In the June 2026 edition of the Net Lease Data File, David Wirgler reviews transaction activity through the first half of the year and the latest movement in cap rates across key net lease property sectors. June recorded 1,202 closed transactions, while May closings were updated to 1,668, bringing the first-half total to 10,861 transactions.
Year-to-date transaction volume remains below both 2025 and 2024 levels, down 19.7% and 12.7% respectively. However, activity remains ahead of 2023, with 1,533 more transactions closed through the first half of the year, representing a 16.4% increase.
Cap rates remained relatively stable across most property segments, although several highly sought-after asset classes continued to see compression. Chick-fil-A and McDonald’s remain among the lowest-cap-rate tenants in the market at below 5%, while drive-thru coffee, top-tier convenience stores such as 7-Eleven, Wawa, and Sheetz, and grocery-anchored retail also experienced further cap rate compression. Automotive service, banking, and dollar store sectors remained comparatively flat.
Key Takeaway: Transaction volume continues to trail the stronger 2024 and 2025 markets, but stable cap rates and continued compression among high-demand tenants demonstrate that investor demand remains strong for quality net lease assets.
Download the June 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.
