T
he US industrial real estate market experienced a resurgence in mega distribution center leases, driven by the nation's robust online sales. Last year, 49 such leases were signed, surpassing the 43 deals inked in 2023 and reversing the decline seen in 2022.

    However, this growth came with a twist: the average size of the top 100 industrial leases decreased to 968,000 sq. ft., down from 987,000 sq. ft. in 2023. Lease renewals also gained traction, accounting for 40 of the largest 100 deals – up from 30 the previous year.

    "This shift towards lease renewals reflects a strategic pivot in the market," said John Morris, president of Americas Industrial & Logistics at CBRE. "Companies are prioritizing stability and efficiency by extending existing leases in key logistics hubs."

    Traditional retailers and wholesalers expanded their share of the top 100 leases to 38%, while sectors like food & beverage, automotive, and building materials saw declines. Building materials suppliers and EV manufacturers were notably less active than in 2023, allowing retailers and wholesalers to claim a larger portion of leases.

    Third-party logistics (3PL) operators signed one fewer lease than in 2023, totaling 28 among the top 100. Despite this, their activity remains significantly higher than pre-pandemic levels, highlighting the growing reliance on 3PLs for logistics management.

    Established markets like the Inland Empire, Pennsylvania's I-78/81 Corridor, and Dallas-Fort Worth led the country in mega-lease activity, underscoring their importance as key logistics hubs.