Logistics Real Estate for 3PLs: Owners, Industrial Brokers and How to Lease Warehouse Space

Logistics real estate companies come in two kinds. Owners and developers, such as Prologis and Link Logistics, own warehouses and lease them to tenants like 3PLs. Brokerages, such as CBRE, JLL, Cushman & Wakefield, Colliers and Cresa, advise you on which building to lease and negotiate the terms. If you run a 3PL and need more space, hire a tenant representation broker with an industrial practice before you tour buildings, because the landlord's agent works for the landlord.

This guide to 3PL real estate explains how each type works, what the brokerages with industrial practices say they do, what the 2026 warehouse market means for your next lease, and how to hire a broker and lease a building step by step.

What Is a Logistics Real Estate Company?

Logistics real estate is the warehouses, distribution centers, fulfillment centers and truck terminals that goods move through. A logistics real estate company is any firm whose business is that property. For a 3PL looking for space, three kinds matter, and they sit on different sides of the table.

What does a logistics property company do?

A logistics property company develops or acquires industrial buildings, leases them to occupiers such as 3PLs, retailers and manufacturers, and manages them over the lease term. Its leasing team, or the listing broker it hires, wants the highest rent and the longest term the market will bear. That is why a 3PL signing a multi-year commitment should have its own representation.

The owners you are most likely to lease from

• Prologis reports 1.3 billion square feet, 5,929 buildings and 6,500 customers in 20 countries as of June 30, 2026 (Prologis investor site, 2Q 2026 supplemental).
• Link Logistics reports 3,000 industrial properties across 40+ markets and says it was founded by Blackstone in 2019 (Link Logistics website).

Beyond the national owners, every market has local and regional landlords. A broker's market survey is how you see all of them at once.

Industrial Real Estate Brokers With Logistics Practices

The firms below are national and regional brokerages with industrial and logistics practices. They are listed in no particular order and described only from their own websites, read in September 2026.

CBRE

CBRE's industrial and logistics page describes site selection that "weighs factors like labor costs and availability, supply chain logistics, and state and local incentives," along with transaction services, supply chain strategy and project management. It speaks to 3PLs directly: "We help 3PL providers gain a competitive edge." CBRE serves both occupiers and investors, so ask which side your team works for. Visit the website for its full list of industrial services.

JLL

JLL's tenant leasing service says it guides occupiers "from sourcing the right location to negotiating favorable lease terms." JLL runs a separate leasing service for owners, and it lists a President of Americas Industrial Brokerage, so ask to meet the industrial tenant team rather than a general office team. See JLL's services on its website.

Cushman & Wakefield

Cushman & Wakefield's logistics and industrial page lists site selection strategy, lease negotiations and renewals, labor analysis, occupancy cost analysis, location incentives, build-to-suit construction management and "3PL advisory services." It says it has "more than 1,250 dedicated logistics and industrial professionals across 400 offices around the world." It also represents landlords and developers.

Colliers

Colliers' industrial services page lists workforce and labor analytics, site selection, incentives procurement, project management and supply chain consulting. Its Logistics and Transportation group says it focuses on "the 95% of supply chain costs that are not rent-related," a useful frame for a 3PL, where labor and freight costs sit outside the lease.

Cresa

Cresa describes itself as an "occupier-centric commercial real estate firm" and tells clients to "partner without conflict," meaning it works for tenants, not landlords. Its transportation and logistics practice lists workforce and transportation analysis, site selection, facility planning and advanced modeling for distribution centers, fulfillment centers and last-mile space. Read more about Cresa's services here.

Regional and independent firms

Lee & Associates says its supply chain consultants "will benchmark your operation" and lists site selection, build-to-suit, sale/leaseback and project management. NAI Global says it advises "industrial property owners and occupiers" and negotiates on the tenant's behalf. Regional firms like these can bring a different local network than a national team, so interview at least one alongside a national firm.

Who is the big 4 in real estate?

"Big four" is an informal label, not an official list. In commercial real estate it is often used for CBRE, JLL, Cushman & Wakefield and Colliers, the global brokerages that also publish national market research; three of them are quoted below. Their reported 2025 revenue, with Newmark shown for comparison:

Size tells you reach and research depth, not who will work hardest on a 60,000 square foot lease. The individual broker and their industrial deal history matter more than the logo.

What the 2026 Warehouse Market Means for Your Next Lease

The national industrial vacancy rate was 6.9% in the second quarter of 2026, down 10 basis points from the prior quarter, according to Cushman & Wakefield's U.S. Industrial MarketBeat for Q2 2026. JLL's Q2 2026 report put it at 6.8%. Cushman & Wakefield says vacancy has likely passed its cyclical peak, and JLL says landlords in the tightest markets began regaining pricing leverage.

3PLs are a big part of that demand. Cushman & Wakefield says 3PLs and manufacturers made up more than 55% of US industrial leasing activity in the first half of 2026, and CBRE's 2026 midyear outlook cites 19% year-over-year growth in 3PL leasing.

