MarketSnapshot: Multi-Tenant Overall Market

Multi-tenant investment sales totaled $47.7B in the third quarter, bringing year-to-date volume to $138.7B. While activity was nearly flat compared to the second quarter, it was up 20.3% year-over-year.

Industrial transactions totaled $17.7B in volume, continuing to represent the largest share of activity at 37.1%, though down from 44.1% one year ago. Office transactions followed at $15.9B, or 33.4% of total deal volume, up from 29.9% last year. Retail transactions accounted for $14.1B, or 29.5%, an increase from 25.8% one year earlier.

Cap rates rose eight basis points to an average of 7.05%, continuing a slow upward trend. The overall average is now 16 basis points higher than a year ago, with office posting the largest year-over-year increase.

Private buyers accounted for 56% of multi-tenant acquisitions through the third quarter of 2025, followed by institutional investors at 22%. The share of institutional acquisitions has increased by 9% since 2023, while private investment activity has declined 2% over the same period.