U.S. net‑lease investment accelerated in the fourth quarter of 2025, rising 38% from Q3 and 13% year-over-year, CBRE reported Thursday. Supported by steady cap rates and a widening yield spread, the strong Q4 performance contributed to a 16% increase in full‑year 2025 activity, bringing the annual total to $51.4 billion.
Industrial & logistics continued to account for the largest share of net‑lease investment activity in Q4 2025 at 55%. Office assets gained notable ground, accounting for 24%, up from 18% a year earlier, while retail held steady at 21%. Q4 net-lease investment performance reflected these shifts: office investment increased 49% Y-O-Y to $3.8 billion, retail rose 15% to $3.3 billion and industrial inched up 1% to $8.8 billion.
“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.”
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