Vacancy is not even across building sizes, and that shapes how much room you have to negotiate:

• Shallow-bay buildings were the tightest size segment at 4.8% vacancy. If you need a smaller building near a city, expect fewer options and start your search earlier.
• Buildings over 500,000 square feet had 8.1% vacancy, down 300 basis points from their late-2024 peak but still the loosest segment. A 3PL taking a big box has more buildings to play against each other.
• Rent growth is picking up. National asking rents rose 2.9% year over year, up from 2.1% the quarter before, and are up 47% over five years (Cushman & Wakefield). JLL put the national average asking rent at $10.45 per square foot in Q2 2026.
• Sublease space is shrinking. Vacant sublease space fell to its lowest level since Q3 2024 (Cushman & Wakefield), so short-term sublease deals are harder to find than they were a year ago.

How to Hire a Tenant Representation Broker for Warehouse Expansion

Hire the broker first, before you call listing signs or tour buildings, so every landlord knows from the first conversation that you are represented.

1. Write down your requirement. Square footage now and in three years, clear height, dock doors, trailer parking, power, sprinklers, temperature control, and any food, hazmat or bonded requirements. Add the labor pool and carrier access you need.
2. Interview two or three brokers. Include at least one national firm and one regional or tenant-only firm, and ask each for recent industrial leases they closed for occupiers in your target market.
3. Ask about conflicts. Ask whether the firm lists any of the buildings it might show you, and how it handles a deal where its own colleagues represent the landlord.
4. Agree on the fee in writing. Typically the landlord pays the tenant's broker. Hughes Marino, a tenant-only brokerage, says on its FAQ that "the landlord or seller typically pays our real estate commission," including on renewals. Put the fee arrangement in your representation agreement so there are no surprises.
5. Sign a representation agreement with a defined market, term and exit clause.

Questions to ask a broker before you hire them

• How many industrial leases did you personally close for tenants in this market in the last two years?
• Which 3PLs or warehouse operators have you represented, and can I call one?
• Do you or your firm list any buildings that meet my requirement?
• Who does the day-to-day work: you, or a junior member of the team?
• How will you model total occupancy cost, not just base rent?
• What labor, incentive and site selection support comes with the engagement?

How to Find a Broker to Site a New Distribution Center

Siting a new distribution center is a bigger job than filling a building in a market you already serve. Ask for a broker whose firm has a supply chain or site selection group, not only a leasing team. CBRE, Cushman & Wakefield, Colliers, Cresa and Lee & Associates all list site selection, labor analysis or supply chain consulting on their own sites.

A good site selection study for a 3PL compares candidate markets on:

• Labor: the size of the warehouse workforce, wage rates and competition from other distribution centers. Whether you can staff the building decides whether it works, so read our guide to boosting warehouse worker retention before you commit to a tight labor market.
• Freight: transit times and parcel shipping zones to your clients' customers, and access to interstates, ports and rail.
• Incentives: state and local tax credits, training grants and abatements, which the larger firms negotiate for clients.
• Building fit: whether the market has buildings with your clear height, dock count and power, or whether you would need a build-to-suit.

How to Lease a Warehouse for Your 3PL, Step by Step

1. Define the requirement (size, specifications, location, budget and timing).
2. Hire a tenant representation broker and sign a representation agreement.
3. Market survey: the broker lists the buildings that fit, from every owner in the market.
4. Tours and shortlist: tour the strongest candidates with your operations lead, not only the finance team.
5. Request for proposals: the broker asks each shortlisted landlord for terms at the same time, so you can compare them.
6. Letter of intent: a non-binding summary of the main terms with your preferred landlord.
7. Lease negotiation, build-out and move-in: you, your attorney and your broker negotiate the lease; the landlord or your contractor builds out racking, offices and power; you move in.

How much does it cost to lease a warehouse?

Rent depends heavily on the market and the building. As a national benchmark, JLL reported an average asking rent of $10.45 per square foot in Q2 2026, and Cushman & Wakefield reported asking rents up 2.9% year over year. Your local figure can be far above or below that, which is why the market survey matters.

When you compare warehouse spaces, ask every landlord to quote on the same basis:

• rent per square foot per year, and whether it is a net (NNN) or gross figure;
• operating expenses, taxes and insurance you pay in addition to a net rent;
• annual rent increases over the term;
• the cost of improvements such as racking, lighting, office build-out and power upgrades, and how much the landlord contributes;
• the length of the term and any renewal, expansion or early exit options.

Then price the lease into what you charge clients. Our guide to 3PL pricing shows how storage, pick and pack and receiving fees are usually structured.

Frequently Asked Questions

Who pays a tenant representation broker?

Usually the landlord. Hughes Marino, a tenant-only brokerage, says "the landlord or seller typically pays our real estate commission," and that landlords pay commissions on renewals too. Confirm the arrangement in writing before you sign a representation agreement.

Should a 3PL use the landlord's broker to save time?

The landlord's broker is paid to get the most favorable deal for the landlord. A tenant representation broker shows you buildings from many owners and negotiates for you, typically without a separate fee from you.

When should a 3PL start looking for more warehouse space?

Start well before your current space is full. Leasing activity in the first half of 2026 reached a four-year high, and small-bay vacancy was just 4.8% (Cushman & Wakefield), so good buildings in tight markets can go quickly.

How do 3PLs fill new warehouse space once the lease is signed?

New space only pays off when it is full. If you are opening a building and want to meet brands looking for fulfillment, list your 3PL on Fulfill.com. If you are new to running a warehouse business, read 7 lessons you should know when starting a 3PL.