Marcus & Millichap has published two new national research reports highlighting continued strength in the U.S. single-tenant net-lease (STNL) retail sector.
The reports, Single-Tenant Net Lease Retail 1H/26 National Report and the and May 2026 U.S. Single-Tenant Net-Lease Retail Investment Report, found that STNL retail transaction activity rose sharply in 2025, with transaction count up 23 percent year-over-year and dollar volume increasing 20 percent. The reports also note that vacancies remain below long-term averages while construction activity is near historic lows.
“Despite ongoing economic uncertainty, investor demand for high-quality net-lease retail assets remains exceptionally strong,” said Gregory LaBerge, chief client of
