Marcus & Millichap Releases First Half 2023 Single-Tenant Net Lease Retail Report
22 Maio 2023 - 5:13PM
Business Wire
Marcus & Millichap (NYSE:MMI), a leading commercial real
estate brokerage firm specializing in investment sales, financing,
research and advisory services, has published its National
Single-Tenant Net Lease (STNL) 1H 2023 research report.
“The STNL sector, comprised of restaurants and retailers who
occupy freestanding buildings with no other tenants, is
demonstrating sustained resilience,” stated Daniel Taub, senior
vice president and national director of Marcus & Millichap’s
retail division.
Marcus & Millichap’s new STNL report provides investors with
vital insight and analysis on the current state and outlook of the
STNL retail market sector including:
- Continued inflation, labor market concerns and high interest
rates are influencing households to prioritize essential goods and
social interactions over big ticket items that were popular during
lockdowns. This ongoing shift in consumer spending has positive
implications for net-leased retail fundamentals at a time when
vacancy is already historically low.
- The single-tenant retail segment entered April on a 10-quarter
stretch of positive leasing activity, helping direct national
vacancy to a record low of 4.3 percent in March. As such, an uptick
in construction is warranted, however, higher costs for materials,
labor and capital have trimmed the single-tenant pipeline.
- Budget tightening is impacting consumers’ brand loyalty, with
more willing to change where they shop in their quest for pricing
relief. Dollar stores are benefiting as a result, with more
openings among value retailers planned this year. These expansions
will help backfill vacated properties, a boon amid a series of
closures from some legacy big-box retailers.
- Capital costs elevated by tightening monetary policy from the
Federal Reserve have constrained transaction velocity for retail
and other property types. This has reduced the flow of investment
into STNL assets from 1031 exchanges, further limiting transaction
activity for the property type.
“Single-tenant retail assets have been favored by investors due
to minimal operational management requirements, and STNL’s are
often backed by well-established brands with national-grade credit
ratings,” added Taub.
Marcus & Millichap’s complete National Single-Tenant Net
Lease 1H 2023 research report is available here.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2022, the company had 1,904
investment sales and financing professionals in 81 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 12,272 transactions in 2022, with a sales volume
of approximately $86.3 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230522005691/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com 510-999-1284
Marcus and Millichap (NYSE:MMI)
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