Retail real estate in early 2026 is defined by imbalance. In many suburban, open-air markets, demand is overwhelming supply. Five tenants are chasing one quality space. Vacancy is razor-thin. New construction still does not pencil. The result is leverage—and it is shifting.

Chris Ressa and Andrew Mahr of Bialow Real Estate dig into how that leverage is actually showing up in deals. Face rents are not always jumping overnight, but economics are tightening through lower tenant improvement packages, higher tenant capital contributions, and tougher negotiations around delivery costs. Retail is repricing—just not always in the most obvious way.

The conversation also highlights the growing divide between markets. Urban cores tied to office traffic remain uneven, while suburban lifestyle centers are absorbing demand from retailers with capital, patience, and long-term conviction. Strong operators are choosing to invest more upfront to control fixed occupancy costs over time, especially in junior anchor and specialty formats.

A North Miami case study brings the thesis to life. An off-market Wild Fork deal shows how the best sites are no longer “available”—they are unlocked through persistence, relationships, and a willingness to target occupied real estate. The takeaway is simple: in today’s market, waiting for vacancy is passive. Going direct is how deals get done.

What You’ll Hear

1. How rising rents are showing up through deal structure, not always through face rate
2. Why tenant improvement packages are shrinking and tenant capital is coming back into the equation
3. What it really means when deals “don’t pencil” in a high-cost, high-rate environment
4. How strong retailers are deciding when it makes sense to invest more upfront to control long-term occupancy costs
5. Why off-market strategies matter more in a low-vacancy world
6. A real North Miami case study showing how targeting occupied real estate can unlock best-in-market locations
7. How landlord-tenant alignment can accelerate expansion and turn single deals into long-term partnerships

Chapters

00:00 – Welcome and introductions

Chris Ressa welcomes Andrew Mahr and sets the stage for a wide-ranging conversation on retail, relationships, and the market.

01:00 – Running, resilience, and perspective

Andrew shares his Boston Marathon journey and why endurance, advocacy, and long-term commitment shape how he approaches business.

03:00 – What Bilo Real Estate actually does

A look at Bilo’s role as a national, outsourced real estate department and why deep market familiarity matters.

05:15 – Retail in 2026: a tale of two markets

Urban cores tied to office demand lag while suburban, open-air retail faces intense competition and limited supply.

07:45 – Why new retail still doesn’t pencil

Interest rates, construction costs, and underwriting realities continue to stall speculative...