Still not through even the first quarter of 2024, sales numbers from the latter half of 2023 offer the best recent trend data on how markets are moving, or not. For single-tenant net lease (STNL) sales, that means constricted, according to Colliers.

“A volatile capital markets backdrop led to restrained volume in single-tenant net lease (STNL) sales, with 2023 posting the weakest figures since 2012, and it’s no wonder why,” they wrote. “The 10-year Treasury peaked around 5% in October, while the [Federal Reserve] didn’t announce its plans to pivot until December, resulting in restricted lending and a pullback in activity.”


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Erik Sherman


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