MarketSnapshot: Single-Tenant Overall Market

Single-tenant investment sales totaled $9.9B in the third quarter, bringing year-to-date volume to $33.3B. Activity was down 10.5% compared to the previous quarter and by 14.9% year-over-year.

Industrial transactions totaled $5.2B in volume, continuing to represent the largest share of activity at 52.2%, though down from 60.2% one year ago. Office transactions followed at $2.5B, or 25.6% of total deal volume, up from 17.0% last year. Retail transactions accounted for $2.2B, or 22.3%, a slight decline from 22.7% one year earlier.

Cap rates were flat from the previous quarter at an average of 6.88%, a pause after a prolonged, gradual upward trend. The overall average is now 13 basis points higher than a year ago, with retail posting the largest year-over-year increase.

Private buyers accounted for 55% of multi-tenant office acquisition volume through the third quarter of 2025, up from 43% in 2024, followed by institutional investors at 19%, slightly above 17% last year. REIT/listed activity as a share of total transaction volume declined sharply, falling from 18% in 2024 to 8% in 2025.