Bulk industrial leasing in the United States showed notable strength in the first half of 2025, rising sharply compared with a year earlier and signaling renewed momentum for the sector, according to a report by Colliers.
Aaron Jodka, research director for U.S. Capital Markets, and Craig Hurvitz, director of National Industrial Research, wrote that bulk leasing — defined as transactions for properties over 100,000 square feet — totaled 177 million square feet through midyear. That figure represents a 17.5% increase over the first half of 2024, which the Colliers researchers described as a “promising sign” for the industrial market.
The largest share of activity came from third-party logistics providers (3PL), trucking and transportation companies, which accounted for 31.1% of total occupancy. Other major sectors included manufacturing, fabrication, and materials processing (17.3%); general retail and wholesale (9.5%); warehousing, storage, packaging, apparel and event production (9.2%); building materials, construction, power equipment and HVAC (8.5%). Smaller, but still meaningful, contributions came from industries such as vehicles and auto parts (6%), technology and data centers (5.4%), food and beverage (4.4%), medical and lab (2.7%), furniture and appliances (2.2%) and e-commerce (2.2%).
Regional results were uneven. The Southeast stood out as the strongest performer, with leasing growth of 78% year-over-year, followed by the South Central region at 55% and the Midwest at 19%. In contrast, the Northeast recorded a 36% decline, while the West registered a 13% decrease.
Within the leading 3PL category, Asian logistics providers have become increasingly prominent. Since 2024, they have accounted for nearly 22% of total 3PL bulk occupancies, a trend Colliers analysts suggest may be tied to tariff and trade policy shifts. These companies have expanded significantly across the U.S., including 14.3 million square feet of space in the West, representing 27% of 3PL activity there. The Northeast hosts the highest concentration relative to its market size, with seven million square feet or 41% of 3PL bulk leasing. Continued enforcement and changes in tariff policy, Colliers reported, are likely to attract even more foreign-based operators to the U.S. industrial market.
Looking ahead, the report noted that onshoring, reshoring and new manufacturing investment will likely fuel additional demand. Rising foreign participation is also expected to bolster the sector. Overall, Jodka and Hurvitz wrote, strengthening bulk occupier activity should provide further support for U.S. industrial real estate in the coming quarters.
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