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In his early years as a broker, he ventured into the net lease industry and quickly began leading the US net lease market, closing over $3 billion in transactions. In 2005, Jon founded Calkain Companies, a company focused solely on net lease investment services. As President and CEO, he has been instrumental in building the firm into one of the leading Net Lease real estate companies, transacting over $12 billion of net lease deal volume over the past 13 years. He has expanded Calkain’s services to include brokerage, advisory, asset management, capital markets, and industry research. He has become a well-known resource, panelist, and speaker at various Net Lease and Industry conferences and is a regular contributor to GlobeSt.com on real estate trends. In June 2015, Jon’s passion for the real estate business was again recognized as he was nominated for the Top Real Estate Player in the DC area by SmartCEO magazine.","imageLarge":"http://images.globest.com/contrib/content/uploads/sites/336/2016/12/Jonathan-Hipp_avatar_1482253117-136x136.jpg","webUrl":"/author/profile/-/"}],"publication":"Globe Street","kicker":"Commentary","kickerNode":[{"name":"Commentary","slug":"commentary-kicker","uri":"/commentary/","sectionName":"Commentary"}],"prettyDate":"September 15, 2020","pubDate":"2020-09-15 14:35:11.000","modifiedDate":"","isDownload":"false","primaryCategory":{"channelName":"","sectionName":"","name":"","uri":"","slug":"","channelUri":""},"tags":[],"image":{"uri":"https://images.globest.com/contrib/content/uploads/sites/304/2018/05/jon-hipp-RESIZED.jpg","width":"0","height":"0","alt":""},"embed1":"","embed2":"","summary":"We are making peace—even if it is an uneasy peace—with the so-called new normal of a post-COVID environment.","categories":[{"name":"National","uri":"/markets/national/","channelName":"GlobeSt Market"},{"name":"Net Lease","uri":"/sectors/net-lease/","channelName":"Globest Sectors"},{"name":"Retail","uri":"/sectors/retail/","channelName":"Globest Sectors"},{"name":"COVID-19","uri":"/globest-topics/covid-19/","channelName":"Globest Topics"},{"name":"Midwest","uri":"/region/midwest/","channelName":"Region"},{"name":"Northeast","uri":"/region/northeast/","channelName":"Region"},{"name":"Southeast","uri":"/region/southeast/","channelName":"Region"},{"name":"","uri":"/region//","channelName":"Region"},{"name":"West","uri":"/region/west/","channelName":"Region"}],"bodyArray":["<p><span style=\"font-weight: 400\">It should come as no surprise that the COVID-19 pandemic sent the investment market reeling. When the full impact of the crisis was setting in back in the first quarter, all sectors of the net lease market felt the dire pinch. Slowly, however, investors seem to be coming out of hiding and creating some activity, as our Q2 Cap Rate Report reveals. Note: We said \"some.\"</span></p>","<p><span style=\"font-weight: 400\">On one hand, overall activity volume is still suffering, to the tune of a 37% drop in Q2, from 416 in the prior quarter to 264 trades. This was on top of the 27% drop the market sustained in Q1. The good news here is that cap rates for the net lease sector overall held surprisingly steady, rising only three basis points on average, this the by-product of the high-quality deals that did get done. In Q2, investors and lenders sought to place money only in the rarified spaces of highest credit and longest leases.</span></p>","<p><span style=\"font-weight: 400\">That points to the Pharmacy and Dollar Store sectors, both dominated by a handful of trusted, high-credit names deemed essential businesses at the start of the crisis. Cap rates in the latter sector rose from 6.94% to 7.11% quarter over quarter, with only a one-year change in lease terms to 12.8 years. But if we sift out deals with leases shorter than 10 years and concentrate exclusively on higher-quality 10-year-plus trades, cap rates fell 19 basis points to 6.69%. (Dollar Store claimed the bulk of those deals at 84% of the activity.)</span></p>"],"slides":[],"video":null},"youmightlike":[{"uri":"/2024/11/07/logistics-real-estate-faces-mini-cycle-of-subdued-demand/","title":"Logistics Real Estate Faces Mini-Cycle of Subdued Demand","byline":"Kristen Smithberg","prettyDate":"November 07, 2024","readtime":"3","image":{"uri":"https://images.globest.com/contrib/content/uploads/sites/296/2024/10/Industrials-warehouse-Article-202410041653.jpg","width":"620","height":"372"},"summary":"Subdued demand has persisted despite healthy GDP and consumption."},{"uri":"/2024/11/07/multifamily-outlook-brightens-while-office-questions-linger/","title":"Multifamily Outlook Brightens While Office Questions Linger","byline":"Kristen Smithberg","prettyDate":"November 07, 2024","readtime":"3","image":{"uri":"https://images.globest.com/contrib/content/uploads/sites/296/2024/02/Business-Outlook-Article-202402090801.jpg","width":"620","height":"372"},"summary":"A continued 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