The onslaught of store closures by the likes of Big Lots , Joann, and Rite Aid had brands and real estate investors snapping up space at a quick pace in the first half of 2025.

On average, new leases for vacated spaces were signed within seven months of closure—the shortest lag period in more than 20 years according to JLL’s just-released “Retail Market Dynamics” report.

Transaction volumes reached $28.5 billion in H1 2025, still well below the most recent peak of H1 2022. But the figure represents notable increases of 23% and 17% compared to the first halves of 2024 and 2023.

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