The U.S. sale leaseback market hit $14.4 billion in 2025, the highest volume since 2022, with Q4 alone surging 56% over Q3. But the headline numbers only tell part of the story.

In this episode of Commercial Real Estate Now, Karly Iacono breaks down the sale leaseback playbook: who’s executing right now, what’s driving deal volume, and where the market is getting it wrong.

Topics covered:

∙ Why dollar volume is outpacing transaction count and what that signals

∙ The refinancing wave pushing CFOs toward sale leasebacks over traditional debt

∙ How public companies and PE sponsors are using the structure differently

∙ Middle market sale leasebacks: higher stakes, idiosyncratic credit, and where deals break down

∙ The lease structure shifts buyers are demanding in 2026

∙ The arbitrage math that makes this a capital allocation decision not a rescue tool

If you're an operator or CFO considering a sale leaseback or a buyer deploying capital in net lease, this episode gives you the framework

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Warning-IRS Circular 230 Disclosure: CBRE and its affiliates do not provide tax advice and nothing contained herein should be construed to be tax advice. Please be advised that any discussion of U.S. tax matters contained herein is not intended or written to be used, and cannot be used, by the recipient of any Information for the purpose of avoiding U.S. tax-related penalties; and was written to support the promotion or marketing of the transaction or other matters addressed herein. Accordingly, any recipient of this video should seek advice based on your particular circumstances from an independent tax advisor. You also agree that the information herein down not constitute legal or other professional advice and you should obtain legal advice from a qualified attorney licensed in your state. The opinions contained in this video are those of Karly Iacono and may not represent those of CBRE. All content is for educational purposes only. The following content may contain the trade names or trademarks of various third parties, and if so, any such use is solely for illustrative purposes only. All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with, endorsement by, or association of any kind between them and CBRE or Karly Iacono.