Retail

In JLL’s second-quarter “Retail Market Dynamics” report, “resilience” was the word used to describe the national retail investment landscape in the first half of 2025.  Transaction volume reached $28.5 billion, a 23 percent increase over the same period a year ago. The figure also outpaces the long-term historical average of $27.7 billion for the first two quarters of the year, according to the brokerage firm. The scope of data includes all transactions $5 million and above for all retail asset subtypes.  Retail investment sales brokers say there is plenty of capital flowing into the sector and more robust competition from institutional investors as of late. “We are seeing enhanced liquidity in the retail investment sales market from both an equity and debt perspective,” says Michael Neider, senior director with JLL Capital Markets in Chicago. “Total transaction volume is up in terms of deal volume and number of transactions, while cap rates are compressing.”  Grocery-anchored and unanchored retail assets remain the most efficiently priced, but power center cap rates are compressing at a faster pace from their elevated levels, says Neider.  “The spread between grocery-anchored cap rates and power center cap rates has narrowed from 166 basis points in 2023 — …