Retail Review – Q3 2025 – U.S. Retail Capital Markets Report

Liquidity Returns as Retail Transaction Volume Climbs

Retail capital markets showed renewed momentum in Q3, with $66.5B in sales volume over the past 12 months and cap rates holding steady at 7.2%. Buyer and seller alignment improved, narrowing bid-ask spreads and supporting stronger deal flow. Private investors continued to dominate activity, while REITs and institutional capital began re-entering the market—signaling growing long-term confidence in retail fundamentals.

As liquidity improves and capital reengages, pricing stability is underpinned by limited construction and resilient rent rolls. Across retail property types, spreads are now driven more by asset quality and tenant credit than by macroeconomic shifts. With transaction volume approaching pre-pandemic levels, retail remains a balanced yet competitive environment for investors seeking yield and stability.

With access to nearly 400 retail markets nationwide, we provide invaluable insight to support your commercial real estate investment goals. Reach out to us today to begin a conversation about how we can help you navigate the complexities of the retail real estate landscape.