The multi-tenant retail sector swung back into investor favor at the end of 2021, recording a near record of $22.5 billion in sales volume nationally, according to research from Stan Johnson Company. The quarter was the strongest in three years and the second best on record.

Fourth quarter sales were up 44% from the previous quarter and 142% since the fourth quarter 2020. Annual sales volume was $54.7 billion, not a record but a significant 97% year-over-year jump, illustrating investor confidence in the asset class.

REITs are dominating the investment activity, serving as the buyers in 84% of multi-tenant retail sales. This isn't a new trend. REITs have been increasing allocation to multi-tenant retail for the last several years. In 2018, they represented only 3% of the multi-tenants buyer pool. By 2021, they made up more than a quarter of the buyer pool in the US.