Signal US landlords leased more space to service tenants than to retailers in 2025

Summary

This signal shows the experience shift reaching commercial real estate in the United States. In 2025, American landlords signed more space over to service-oriented tenants than to conventional retailers, according to reporting McKinsey cites from the Wall Street Journal. Wellness, fitness and experiential concepts were among the tenant types expanding fastest. McKinsey presents this as evidence that the move toward experiences is changing how physical space is used and where businesses choose to invest. Storefronts once dedicated to selling goods are increasingly hosting activities people come to do. For retailers and property owners, it points to a lasting change in what kinds of occupants anchor shopping districts.