For the second quarter of 2024, single-tenant net lease investment sales have faced a difficult time. According to the Northmarq market report by senior director of content and market research Lanie Beck, investment sales were $8.78 billion in the quarter. That was down 26.3% from the first quarter and a 17.4% drop from the second quarter of 2023.

The cap rate was 6.57%, down eight basis points in the first three months of the year, and 63 basis points down year-over-year.

By property type, office volume was $2.02 billion in the second quarter of 2024. That plunged 42.9% from the first quarter of 2024 and shrunk 20.5% from the previous year. Q2 average cap rates were 6.75%. That was up 36 basis points from 6.39% in Q2 2023 but down 7 basis points from 6.82% in the first quarter.