Hines

Just wrapped up time across several U.S. markets this week, and the latest Hines Research retail paper was top of mind in many of my conversations. The supply story in this sector is one of the most underappreciated in commercial real estate right now. Since 2000, roughly 480 million square feet of retail space has been demolished in the U.S., and development has been slow for more than a decade. The result is a smaller, better-occupied footprint. Hines’ Composite Capital Markets Score puts U.S. retail pricing at about 48 out of 100—below the level where markets begin to look expensive. What I keep coming back to is how much location and anchor selection matter. In Atlanta, Hines Research found that centers anchored by Trader Joe’s commanded rents roughly 25% above market, even after controlling for location. From a distance, two centers can look similar. The underwriting helps show what sets them apart. The best part of every market visit is the room: teams on the ground who see what the data hasn’t caught yet, and investors and partners taking another look at the sector. It’s rewarding to watch conviction build across the platform. Read the full Hines Research paper here: https://bit.ly/4jtMPHb

Retail is one of the hardest property types to manage. That’s kept a lot of capital on the sidelines. It’s also exactly why we’re still here. Walk through any supply-constrained market right now and you feel it before you can explain it. The parking lots are full. Leasing activity has improved. The operators who stayed disciplined through the noise are running tighter, stronger assets than what the sector narrative would have you believe. Hines Research's latest paper puts the numbers behind what our teams have been seeing on the ground across the U.S., Europe, and Asia Pacific for the past few years. The supply story alone is remarkable: 480 million square feet of U.S. retail space demolished since 2000. Development quiet for more than a decade. The footprint that survived is leaner, stronger, and increasingly scarce. The leasing environment remains healthy across all three regions, though U.S. fundamentals have moderated and Europe’s recovery has softened since mid-2025. The price recovery has broadened. And for investors willing to do the underwriting, Hines Research found that, in its Atlanta analysis, centers anchored by Trader Joe’s had rents roughly 25% above market, even after controlling for location. An asset-by-asset opportunity hiding in plain sight. This is the kind of work that makes me proud of the platform we've built: research that helps us understand not just where markets may be recovering, but where opportunities may exist. Let's go find it. Big thanks to the Hines Research team and Tori Kerr for the deep dive. Read it here: https://lnkd.in/eRuZgKWA

Inflation fears persist. So does spending. The National Retail Federation expects retail sales to grow 4.4% to $5.6T. See what’s driving consumer resilience in The Retail Recovery: https://lnkd.in/gzmjhd3s

After years on the sidelines, retail is back in the conversation. As of Q1 2026, 36% of U.S. retail markets were in a buy zone. See where Hines is tracking potential: https://lnkd.in/gzmjhd3s

U.S. Retail has shed ~480M sq. ft. since 2000. See how slower new development has influenced the sector in The Retail Recovery: https://lnkd.in/gSMQTG4H

The right grocer does more than fill carts. Hines Research found Atlanta centers anchored by Trader Joe’s commanded rents ~25% above market. Learn more: https://lnkd.in/gSMQTG4H