MarketSnapshot: Multi-tenant overall market

Multi-tenant investment sales totaled nearly $56 billion in the first quarter of 2026. Activity was down nearly 20% from the previous quarter but still up 28.2% year over year. This marks the third quarter in a row where overall volume has surpassed $50 billion.

Industrial transactions totaled $22.8 billion in volume, continuing to represent the largest share of activity at 40.7%, though down from 41.2% one year ago. Office transactions followed at $18.1 billion, or 32.3% of total deal volume, up from 26.6% a year earlier. Retail transactions accounted for $15.1 billion, or 27.0%, a decline from 32.1% year over year.

Cap rates rose by a single basis point to an average of 6.99%, nearly unchanged from the fourth quarter. The overall average is just a single basis point lower than a year ago, with industrial posting the only year-over-year increase.

Private buyers accounted for 51% of multi-tenant acquisitions through the first quarter of 2026, followed by institutional investors at 27%. The share of institutional acquisitions has increased by 13% since 2023, while private investment activity has declined 7% over the same period.