Placer.ai reports that U.S. shopping center visitation strengthened across most states in 2025, with results differing by retail format and geography. In a new white paper, the data and analytics firm finds that convenience-oriented retailers are leading the improvement in foot traffic. The paper notes that these broad-based gains suggest consumer demand has proven more resilient than many observers expected.
While retail has benefited from higher visit counts, the office sector continues to follow a more uneven path. Placer.ai highlights that post-pandemic office attendance is recovering at different speeds across major metro areas. According to the report, there is a clear relationship between a market’s median household income and the degree to which office activity has rebounded when benchmarked against both 2019 and 2024 levels.
The findings are part of Placer.ai’s 2026 CRE Outlook, which examines how shifting demographic and behavioral patterns are shaping commercial real estate performance. Beyond retail and office usage, the paper tracks domestic migration trends that are redistributing population growth across the country. Rather than concentrating in traditional gateway cities, recent population gains are described as being strongest in select states and in smaller, lifestyle-focused metro areas.
These emerging population hubs are portrayed as increasingly important demand drivers for multiple property types. As residents move into smaller metros that offer lifestyle advantages, the report suggests that their spending and service needs can fuel local retail sales, support additional housing demand, and underpin growth in a range of community-oriented services.
In light of these patterns, Placer.ai advises commercial real estate stakeholders to adjust their market selection and expansion strategies. The firm states that CRE operators should emphasize expansion, leasing, and site selection in high-growth secondary metros that are capturing outsized population inflows. In these markets, the report argues, new residents can more directly translate into higher retail spending, stronger housing absorption, and rising demand for services.
Taken together, the 2026 CRE Outlook underscores how consumer visitation data, income levels, and migration flows are interacting to shape outcomes across retail and office sectors. For shopping centers, sustained traffic improvements point to durable demand, especially for convenience retail. For office, however, the recovery remains highly localized, with performance closely tied to each market’s income profile and broader demographic dynamics.
