Different angles on data can bring different analyses of the same time period. That's important for investors and developers because one part of an overall market may be in much better shape than another. In this case, there's an interesting comparison between single-tenant and multi-tenant net lease based on two different reports from Northmarq, each focused on one part of the greater market.

The Northmarq report on single-tenant net lease investment sales in 2023 Q4 showed a quarter-over-quarter drop of 31.7% and a 57.9% year-over-year fall. That quarter's volume was the lowest since at least the opening of 2018. Average cap rates climbed 19 basis points quarter over quarter to an overall average of 6.29% The increase was 62 basis points from the end of 2022 and the figure at the end of 2023 was the highest since at least 2018.

The dollar investment sales were $40.63 in the fourth quarter of last year, the lowest in the five-year period from 2019 to 2024. The cap rate for the year was the highest in that five-year period, but only 8 basis points higher than in 2019.