Single Tenant Net Lease Market: Stability, Selectivity, and Shifting Investor Dynamics in 2025–2026
The single tenant net lease (STNL) market has faced a period of recalibration amid rising interest rates, evolving buyer pools, and shifting development strategies. Despite the recent shift in the STNL market, over the past three years Slatt Capital has continued to have success in the space, having secured financing for over 200 single tenant properties representing approximately $500 million.
To illuminate current trends and future outlooks, Michael Kaplan, president of Slatt Capital, interviewed leading experts—Daniel E. Herrold of Northmarq Commercial, Chris Sheldon of Cushman & Wakefield, and Putnam Daily of Fisher James Capital. Their insights reveal both consensus and unique opinions on market conditions, investor behavior, and the forces shaping STNL transactions as we head into 2026.