GlobeSt. talks with Northmarq's Lanie Beck about net lease market trends

Below is an excerpt of the GlobeSt. article featuring Northmarq's Lanie Beck, senior director of Content & Marketing Research, published on Aug. 12, 2025.

Investment activity in the U.S. single-tenant net lease market is falling sharply. In the three months through June 2025, sales volume dropped to $9.61 billion — one of the lowest quarterly totals in more than a decade. The figure marks a 13.1 percent decline from the first quarter and a 4.6 percent drop from a year earlier, according to Northmarq. At midyear, total sales stood at $20.66 billion, putting the market on track for its weakest annual result since before the pandemic, unless activity rebounds in the months ahead.

To Lanie Beck, Northmarq’s senior director of Content & Marketing Research, one of the most notable developments amid the slowdown is that pricing metrics appear to be leveling off. She noted to GlobeSt that cap rates “are starting to see stabilization across the single-tenant market,” with retail showing only a two-basis-point increase from the first to the second quarter. That moderation, she said, contrasts with the much steeper jumps seen 18 months ago, suggesting the market is “getting comfortable doing deals again.”

That comfort is being helped by more consistent financing availability and a narrowing gap between what buyers are willing to pay and what sellers expect. Higher-quality assets are trading, while riskier properties are no longer experiencing outsized cap rate spikes. Beck expects this alignment to set the stage for “a stronger second half” of the year, with more transactions and relatively steady cap rates that may fluctuate by only a basis point in either direction.

Read the full story on GlobeSt.com. 

Link to Northmarq's Q2 2025 MarketSnapshot reports