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  • Net-lease investment volume decreased by 2.6% year-over-year in Q1 2021 to $14.3 billion. Total commercial real estate volume during this same period was down 18.3%, according to the most recently updated data from Real Capital Analytics.
  • The office sector’s share of total net-lease investment volume increased by 5.3 percentage points over the past 12 months to 41.5%. The retail sector’s share fell by 5.4 percentage points to 15.1%, while the industrial sector’s share remained relatively unchanged at 43.4%.
  • The average net-lease cap rate remained unchanged at 6.2%.
  • 10-year Treasury yields jumped in Q1 2021, causing spreads between the average net-lease cap rate to tighten to 449 basis points by the quarter’s end.
  • Boston was the most-favored investment market in Q1 2021.

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