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1、Colliers U.S.Research|2024 2H STNL Retail Market Performance1IN V E S T MEN T IN SIGH T S A ND T R ENDSSingle-Tenant Net Lease Retail Market PerformanceSecond-Half Review 2024Colliers U.S.Research|2024 2H STNL Retail Market Performance2Retail OverviewSingle-Tenant Net Lease(STNL)retail properties co

2、ntinue to present a compelling investment opportunity,bolstered by stable economic conditions and resilient retail fundamentals in the latter half of 2024.Despite an uptick in retailer bankruptcies and store closures,the U.S.retail market demonstrated strong stability,with the national vacancy rate

3、holding steady at 4.1%by year-end.While demand remained positive,it moderated due to limited supply and shifting market dynamics.The impact of new development was minimal,with only 44.8 million square feet of retail space under constructiona historically low level not seen since 2010.Higher construc

4、tion financing costs and rising land,labor,and material expenses have further constrained new development,reinforcing the value of existing retail assets in the current market environment.In the second half of 2024,the retail STNL market experienced a decline in sales volume,totaling$5.2 billion,dow

5、n 13%from the first half of 2024.The median cap rate for these transactions increased to 6.9%,up 40 basis points,indicating a rise in investor yields.The median price per square foot rose to$286.6.9%MEDIAN CAP RATE$286/SF MEDIAN PRICE PER SF$5.2 B 2H 2024 SALES VOLUME OVER 1H 2024Colliers U.S.Resear

6、ch|2024 2H STNL Retail Market Performance3Net Acquisitions by Capital SourceSources:MSCI,Colliers$1.0$0.5$0.0$0.5$1.0$1.5$2.0Cross-BorderInstitutionalREITPrivateNet Acquisitions(bn)20202021202220232024Pricing and Cap Rates Over TimeSources:Colliers,MSCI5.0%5.2%5.4%5.6%5.8%6.0%6.2%6.4%6.6%6.8%7.0%$0$