Fitness & Gym NNN
Single-tenant fitness properties anchored by national gym brands — a growing NNN sub-sector driven by consumer wellness spending.
Data as of Q3 2026 · Sources: CoStar, CBRE Research, Moody's Analytics
Key Metrics
Market Overview
Fitness center NNN is an emerging sub-sector driven by the U.
S. wellness boom — gym membership has surpassed 70 million Americans. Planet Fitness dominates the NNN gym landscape with its low-cost, high-volume model that generates strong unit-level economics. The sector spans from 2,000 SF boutique studios (Orangetheory, F45) to 20,000+ SF full-service gyms (Planet Fitness, LA Fitness). Lease terms typically run 10–15 years with NNN or modified gross structures. The sector's post-COVID recovery has been stronger than expected, with membership levels exceeding 2019 peaks in most markets. Fitness NNN offers higher yields (6.00–7.00%) than traditional retail NNN, reflecting both the newer status of gym tenants in net lease and the more specialized nature of the real estate.
Top Tenants by Portfolio Size
Recent Market Deals
Market Outlook
Fitness NNN is a sector in secular growth. Consumer wellness spending is rising faster than overall retail, and gym operators are expanding aggressively into suburban and secondary markets where NNN opportunities are greatest. Planet Fitness plans to reach 4,000 U.S. locations, creating sustained pipeline for new-build NNN. The boutique fitness segment (Orangetheory, F45) is growing even faster but carries more single-operator risk. Expect cap rate compression of 10–20 bps annually as institutional investors become more comfortable with the sector. The biggest risk remains tenant-specific: gym brands can fall out of favor, and the specialized nature of fitness buildouts (shower facilities, HVAC requirements) creates higher re-tenanting costs if a gym vacates.
Key Investor Tips
Data and analysis on this page are for informational purposes only and do not constitute investment, financial, or tax advice. Statistics may be estimated from publicly available sources and should be verified with primary data providers before use in investment decisions. Tenant information is sourced from public filings and may not reflect current conditions. Past performance does not guarantee future results.