Planet Fitness - Tenant Overview


February 1, 2024


Tenant Description

Planet Fitness, founded in 1992 in Dover, New Hampshire, has revolutionized the fitness industry with its low-cost, high-value model. Today, it operates over 2,000 clubs worldwide, making it one of the largest and fastest-growing gym franchises. This rapid expansion showcases Planet Fitness's ability to tap into a niche market of first-time or casual gym users, significantly impacting the fitness industry landscape.

The cornerstone of Planet Fitness's appeal is its Judgement Free Zone® philosophy, fostering a welcoming, non-intimidating environment. This approach, combined with affordable memberships and a variety of cardio and strength equipment, attracts a diverse clientele. The emphasis on creating a comfortable and inclusive atmosphere has been instrumental in building a loyal community of members.

Planet Fitness's growth is driven by its successful franchise model, allowing for scalable and sustainable expansion. The company continues to grow, both domestically and internationally, with plans for strategic growth and shareholder value creation, indicating a long-term vision for its brand and business.

The locations of Planet Fitness gyms are carefully chosen for accessibility and convenience. Clubs are typically situated in high-traffic areas, close to shopping centers or residential communities, ensuring ease of access for members and maximizing potential foot traffic.

Financially, Planet Fitness has shown impressive performance, with a strong revenue outlook and continuous member growth. Its unique positioning in the fitness market, combined with a solid business model and financial health, makes it an attractive and reliable tenant in the commercial real estate market. The brand's commitment to accessibility and affordability positions it for continued success and growth opportunities for landlords and investors.

Average Asking Cap Rate


3 mo avg (53 properties)

Typical Investment/Lease

Average Sale Price




$/Square Foot

$150 - $260

Building SF

19,000 - 23,400

Approx. Store Count


Lease Term

15 Years


10% every 5 Years

Stock Symbol


Credit Quality



Average Asking Cap Rate Trend





Reflect only properties with long-term lease.

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