IE leads U.S. in large industrial leases

Fifteen of the 100 largest industrial leases in the United States during the first half of 2024 happened in the Inland Empire, according to a report.

Those transactions, which totaled 12.5 million square feet, included the most new leases and the most leases of one million square feet or larger, CBRE reported.

During the first six months of this year, 53 percent of the leases in Riverside and San Bernardino counties were new leases.

“Although deals are taking longer to make and there is less urgency among tenants, larger occupiers are taking advantage of the opportunity to right-size their supply chains and become more efficient,” said Ian Britton, CBRE’s managing director and regional leader for Inland Empire,” in a statement, “Many are consolidating multiple facilities under one roof, improving demand in the one million-square-foot-plus size range.”

Of the 15 leases, five were signed by retailers/wholesalers, four by third-party logistics operators and three by e-commerce businesses.

Nationwide, from the start of January through the end of June, businesses signed leases for 31 warehouses of one million square feet or larger, a 35 percent year-over-year increase, according to CBRE.