1、Colliers U.S.Research|2025 1H STNL Retail Market Performance1IN V E S T MEN T IN SIGH T S A ND T R ENDSSingle-Tenant Net Lease Retail Market PerformanceFirst-Half Review 2025Colliers U.S.Research|2025 1H STNL Retail Market Performance2Retail OverviewThe first half of 2025 presented a mixed outlook f

2、or single-tenant net lease(STNL)retail,marked by economic uncertainty,tariff pressures,high construction costs,and tighter capital conditions.While a wave of store closures,particularly from underperforming and legacy brands,placed upward pressure on vacancy,demand remained strong for well-located,h

3、igh-quality assets,reinforcing the growing divide between Class A and B/C properties.New construction remained limited as developers leaned into repositioning existing assets over speculative builds,especially in markets with shifting consumer trends.Net absorption was uneven,with growth in sectors

4、like fitness,discount,and experiential dining helping offset space returned to the market.Despite headwinds,the industry showed resilience,with modest but broadly positive absorption across most regions.In the first half of 2025,the retail STNL market experienced an increase in sales volume,totaling

5、$5.7 billion,up 9.6%from the second half of 2024.The median cap rate for these transactions dropped to 6.8%,down 10 basis points,The median price per square foot rose to$309,an 8%increase from late 2024,as deal sizes grew while asset footprints declined,highlighting a long-term shift toward smaller,

6、more liquid retail formats aligned with omnichannel strategies and disciplined capital deployment.The STNL retail sector entered a more balanced phase in the first half of 2025,stabilizing cap rates after years of upward movement.Investors have adapted to sustained interest rate levels and are showi