Net lease investment volume was up significantly in 2024, according to CBRE, whether measured by growth in Q4 or all of 2024. Q4 was up 19% quarter-over-quarter and 57% year-over-year to $13.7 billion. That compares to total CRE investment, which was up 24% and 31% year-over-year to $120.9 billion.
The company’s U.S. Net-Lease Investment Q4 2024 report listed 20 top markets, ordered by Q4 2024 investment dollars. Vallejo-Fairfield, CA was up 9,975.0% to $1.209 million, sitting at the top of the list. Second was Chicago and its 217.4% growth to $1,106 million. Number three was Austin, which had 1,115.7% growth to reach $665 million. The Inland Empire was up 52.8%, hitting $664 million. Phoenix was number five with an increase of 188.7% to $634 million.
Numbers five through 10 were Dallas-Ft. Worth (48.1% to $481 million); Boston (-10.0% and $475 million); Miami-Dade County (59.4%, $328 million), and Los Angeles (-20.7%, $284 million).
Recommended For You
Atlanta was 11th on the list (48.2%, $271 million) followed by Manhattan (136.2%, $255 million); Seattle (221.7%, $249 million); San Jose (85.9%, $224 million); and Las Vegas (flat at $198 million).
The last five, starting with number 16, were Charlotte (15.0%, $178 million); Minneapolis (22.3%, $172 million); Charleston (5,158.0%, $168 million); Harrisburg (464.9%, $168 million); and San Diego (flat, $158 million).
For the full year in 2024, net-lease investment volume climbed 13% to $43.7 billion; total CRE volume was up 8% to $392 billion.
Industrial and logistics had the largest share of net-lease investment volume at 63.8% in Q4, up from 53.5% in Q4 2023. There was a flip in positions between office and retail. In Q4 2024, retail had 17.5% of the total, down from 26.4% in Q4 2023. But office had 18.7% in Q4 2024, down from 20.0% in Q4 2023.
In single-asset investments, office saw a 65.7% increase to $1.2 billion in Q4 2024 from $1.8 billion in 2023, representing 18.2% market share. Industrial grew 77.9% from $3.9 billion to $6.9 billion for 61.4% of the share. Retail increased 18.2% from $2.0 billion to $2.3 billion for a 20.4% share.
Looking at portfolio asset investments, office was roughly flat in 2024 Q4 over the same period in 2023 with $0.5 billion and 20.9% market share. Industrial saw 129.5% growth from $0.8 billion to $1.8 billion and a 75% market share. Retail fell 73% from $0.4 billion to $0.1 billion and a 4.1% market share.
CBRE expects that a large federal budget deficit and strong economic growth will keep the 10-year Treasury yield above 4%, offering some resistance to near-term investment activity.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
