Overall single-tenant net lease cap rates increased two basis points to 6.82% in the second quarter of 2026, The Boulder Group reported. Retail cap rates increased five bps to 6.60% and industrial cap rates increased 10 bps to 7.25%, while office cap rates remained unchanged at 7.90%, according to the Second Quarter Net Lease Research Report.

“The Federal Reserve’s decision to remove the expected 2026 rate cut from its projections, and the possibility of a rate increase later in the year, changes the calculus for net lease investors in the second half of 2026,” said Randy Blankstein, president, The Boulder Group. “That said, transaction volume has remained steady, and the fundamental case for single-tenant net lease as an asset class has not changed.”

The Boulder Group anticipates that net lease transaction volume will remain steady through the remainder of 2026, supported by continued investor demand for the asset class. Traditional net lease sale volume may be supplemented by corporate tenants seeking to unlock capital through sale-leaseback transactions ahead of potentially higher borrowing costs.

Pictured: The headquarters of Ponce Bank in the Bronx, which traded in June at a 6.11% cap rate.

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