The Boulder Group's Third Quarter Net Lease Research Report showed cap rates in the single tenant net lease sector reaching a historic low for all three asset classes in 2021.
Cap rates for retail, office and industrial fell to 5.80%, 6.80% and 6.70%, respectively.
"Significant investor demand combined with limited supply of quality net lease assets remains the primary driver of continued cap rate compression in the sector," Randy Blankstein, President, The Boulder Group, said in prepared remarks. "Furthermore, during the third quarter, the yield in the 10-year U.S. Treasury decreased to its lowest levels since the first quarter of 2021."
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