Fitness & Gym NNN
Single-tenant fitness properties anchored by national gym brands — a growing NNN sub-sector driven by consumer wellness spending.
Single-tenant fitness properties anchored by national gym brands — a growing NNN sub-sector driven by consumer wellness spending.
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 than traditional retail NNN, reflecting both the newer status of gym tenants in net lease and the more specialized nature of the real estate.
S&P ratings via Hanley Investment Group, Q3 2026.
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 keep opening U.S. locations, creating a pipeline for new-build NNN. The boutique fitness segment (Orangetheory, F45) is growing even faster but carries more single-operator risk. Cap rates can compress further 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.
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.