(May 20, 2026) – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services has published two new national research reports highlighting continued strength in the U.S. single-tenant net-lease (STNL) retail sector as retail real estate professionals gather at the ICSC Las Vegas conference.
The reports, Single-Tenant Net Lease Retail 1H/26 National Report and the 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% year over year and dollar volume increasing 20%. 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 A. LaBerge, chief client officer, Marcus & Millichap. “Retailers focused on necessity, convenience and value continue to expand, supporting long-term fundamentals across the sector.”
According to the reports, private investors accounted for approximately 75% of buyer dollar volume in STNL retail transactions, while investors continue to favor assets with strong tenant credit and long-term lease structures.
“The reset and recovery in the single-tenant market continues despite macroeconomic headwinds and higher-than-expected interest rates,” said Hessam Nadji, president and chief executive officer, Marcus & Millichap. “Prices have recalibrated while financing conditions have improved, fueling more activity. More buyers see a compelling acquisition window, driven by a meaningful gap to replacement cost and limited new development. As a result, realistically priced assets attract multiple offers.”
Marcus & Millichap professionals are attending ICSC Las Vegas and are available at Booth #4307Q, Las Vegas Convention Center, to discuss current retail investment trends and opportunities. The full STNL research reports are available here: Single-Tenant Net Lease Retail 1H/26 National Report and May 2026 U.S. Single-Tenant Net-Lease Retail Investment Report.