Retail National Report

Retail segment enters unfamiliar territory. After an impressive four-year stretch of tenant demand, both the single- and multi-tenant retail sectors saw more space relinquished than absorbed in the first half 2025. Moving forward, tenant demand for space will be tested as shifting consumer behavior, a recent drawback in hiring and a slower expected rate of economic growth point to the possibility of a volatile second half for some retailers.

• Identification of retail property types most exposed to new tariffs
• Discussion of property performance and fragmentation that exists among single- and multi-tenant property types
• Update on recent backfilling activity and other retail leasing dynamics
• Retail and investment outlook for the second half of 2025