Net-lease investment volume, using single-tenant asset transactions as a proxy, fell by 2.6% year-over-year to $14.3 billion in Q1 2021, according to CBRE.
Compared to pre-pandemic numbers in Q1 2019, volume rose 10%. The average net-lease cap rate remained flat at 6.2%. However, 10-year Treasury yields jumped in Q1 2021. That caused the spreads between the average net-lease cap rate to tighten to 449 basis points by the end of the quarter.
For commercial real estate, volume was down 18.3% in Q1 2021, according to Real Capital Analytics.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
