By Multiple Measures, 2023 Was the Worst for Net Lease in a Decade

Much in CRE during 2023, when compared to the previous year, could be explained away at least partly because 2022, while not earning the top marks, was second or maybe third over the last decade.

However, the data in a new report from Newmark Net Lease Capital Markets’ Matt Berres, Samer Khalil and Karick Brown makes it clear that the comparison is charitable. By number of annual net lease transactions, value of transactions, quarterly net lease transaction volume in billions, number of quarterly net lease transactions, average cap rates, and spreads between average cap rates and the 10-year Treasury, 2023 was awful. Terribly, An utter travesty. The worse since 2014, according to data from Newmark.