E-commerce and Third-Party Logistics (3PLs) Drive Over Eight Million Square Feet of Lease Activity in Early 2026
NEW YORK, NY – April 27, 2026 – Clarion Partners, a leading investor in industrial real estate, today announced robust leasing activity across its global portfolio, with more than 8 million square feet of newly executed leases year-to-date, including 7.1 million square feet (MSF) in the U.S. and 1.0 MSF in Europe. Additionally, both regions of the business set new leasing records for a first quarter (for the U.S. region, this was the strongest first quarter in the Firm’s 40+ year history; for Europe, it represented the strongest Q1 since the Firm began building its European platform in 2020).
Clarion’s U.S. leasing activity includes 35 new leases spanning key logistics and distribution markets including Dallas/Fort Worth (1.1MSF), Lehigh Valley (1.0 MSF), Indianapolis (800k SF), Inland Empire (756k SF), and New Jersey (445k SF). The vacancy rate for the Firm’s nearly 220 MSF U.S. industrial portfolio declined by 175 basis points (bps) over the first quarter.
Clarion Europe’s leasing activity was most robust in markets including the Netherlands (454k SF), Spain (238k SF), France (205k SF), and the United Kingdom (102k SF), contributing to platform vacancy levels.
Tenant demand in both markets has been driven primarily by e-commerce and 3PLs, reflecting the ongoing evolution of global supply chains and the need for modern, efficient distribution networks.
“Despite ongoing macroeconomic uncertainty and supply chain recalibration, we continue to see strong absorption in our portfolio, particularly across well-located Class A assets,” said Dayton Conklin, Managing Director and Head of Clarion Partners’ U.S. Industrial Platform. “With two thirds of U.S. inventory built before 2000, obsolescence continues to support positive rent growth in newer, state-of-the-art facilities.”
“Tenants continue to prioritize modern facilities that provide higher clear heights, advanced loading capabilities, ESG features, automation readiness, and proximity to labor and transportation nodes,” said Clarion Partners Europe CEO Alistair Calvert. “This trend is particularly evident in urban infill and major distribution corridors, where supply remains constrained and demand for best-in-class space continues to outpace availability.
Class A Activity Gains Momentum
For the overall U.S. market, Q1 industrial vacancy remained stable at 6.7%, the first time without a quarterly increase since early 2022. In addition, Class A warehouse net absorption specifically accelerated both quarter-over-quarter and year-over-year, exceeding new construction deliveries for the first time in almost five years. Leasing in the 1MSF+ segment was particularly robust, with 19 MSF of net absorption in Q1. Vacancy in that segment fell 170 bps year-over-year to 4.2% (the lowest among size segments) nationally. Leasing in the big box / e-commerce segment has historically served as a leading indicator for increased activity across other industrial tenant types and building sizes.1
In Europe, overall market vacancy stabilized at 5.5% in Q4 2025,2 signaling that the market is approaching, or may already be at, peak vacancy. As in the U.S., a growing bifurcation is evident between modern Grade A buildings and older stock, with vacancy for the former remaining below 3% in core Western European markets.3
Positioned for Continued Growth
Clarion Partners remains focused on growing its industrial platform through development, strategic acquisitions, and active asset management across high-conviction markets in the U.S. and Europe. The Firm’s disciplined approach and emphasis on location and quality continue to drive leasing performance and long-term value creation.