Multi-tenant retail investment sales activity in Q1 was up 7.8% over the previous quarter but is down nearly 18% year-over-year, according to a new report from Northmarq.

The market, however, continues to outperform the days of the pandemic when activity nearly ground to a halt, Northmarq said.

Average cap rates for shopping centers have risen over the last several quarters, and at the current average of 7.14 – the highest it has been since mid-year 2014.

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