MarketSnapshot: Single-tenant overall market

Single-tenant investment sales totaled approximately $13.5 billion in the first quarter of 2026. Sales volume increased 2.5% from the previous quarter and 19.1% from the same period last year.

Industrial transactions totaled $8.4 billion in volume, continuing to represent the largest share of activity at 62.4%, increasing from 55.8% one year ago. Retail transactions followed at $3.2 billion, or 23.8% of total deal volume, nearly unchanged from 23.9% last year. Office transactions accounted for $1.9 billion, or 13.9%, a modest decline from 20.3% one year earlier.

Cap rates edged up 4 basis points from the previous quarter to an average of 6.87%, consistent with averages throughout 2025. The overall average is 2 basis points higher than one year ago, with office properties posting the largest year-over-year decline.

Private buyers accounted for 48% of single-tenant acquisition volume through the second quarter of 2026, down from 55% in 2025, followed by institutional investors at 22%, or about 3% higher than last year. REIT/Listed activity as a share of total transaction volume remained unchanged from 2025 at 8% of activity. Cross-border investment activity increased 5% from last year, accounting for 14% of volume in 2026, but remains in line with historical trends.