During the pandemic, metros like Los Angeles with a high concentration of technology companies have seen an increase in sublease space.

The $50 million sale leaseback of a Carvana inspection center serves as the company's first net lease platform deal, backed by Brookfield Asset Management.

Other institutional investors are also making a play for this asset class.

Brand-name stores are opening, tenants are set to move into an apartment tower in October, and office leasing is ongoing.