Loading...
Market Intelligence
Monitor transaction velocity, spreads, and buyer pool depth
Data as of Q4 2025 · Sources: Federal Reserve, FRED, CoStar, CBRE Research
The Transaction Velocity Index stands at 78.2, up 14% year-over-year, indicating brisk NNN market activity. This metric combines transaction volume, deal frequency, and average days-on-market. Acceleration driven by institutional capital deployment from pension funds, insurance companies, and global investors seeking yield. Single-asset transactions averaging 6 weeks to close, portfolio transactions 12-14 weeks, indicating efficient market functioning.
Average bid-ask spreads have compressed to 2.4%, down 80 bps from 3.2% in 2024, reflecting improved price transparency and competitive buyer dynamics. Investment-grade NNN portfolios command tighter spreads (1.8-2.1%) while opportunistic/repositioning assets trade at 3.2-4.0% spreads. Spread tightening indicates efficient price discovery and reduced information asymmetries between buyers and sellers.
Active buyer pool has expanded to 1,247 institutional and private entities, up 18% YoY. Pension funds represent 350+ entities, foreign investors 180+ (Canadian, Australian, European), REITs 85+, private equity 210+. This diversification ensures consistent bidding and reduces concentration risk. Smaller deal flow (under $20M) faces 8-12 bidders, portfolio sales 15-25 active bidders, supporting competitive valuations.
Average time-to-close has improved to 92 days from 107 days in 2024, a 15-day compression. Efficiency driven by standardized due diligence processes, pre-positioned capital, and improved property-level data transparency. Fast-track sales complete in 45-60 days, standard sales 90-120 days. Longer timelines typically reflect complex recapitalization, 1031 coordination, or significant operational underwriting.
NNN market liquidity has evolved dramatically over past decade. Pre-2008, bid-ask spreads averaged 1.2-1.5% in tight markets, but financial crisis expanded to 5%+ as buyer pools evaporated. 2012-2016 recovery brought spreads back to 2.0-2.4% range. 2017-2019 saw peak liquidity with spreads at 1.6-1.8% and 140-day average days-to-close. 2020 pandemic shock expanded spreads to 4.2% temporarily before rapid recovery. Current spreads at 2.4% and 92-day close timeline represent healthy normalized conditions. Going forward, continued institutional investor interest should maintain tight spreads and efficient transaction processing.
Data and analysis on this page are for informational purposes only and do not constitute investment, financial, or tax advice. Figures may be estimated from publicly available sources and should be verified with primary data providers (CoStar, MSCI RCA, CBRE, FRED) before use in investment decisions. Past performance does not guarantee future results.