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Market Intelligence
Monitor NNN market liquidity and deal velocity metrics
Data as of Q2 2026 · Sources: Federal Reserve, FRED, CoStar, CBRE Research
Total CRE transaction volume in Q1 2026 hit $136B, up 27% YoY and 7.4% above the five-year first-quarter average. Net lease transaction volume remains steady, supported by continued investor demand for the asset class. Sale-leaseback activity is surging as corporate tenants seek to unlock capital ahead of potentially higher borrowing costs. The strongest growth sectors were office, retail, and industrial.
Average time-on-market improved to 68 days, down 12 days from 2023, reflecting brisk buyer competition and efficient price discovery. Institutional-quality portfolios (>$100M) now average 54 days to sale, vs 82 days two years ago. This improvement suggests faster capital deployment by pension funds and other large investors. Properties with operational issues or sub-1031 structures average 95+ days on market.
Industrial NNN properties represent 38% of transaction volume ($23.6B YTD) at premium valuations reflecting supply constraints. Retail NNN comprises 32% ($19.9B YTD), with strong pricing on drugstore and QSR concepts. Office NNN remains challenged at 18% of volume ($11.2B YTD) at 100+ bps cap rate premium. Medical/healthcare NNN at 12% ($7.5B YTD) with consistent pricing underpinned by aging demographic demand.
Pension funds and insurance companies account for 41% of buyer volume, seeking long-duration yield. REITs represent 28% of buyers, focused on scale and operational synergies. Owner-operators and 1031 exchange buyers comprise 19%. International investors (Canadian, Australian, European) represent 12% of volume. This mix of institutional capital ensures consistent bid depth and competitive pricing across asset quality tiers.
CRE transaction volumes collapsed in 2020 ($42B NNN), surged in 2021 ($72B) on cheap capital, then compressed in 2022-2023 as rates rose. The 2024 rate cuts reignited deal flow. The 2025 inflation reversal initially slowed momentum, but by Q1 2026, volume surged 27% YoY to $136B as the market accepted higher-for-longer pricing. Debt availability rose 52% as lenders rebuilt CRE exposure. Net absorption improved across industrial, retail, and multifamily in H1 2026. The current market is defined by active capital deployment despite elevated rates — a fundamentally different dynamic from the rate-shocked paralysis of 2022-2023.
Data and analysis on this page are for informational purposes only and do not constitute investment, financial, or tax advice. Figures may be estimated from publicly available sources and should be verified with primary data providers (CoStar, MSCI RCA, CBRE, FRED) before use in investment decisions. Past performance does not guarantee future results.