2026 Single-Tenant Net Lease Sales Volume & Cap Rates
Top trends impacting the market, according to Northmarq.
Single-tenant investment sales totaled nearly $12.9 billion in the first quarter of 2026. Activity slowed 24.1 percent from the previous quarter, but increased 0.9 percent 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 percent, increasing from 48.6 precent one year ago. Retail transactions followed at $2.7 billion, or 20.9 precent of total deal volume, down from 27.2 percent last year. Office transactions accounted for $2.5 billion, or 19.2 percent, a slight decline from 24.2 percent one year earlier.
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Cap rates edged lower by 3 basis points from the previous quarter to an average of 6.81 percent, 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 percent of single-tenant acquisition volume through the first quarter of 2026, down from 52 percent in 2025, followed by institutional investors at 28 percent, or about 8 percent higher than last year. REIT/Listed activity as a share of total transaction volume edged lower by 1 percent from 2025 to 8 percent of activity. Cross-border activity increased modestly, accounting for 11 percent of first-quarter volume, but remains in line with historical trends.
—Posted on June 29, 2026
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