MarketSnapshot: Single-tenant overall market

Single-tenant investment sales totaled $16.0 billion in the fourth quarter, lifting full-year volume to $51.4 billion. Activity surged 39.1% quarter-over-quarter and increased 12.8% year-over-year.

Industrial transactions totaled $8.8 billion in volume, continuing to represent the largest share of activity at 55.2%, though down from 61.2% one year ago. Office transactions followed at $3.8 billion, or 24.0% of total deal volume, up from 18.3% last year. Retail transactions accounted for $3.3 billion, or 20.8%, a slight improvement from 20.5% one year earlier.

Cap rates inched up 2 basis points from the previous quarter to an average of 6.87%, similar to averages throughout 2025. The overall average is now 5 basis points higher than a year ago, with office posting the largest year-over-year increase.

Private buyers accounted for 53% of single-tenant acquisition volume through the fourth quarter of 2025, up from 43% in 2024, followed by institutional investors at 20%, slightly above 17% last year. REIT/Listed activity as a share of total transaction volume declined sharply, falling from 17% in 2024 to 8% in 2025.