Last year, third-party logistics providers accounted for 41% of all big-box (minimum 200,000 sq. ft.) warehouse lease transactions, making them industrial real estate’s top tenant for the first time since CBRE started keeping score 10 years ago.
The previous market leaders—retailers and wholesalers—dropped to second place with a 35.8% share. Food and beverage occupiers ranked third with 8.7%.
“During the pandemic, companies relied on partnerships with 3PLs to stabilize their operations and accommodate demand,” said John Morris, CBRE’s president of Americas Industrial & Logistics. “The initial thought was that companies would eventually return to self-reliance for their fulfillment needs, but more companies have since realized that 3PLs can play a vital role in their business models, and demand is stronger than ever.”Chain Storeage