Triple net lease inventories have been on the rise since at lest May 2022, according to the calculations of Chris Lomuto at Northmarq. They rose even higher in October, hitting 5,883, with 1,407 posted last month, "eclipsing the 2023 monthly average by around 48%," he wrote. "In fact, October saw the biggest inflow of new inventory since I started tracking this 18 months ago. Unsurprisingly, NNN inventory reached another new high in October, making it the fourth new high in five months."

The additions compared to 1,088 listings removed. The ongoing increase in inventory isn't a good sign. Any healthy market needs inventory for transactions. When the inventory amounts keep rising, it shows a potential imbalance in buyers and sellers. The increases of inventory increase supply without equivalent demand, meaning that prices should fall.

There was also a 25% increase in price reduction emails during October, he said. That blew past the previous high in September, and then, to date, November's number has increased slightly over that.