MarketSnapshot: Single-tenant overall market

Single-tenant investment sales totaled nearly $12.9 billion in the first quarter of 2026. Activity slowed 24.1% from the previous quarter but increased 0.9% from the same period last year.

Industrial transactions totaled $7.7 billion in volume, continuing to represent the largest share of activity at 59.9%, increasing from 48.6% one year ago. Retail transactions followed at $2.7 billion, or 20.9% of total deal volume, down from 27.2% last year. Office transactions accounted for $2.5 billion, or 19.2%, a slight decline from 24.2% one year earlier.

Cap rates edged lower by 3 basis points from the previous quarter to an average of 6.81%, consistent with averages throughout 2025. The overall average is 4 basis points higher than one year ago, with industrial properties posting the largest year-over-year decline.

Private buyers accounted for 46% of single-tenant acquisition volume through the first quarter of 2026, down from 52% in 2025, followed by institutional investors at 28%, or about 8% higher than last year. REIT/Listed activity as a share of total transaction volume edged lower by 1% from 2025 to 8% of activity. Cross-border activity increased modestly, accounting for 11% of first-quarter volume, but remains in line with historical trends.