23.02.23
Executive Summary
• Net-lease investment volume decreased by 63% year-over-year in Q4 2022 to $12.7 billion.
• For full-year 2022, net-lease investment volume fell by 25% to $71 billion from 2021’s record amount.
• The office sector’s share of Q4 net-lease investment volume increased year-over-year to 32%, while the retail sector’s share increased to 24%. Industrial & logistics’ share decreased to 44%.
• The average net-lease cap rate increased by 20 basis points (bps) quarter-over-quarter to 5.8%.
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