CBRE Investment Management sees U.S. net lease real estate potential at $3 trillion
CBRE•CBRE Investment Management estimates the U.S. net lease real estate market at $400 billion to $450 billion, with potential market value of about $3 trillion. More than $2 trillion in owner-occupied properties could be available for sale-leaseback conversion.
1. Market size and risks
CBRE Investment Management estimates the U.S. net lease real estate market at $400 billion to $450 billion, with potential value of about $3 trillion, including more than $2 trillion in owner-occupied properties available for sale-leaseback conversion. Net lease REITs returned 12.5% annually from 1995 to 2025, versus 11.1% for all-equity REITs, with lower volatility; average implied capitalization rates were 7.1% in the third quarter of 2026. Single-tenant concentration remains the largest structural risk, and customized properties can require significant spending to attract replacement tenants.
