilities means that prime warehouse capacity in key corridors is being locked in for years to come. This could tighten available spot storage and push up rates for short-term or smaller-space requirements. Shippers relying on 3PLs should anticipate that their provider’s long-term commitments may translate into more stable pricing but also less flexibility if demand shifts. The concentration of leases in Inland Empire, Dallas-Fort Worth, and Chicago reinforces those markets as critical nodes for distribution strategies.
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