MarketSnapshot: Single-tenant overall market

Single-tenant investment sales totaled roughly $17.3 billion during the third quarter, an increase of 14.7% from the preceding three months and 41.7% from the same period last year.

The industrial sector continues to drive the majority of the single-tenant activity, accounting for nearly 60% of the transaction volume during the third quarter, which closely tracked levels recorded one year ago. There was an uptick in office sales, as the sector recorded $3.9 billion in sales in the past three months, up from nearly $2 billion in the preceding quarter. Retail transactions made up $3.1 billion, down from $3.6 billion in the second quarter.

Cap rates ticked higher by 6 basis points during the third quarter to an average of 6.95%. The current average rate exceeds levels recorded one year ago by 13 basis points, with industrial properties posting the steepest year-over-year increase at 47 basis points.

Private buyers accounted for 48% of single -tenant acquisition volume through the third quarter of 2026, down from 53% in 2025, followed by institutional investors at 24%, or about 4% higher than last year. REIT/Listed activity as a share of total transaction volume inched lower from 2025 at 8% of year-to-date activity. Cross-border investment volume increased 3% from last year, accounting for 11% of volume in 2026, but remains in line with historical trends.