Third-party logistics providers (3PLs) have significantly increased their warehouse leasing activities in 2024, responding to a rising demand for space. By Q3 2024, they secured 498 bulk leases, marking a 9% increase year-over-year. This trend reverses the decline observed in 2023, driven by retailers seeking to outsource warehousing and distribution to enhance flexibility and reduce costs. Key markets like California’s Inland Empire and Pennsylvania’s I-78/81 corridor have seen 3PLs dominate leasing activity, accounting for over 45% and 50% respectively.

Source: https://www.supplychaindive.com/news/3PL-leasing-activity-2024-CBRE/733517/