2024 年下半年美国单一租户净租赁零售市场报告

I N V E S T M E N TI N S I G H T S A N D T R E N D S Single-Tenant Net LeaseRetail Market Performance Retail Overview Single-Tenant Net Lease (STNL) retail propertiescontinue to present a compelling investmentopportunity, bolstered by stable economicconditions and resilient retail fundamentalsin the latter half of 2024. Despite an uptick inretailer bankruptcies and store closures, theU.S. retail market demonstrated strong stability,with the national vacancy rate holding steadyat 4.1% by year-end. While demand remainedpositive, it moderated due to limited supply andshifting market dynamics. The impact of newdevelopment was minimal, with only 44.8 millionsquare feet of retail space under construction—a historically low level not seen since 2010. Higherconstruction financing costs and rising land, labor,and material expenses have further constrainednew development, reinforcing the value of existingretail assets in the current market environment. In the second half of 2024, the retail STNL marketexperienced a decline in sales volume, totaling $5.2billion, down 13% from the first half of 2024. Themedian cap rate for these transactions increasedto 6.9%, up 40 basis points, indicating a rise ininvestor yields. The median price per square footrose to $286. $5.2 B2H 2024 SALES VOLUMEOVER 1H 2024 $286/SFMEDIAN PRICE PER SF 6.9%MEDIAN CAP RATE Retail Category Breakdown A U T OP A R T S S T O R E S Key Statistics •With the average vehicle age surpassing 12.5years in 2024, more cars staying on the roadmeans higher demand for maintenance andrepairs. At the same time, a resurgence in travel,commuting, and rideshare driving is increasingvehicle mileage, further fueling the demand forauto parts. •Average visits to auto parts stores in the U.S.increased by 1.3% in the second half of 2024. •The auto parts segment averages $328 in salesper gross square foot, an increase of 3.7% year-over-year. $350MEDIAN PRICE PER SF $725 M2H 2024 SALES VOLUMEOVER 1H 2024 6.3%MEDIAN CAP RATE D R U GS T O R E S Key Statistics •As the average drug store size continues toshrink, average sales per square foot rose to$1,235 in 2024, an increase of 11.3% over theyear. customers away from traditional drug stores,reducing foot traffic in the second half of 2024. •The industry has faced three consecutive yearsof job losses, with over 30,000 jobs lost between2022 and 2023 and another 10,000 decline in2024, exacerbating staffing challenges for drugstores. •Expanding Walmart, Costco, and AmazonPharmacy services and inflation-driven shifts todollar stores and warehouse clubs are drawing $291/SFMEDIAN PRICE PER SF $556 M2H 2024 SALES VOLUMEOVER 1H 2024 7.0%MEDIAN CAP RATE Source: Colliers, CoStar Analytics*Note: CoStar data represents sales with a transaction value of over $1 million. D O L L A RS T O R E S&D I S C O U N T E R S Key Statistics •Dollar store visitors saw nearly 2% growth inthe second half of 2024, indicating the ongoingdemand for value-priced goods, as discretionaryspending is expected to take a hit in 2025. goods, luring away customers who previouslyrelied on dollar stores for affordability. •Chains like Dollar General and Dollar Tree haveslowed expansion and closed locations in weakermarkets, limiting overall sales growth. •Retail giants like Walmart, Costco, and Sam’s Clubhave aggressively lowered prices on essential $161/SFMEDIAN PRICE PER SF $596 M2H 2024 SALES VOLUMEOVER 1H 2024 7.1%MEDIAN CAP RATE Source: Colliers, CoStar Analytics*Note: CoStar data represents sales with a transaction value of over $1 million. F U L L - S E R V I C ER E S T A U R A N T S Key Statistics •Major full-service restaurants, such as Chili’s(7.1%), Texas Roadhouse (3.4%), P.F. Chang’s(2.9%), BJ’s Restaurants (2.0%), and TheCheesecake Factory (1.7%), saw an increase inin-store visits in 2024, signaling strong customerdemand despite broader industry challenges. and TGI Fridays. These closures reflect financialpressures, shifting consumer preferences, andintensified competition across the sector. •With menu price increases narrowing the gapbetween quick-service and full-service dining,affordability is a key battleground. Consumersare prioritizing value, pushing restaurants to relyon promotions, limited-time offers, and rewardsprograms to stay competitive. •The restaurant industry faced significantupheaval in 2024, with major bankruptciesspanning all categories, including Red Lobster $434/SFMEDIAN PRICE PER SF $1.03 B2H 2024 SALES VOLUMEOVER 1H 2024 6.6%MEDIAN CAP RATE Source: Colliers, CoStar Analytics*Note: CoStar data represents sales with a transaction value of over $1 million. Q U I C KS E R V I C E R E S T A U R A N T S Key Statistics •Quick-service restaurant visits grew by nearly15% in the second half of 2024 as consumerstraded down from full-service restaurants tomore affordable QSR options, boosting salesacross the sector. will focus on high-traffic locations near highways,urban centers, and retail hubs