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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
Q1 2026 NNN transaction volume reached $16.8B, up 12% year-over-year, driven by 1031 exchange activity and portfolio rebalancing. Monthly run-rate of $5.6B reflects sustained institutional interest despite rising Treasury yields. Volume growth continues to outpace national CRE market, signaling NNN's defensive appeal as inflation re-accelerated in H1 2026.
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.
NNN transaction volumes have grown dramatically from $28B in 2012 to a record $66.8B in 2025. The 2020 pandemic saw volume compression to $42B, then explosive growth to $72B in 2021 as rates normalized. 2022-2023 saw compression to $54B range amid rate uncertainty. 2025's record reflected pent-up demand and 1031 exchange velocity. Q1 2026 of $16.8B suggests 2026 is tracking above 2025's pace. Days-on-market have compressed from 95+ days pre-2020 to current 65 days, reflecting improved market efficiency despite rising Treasury yields.
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.