{"id":1004718382,"date":"2024-06-28T07:43:00","date_gmt":"2024-06-28T15:43:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004718382"},"modified":"2025-11-26T12:32:15","modified_gmt":"2025-11-26T20:32:15","slug":"2024-net-lease-office-sales-volume-and-cap-rates","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/","title":{"rendered":"2024 Net Lease Office Sales Volume and Cap Rates"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"279\" data-attachment-id=\"1004718386\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/0724_cpe_invest_office\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/0724_CPE_Invest_Office.jpg\" data-orig-size=\"800,279\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"0724_CPE_Invest_Office\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/0724_CPE_Invest_Office.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/0724_CPE_Invest_Office.jpg\" alt=\"Office Sales Volumes and Cap Rate - Q1 2024\" class=\"wp-image-1004718386\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/0724_CPE_Invest_Office.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/0724_CPE_Invest_Office.jpg?resize=300,105 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/0724_CPE_Invest_Office.jpg?resize=768,268 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><figcaption class=\"wp-element-caption\">Source: Northmarq, Real Capital Analytics&nbsp;<\/figcaption><\/figure>\n\n\n<p>After a challenging 2023, where only $7.9 billion in sales were recorded for the entire year, the single-tenant office sector posted its strongest quarter since late 2022. Investment sales activity showed an incredible 77.5% increase quarter-to-quarter, logging more than $3.2 billion in transactions. We have yet to see larger portfolios or other signature assets that would drive totals even higher trade frequently, but robust activity for office and medical buildings at lower price points \u2013 sub-$25 million \u2013 allowed the quarter\u2019s transaction count to increase 76% in the last three months. While it\u2019s too early to say if the office market is moving towards recovery, investors should be encouraged to see this latest momentum.<\/p>\n<p>The most prolific buyers this quarter were public REITs, contributing to nearly half the sector\u2019s acquisition activity. This represents a significant deviation from previous years, when REITs were present but nowhere near the top ranking. With a pullback from both private and institutional investors, public REITs were able to secure dominant market share to begin the year.<\/p>\n<p>After a decade of slow, declining trendlines for net lease office cap rates, the last few quarters have reported steeper increases. At the end of first quarter 2024, average rates sit at 6.81% \u2013 up 11 basis points from fourth quarter 2023 and up 51 basis points from this time last year. The office average is now the highest recorded since year-end 2015. Rates are expected to continue climbing, although the pace of escalation is likely to slow. It\u2019s possible we could see average cap rates for the net lease office sector surpass the 7 percent mark this year, but with interest in healthcare assets leased by stronger credit tenants, cap rates could just as easily stabilize.<\/p>\n<p>\u2014Posted on June. 28, 2024<\/p>","protected":false},"excerpt":{"rendered":"<p>Where are these trends heading? The latest update from Northmarq.<\/p>\n","protected":false},"author":3889,"featured_media":1004718386,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37765,21742,21747,37749,37768],"tags":[50380],"class_list":["post-1004718382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-cap-rates","category-latest","category-office","category-research-center-cpe","category-rc-volume","tag-northmarq"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2024 Net Lease Office Sales Volume and Cap Rates - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Where are these trends heading? The latest update from Northmarq.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2024 Net Lease Office Sales Volume and Cap Rates\" \/>\n<meta property=\"og:description\" content=\"Where are these trends heading? The latest update from Northmarq.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T15:43:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-26T20:32:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/0724_CPE_Invest_Office.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"279\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"John Tagg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/\",\"name\":\"2024 Net Lease Office Sales Volume and Cap Rates - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/0724_CPE_Invest_Office.jpg\",\"datePublished\":\"2024-06-28T15:43:00+00:00\",\"dateModified\":\"2025-11-26T20:32:15+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/218d30bc795bff626bf81d2467e35e7c\"},\"description\":\"Where are these trends heading? The latest update from Northmarq.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/0724_CPE_Invest_Office.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/0724_CPE_Invest_Office.jpg\",\"width\":800,\"height\":279,\"caption\":\"Office Sales Volumes and Cap Rates - Q1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"2024 Net Lease Office Sales Volume and Cap Rates\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/218d30bc795bff626bf81d2467e35e7c\",\"name\":\"John Tagg\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/247c0629012db031ab73956c088ba444065a7519a5bb54e1cc71718351d76778?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/247c0629012db031ab73956c088ba444065a7519a5bb54e1cc71718351d76778?s=96&d=mm&r=g\",\"caption\":\"John Tagg\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/johntagg\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"2024 Net Lease Office Sales Volume and Cap Rates - Commercial Property Executive","description":"Where are these trends heading? The latest update from Northmarq.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/","og_locale":"en_US","og_type":"article","og_title":"2024 Net Lease Office Sales Volume and Cap Rates","og_description":"Where are these trends heading? The latest update from Northmarq.","og_url":"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2024-06-28T15:43:00+00:00","article_modified_time":"2025-11-26T20:32:15+00:00","og_image":[{"width":800,"height":279,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/0724_CPE_Invest_Office.jpg","type":"image\/jpeg"}],"author":"John Tagg","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/","url":"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/","name":"2024 Net Lease Office Sales Volume and Cap Rates - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/0724_CPE_Invest_Office.jpg","datePublished":"2024-06-28T15:43:00+00:00","dateModified":"2025-11-26T20:32:15+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/218d30bc795bff626bf81d2467e35e7c"},"description":"Where are these trends heading? The latest update from Northmarq.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/0724_CPE_Invest_Office.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/0724_CPE_Invest_Office.jpg","width":800,"height":279,"caption":"Office Sales Volumes and Cap Rates - Q1"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/2024-net-lease-office-sales-volume-and-cap-rates\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"2024 Net Lease Office Sales Volume and Cap Rates"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/218d30bc795bff626bf81d2467e35e7c","name":"John Tagg","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/247c0629012db031ab73956c088ba444065a7519a5bb54e1cc71718351d76778?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/247c0629012db031ab73956c088ba444065a7519a5bb54e1cc71718351d76778?s=96&d=mm&r=g","caption":"John Tagg"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/johntagg\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/0724_CPE_Invest_Office.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004718382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/3889"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004718382"}],"version-history":[{"count":3,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004718382\/revisions"}],"predecessor-version":[{"id":1004779734,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004718382\/revisions\/1004779734"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004718386"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004718382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004718382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004718382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}