Market Intelligence
Monitor NNN market liquidity and deal velocity metrics
Total commercial transaction volume in Q1 2026 ran ahead of the five-year first-quarter pace. Net lease volume has stayed steady, on continued investor demand for the asset class. Sale-leaseback activity is rising as corporate tenants try to unlock capital before borrowing costs move higher. The strongest growth was in office, retail, and industrial.
Average time on market has improved since 2023, which reads as brisk buyer competition and cleaner price discovery. Institutional-quality portfolios sell faster than they did two years ago, a sign that pensions and other large investors are deploying capital more quickly. Properties with operational problems, or structures that do not qualify for a 1031 exchange, sit longer.
Industrial net lease is a large share of volume and still prices at a premium, which is the supply constraint showing up in bids. Retail net lease is the next large share, with the best pricing on drugstores and quick-service restaurants. Office net lease is a smaller share and still needs a cap-rate premium. Medical and healthcare net lease is a steady slice, supported by demand from an aging population.
Pension funds and insurance companies are the largest buyer group, looking for long-duration yield. REITs are the next group, buying for scale and for operating synergies. Owner-operators and 1031 exchange buyers are a smaller but consistent bid. International investors from Canada, Australia, and Europe are in the mix as well. That mix is what keeps a bid under most quality tiers.
Commercial transaction volume collapsed in 2020, surged in 2021 on cheap capital, then compressed in 2022-2023 as rates rose. The 2024 rate cuts reignited deal flow. The 2025 inflation reversal slowed that momentum at first, but by Q1 2026 volume had recovered as the market accepted higher-for-longer pricing. Lenders rebuilt commercial real estate exposure, and net absorption improved across industrial, retail, and multifamily in the first half of 2026. The market is deploying capital despite elevated rates, which is a different tape from the stalled market 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.