In Q4 2023, the single-tenant net lease sector continued its trend of increasing cap rates, reaching an average of 6.58%. The retail, industrial, and office sectors experienced varying degrees of impact, with retail facing the highest property supply growth. Tenant-specific issues in drug and dollar stores contributed to significant cap rate increases. The market anticipates a potential interest rate cut in 2024, which may influence dealmaking but is not expected to bring cap rates back to peak levels. This executive summary provides an overview of key findings, implications, and recommendations for industry stakeholders.