MarketSnapshot: Multi-tenant overall market

Multi-tenant investment sales totaled just over $52 billion in the second quarter of 2026. Sales volume was down nearly 11% from the previous quarter but up 4.5% year over year. This marks the fourth quarter in a row where overall volume has surpassed $50 billion.

Industrial transactions totaled $21.3 billion in volume, continuing to represent the largest share of activity at 40.9%, though down from 41.3% one year ago. Office transactions followed at $16.5 billion, or 31.6% of total deal volume, up from 26.6% a year earlier. Retail transactions accounted for $14.3 billion, or 27.5%, a decline from 32.1% year over year.

Cap rates rose 5 basis points to an average of 7.03%, a modest uptick from the previous quarter. The overall average is also up 5 basis points from one year ago, with industrial and retail asset types posting year-over-year increases, while office recorded a slight decline.

Private buyers accounted for 54% of multi-tenant acquisitions through the second quarter of 2026, followed by institutional investors at 24%. The share of institutional acquisitions has increased by 10% since 2023, while private investment activity has declined 4% over the same period.