In the April 2026 edition of the Net Lease Data File, David Wirgler discusses the continued slowdown in transaction activity as economic and geopolitical uncertainty weighs on the market. April recorded 1,058 closed transactions, with that number expected to rise as additional data is collected, while March closings were revised upward to 1,712.
Despite lower transaction volume compared with 2025 and 2024, activity coming out of ICSC Las Vegas suggests that demand remains strong among national tenants and developers looking to pursue new opportunities. The challenge continues to be getting deals to pencil as private buyers take a more cautious “wait and see” approach.
With the 10-year Treasury at approximately 4.54%, elevated borrowing costs are creating additional pressure on deal economics. A more stable rate environment and reduced geopolitical uncertainty could help restore some of the momentum seen earlier in the year.
Key Takeaway: Tenant and developer demand remains active, but higher borrowing costs and buyer uncertainty continue to weigh on transaction volume and overall market momentum.
Download the April 2026 Data File:
Disclaimer
This post is for informational purposes only and should not be considered financial advice. Always consult with a qualified financial professional before making any investment decisions.
