Wayfair Renews Two Million Feet as Mega-Leases Double

The Signal:

• Renewals and mega-leases are the real demand signal, and both are strengthening.
• Occupiers are committing to longer terms, not just more space.

Wayfair renewed 2,008,279 square feet at the Duke Perris Logistics Center in Perris, California, extending a decade-long occupancy. A 2 million square foot renewal is a cleaner demand signal than a splashy new lease, because the tenant already knows the economics and chooses to stay.

The structural data is the story. CBRE 100 largest U.S. industrial leases totaled 93.6 million square feet in the first half of 2026, up 26 percent year over year. Mega-leases of at least 1 million square feet doubled to 38 from 16, and the average term stretched to about 89 months.

The Inland Empire led all markets with 14 leases totaling 12.6 million square feet, and third-party logistics providers signed 30 of the top 100 leases. When top-100 volume jumps 26 percent and million-foot deals double, occupiers are past caution and back to conviction.

For underwriters, this reframes industrial from oversupplied and softening to bifurcating. Modern, well-located Class A distribution space is re-tightening even as older and speculative product sits.

Implications: For owners of Class A space in gateway markets, renewal probability and pricing power are improving. For developers, demand is concentrated in modern, large-format product near people and ports. For investors, term length is now the variable that separates winners.