Bulk occupancies are up. Leases over 100,000 SF accounted for 177 million SF in the first half of 2025, a 17.5% increase from the same period in 2024. This surge is a promising sign for the overall health of the U.S. industrial market. The Southeast saw the strongest overall growth (78%), followed by South Central (55%), and the Midwest (19%). Meanwhile, declines were recorded in the Northeast (36%) and West (13%). Third-party logistics, trucking, and transportation companies accounted for the largest share of this bulk activity at 31%.

Colliers Insight
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Within that category, Asian-based 3PLs have captured 22% of bulk occupancies since 2024. This growth aligns with evolving tariff and trade policy, as operators have expanded their U.S. footprint to better navigate the shifting landscape. These occupiers have set up shop across America, with the West leading in total space at 14.3 million SF, and the Northeast having the highest concentration of Asian 3PLs as a share of total 3PL bulk occupancies, at 7 million SF. All regions benefited from increased occupancy.

Investors and analysts will be closely watching the pace of future activity, along with occupancy gains from other foreign-based 3PLs. Onshoring, reshoring, and an overall increase in manufacturing spending also point to rising foreign investment in the industrial market. With supply easing, improving bulk occupier demand stands to shore up fundamentals in the quarters ahead.