MarketSnapshot: Multi-Tenant Overall Market

Multi-tenant investment sales totaled $65.3 billion in the fourth quarter, bringing full-year volume to $211.8 billion. Activity was up nearly 20% from the previous quarter and by 16.0% year-over-year. Annual volume improved 25.2% from 2024.

Industrial transactions totaled $25.2 billion in volume, continuing to represent the largest share of activity at 38.6%, though down from 43.4% one year ago. Office transactions followed at $23.0 billion, or 35.2% of total deal volume, up from 33.8% last year. Retail transactions accounted for $17.2 billion, or 26.3%, an increase from 22.8% one year earlier.

Cap rates rose by a single basis point to an average of 7.00%, nearly unchanged from the third quarter. The overall average is just a single basis point higher than a year ago, with industrial posting the largest year-over-year increase.

Private buyers accounted for 57% of multi-tenant acquisitions through the third quarter of 2025, followed by institutional investors at 22%. The share of institutional acquisitions has increased by 8% since 2023, while private investment activity has declined 1% over the same period.