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U.S. Net-Lease Investment Surges in Q4 2025, Capping a Strong Year
U.S. net-lease investment activity surged in the fourth quarter of 2025, increasing 38% from the prior quarter and 13% year-over-year, according to a recent report from CBRE. The robust fourth-quarter performance pushed full-year 2025 net-lease investment volume to $51.4 billion—representing a 16% increase over 2024.
The sector benefited from stable capitalization rates and a widening yield spread, drawing investors to the steady performance of net-lease assets.
Industrial and logistics properties continued to dominate the net-lease market, accounting for 55% of total investment in Q4. Office assets saw a noteworthy rebound, growing to represent 24% of quarterly net-lease activity—up from 18% at the same time last year. Retail properties held their ground with a 21% share.
Broken down by asset class, office investment jumped 49% year-over-year to $3.8 billion. Retail investment rose by 15% to $3.3 billion, while the industrial sector recorded a modest 1% increase, reaching $8.8 billion for the quarter.
“The net-lease market showed strong resilience in 2025, with investors returning to high-quality assets amid improving capital market conditions and continued demand for stable cash flows,” said Will Pike, president of U.S. Industrial & Logistics Capital Markets and managing director of net-lease properties at CBRE. “We anticipate continued broad-based strength heading into 2026.”
This dynamic close to 2025 underscores growing investor confidence in net-lease real estate and sets the stage for further momentum in the coming year.
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