The answer is risk-free money. The question is why the U.S. net lease market took a beating in the third quarter of 2023.

Here's how both parts fit together, starting with the latter.

According to data from Newmark, the total net lease transaction volume dropped 57% between the third quarter of 2022 and that of 2023, from $18.28 billion to $7.86 billion. The total number of net lease transactions fell from 1,407 to 743, a 47.19% drop.

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