Single-Tenant Net-Lease Retail

After a multi-year stretch of positive net absorption, single-tenant retail space demand tapered in the first half of 2025. Still, the outlook for net-leased retail remains optimistic. Consumer spending continues to exceed expectations and many single-tenant property types entered July with sub-4 percent vacancy, positioning these segments to handle a period of potential volatility. 

• Discussion of tariffs and the likelihood of retailers passing the cost of import duties onto consumers
• Breakdown of current fundamentals and expanding chains across each major single-tenant property type
• Update on upcoming store closures and recent backfilling activity