Net-Lease Investment Volume Finishes 2025 Up by 16%

Executive Summary

• Net-lease investment volume increased by 38% quarter-over-quarter and 13% year -over-year in Q4 to $16 billion.
• Annual net-lease investment volume increased by 16% to $51.4 billion in 2025. This increase trailed the 22% rise in total commercial real estate volume.
• Net-lease office investment rose by 49% year-over-year to $3.8 billion in Q4, retail investment increased by 15% to $3.3 billion and industrial investment rose by 1% to $8.8 billion.
• The industrial sector retained the largest share of total net-lease investment at 55% in Q4, down from 61% a year earlier. The office sector’s share increased to 24% year-over-year from 18%, while the retail sector’s share remained at 21%.
• The average 10-year Treasury yield fell by 25 basis points (bps) year-over-year in Q4. While the average net-lease cap rate remained largely stable, the spread between it and the 10-year Treasury yield increased to 276 bps in Q4 from 248 bps a year ago.