After pain during the earlier parts of the pandemic, retail has made a great comeback. Research from JLL suggests that total transaction volume for the first half of 2022 was up 81% year over year. And investors continue to embrace single-tenant net lease space, with sales activity in the third quarter up between 24% and 27%, according to Marcus & Millchap.

But can that hold up? Not if the beginnings of rent slowdown, and even reversal, spread. When Markerr recently reported on multifamily rent declines, they also noted some changes in retail rents.

Now, same-store year-over-year rent growth was up in general. The U.S. average was 7% in July. Topping out the top 100 metro areas was Cape Coral, Florida, hitting 20.3%. Palm Bay, Miami, Orlando, and North Port—all in Florida—ranged from 14.8% on the bottom.

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