There were fewer mega industrial leases of 1 million square feet or more signed in 2023 than in 2022. Economic uncertainty and less need for additional product inventory are to blame, based on a report from CBRE.
Among the top 100 industrial leases signed in 2023, only 43 were for at least 1 million square feet. This was a decrease from the 63 leases signed the previous year.
The top 100 industrial leases in 2023 totaled 98.6 million square feet. This number is down by 8% from the 106.9 million in 2022. In addition, the average lease size among the top 100 fell from 1.07 million square feet to 986,744. Yet, 30 of the top 100 were renewals, which was six more than in the previous year.
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