Planet Fitness

Planet Fitness remains the largest and most active value fitness operator in the U.S., with approximately 2,700+ locations nationwide and a strong franchise expansion model. The company plans to open approximately 190 new locations in 2026, continuing its aggressive national growth strategy. The brand’s low-cost membership model and broad demographic appeal have made it one of the most resilient and attractive fitness tenants in retail real estate. Recent sales demonstrate strong investor demand, with most properties trading in the mid-6% to low-7% cap rate range depending on lease term and property age.

 

Planet Fitness typically occupies 18,000–20,000 SF spaces and frequently backfills former big-box retail tenants including Bed Bath & Beyond, Office Depot, and Kmart locations in power centers and grocery-anchored shopping centers. Given its expansion pipeline and stable membership model, Planet Fitness is expected to remain one of the most active gym tenants in retail real estate this year.

 

LA Fitness

LA Fitness operates approximately 639 locations nationwide and continues to serve as a major large-format fitness anchor, typically occupying 40,000–45,000 SF big-box spaces. Unlike many fitness chains, LA Fitness focuses on full-service gyms with pools, basketball courts, and extensive amenities, which allows them to fill larger retail boxes that are difficult to re-tenant.

 

A notable trend highlighted in the report is rent compression in newer leases following COVID-19. Older LA Fitness leases often exceeded $20 PSF, while many newer deals are being signed below $20 PSF, reflecting both market adjustments and landlord incentives to backfill large vacant retail space. In addition, the company has faced increased financial pressure since the COVID era, carrying a meaningful amount of corporate debt while also closing a number of underperforming locations nationwide. These factors have caused investors to take a more cautious approach compared to pre-COVID underwriting of LA Fitness assets. Recent sales show cap rates largely ranging between the 6% and mid-7% range depending on lease term, with higher yields for shorter leases.

 

LA Fitness commonly backfills large former department store and sporting goods boxes, including spaces previously occupied by Sears, JCPenney, and Sports Authority. Because of their size and amenity-heavy buildouts, LA Fitness locations often become long-term traffic-driving anchors within shopping centers.

 

Crunch Fitness

Crunch Fitness has emerged as one of the fastest-growing fitness brands in the country, with approximately 520+ locations and a rapidly expanding franchise system. The brand is targeting hundreds of additional locations nationwide over the next several years, with many new openings expected as franchise groups continue to scale the concept.

 

Crunch locations generally occupy 25,000–30,000 SF spaces, often in converted retail boxes within power centers and neighborhood shopping centers. The chain frequently backfills spaces previously occupied by retailers such as Bed Bath & Beyond, Office Depot, and Toys R Us. Recent sales indicate cap rates typically in the high-6% to high-7% range depending on lease term, with stronger pricing for long-term leases.

 

Crunch’s expansion and franchise-driven growth are making it one of the most common replacement tenants for vacant retail boxes, and the brand is expected to continue aggressive expansion as landlords increasingly target f itness users to drive daily traffic.