Leasing strategy is evolving. Where site selection once relied heavily on intuition, precedent, and relationships, today’s landscape demands a more analytical approach. The market has entered a new demand economy, where opportunities are defined less by available space and more by quantifiable consumer demand. Data is no longer a supporting tool, it is the foundation for both tenant expansion and landlord leasing strategies.

 

In this environment, tools like void analysis, mobility data, and consumer expenditure reports are essential. They provide insights into where demand exceeds supply, how people move and shop in a trade area, and which markets have the spending power to sustain new concepts across retail, food & beverage, and hospitality. Understanding and applying these tools can transform how leasing decisions are made, ensuring both tenants and landlords align their strategies with actual market opportunity. The result is more informed site selection, stronger tenant performance, and environments that are better matched to the communities they serve.

 

Retail Under New Demand Conditions

A demand-driven market flips the traditional approach on its head. Supply alone no longer dictates decisions; instead, consumer needs and spending patterns are the starting point. Tenants no longer enter markets simply because a space is available, and landlords no longer lease units based solely on occupancy targets. Instead, both sides are increasingly evaluating trade area demand, demographic trends, and spending behavior before committing to a location.

 

For tenants, this shift affects site selection strategy. Locations are now chosen where spending exceeds existing supply, reducing the risk of underperforming assets. For landlords, it transforms leasing strategy. Tenant mixes are curated intentionally, designed to meet actual demand, drive foot traffic, and maximize long-term asset performance. In this context, data is the enabling layer that makes these strategies precise and repeatable.

 

The Power of Void Analysis

At the heart of a demand-driven approach is void analysis. This methodology measures unmet demand by comparing actual consumer spending against existing supply. Unlike traditional demographic snapshots, which offer only a static view of potential, void analysis identifies real opportunities, highlighting underserved categories and misaligned tenant mixes.

 

For example, a void analysis might reveal a market where spending on specialty fitness concepts is high, yet few options exist locally. Or it may show that a shopping center’s tenant mix fails to capture the cross-shopping potential of neighboring categories. More than a report, void analysis becomes a decision-making tool, guiding both where tenants expand and how landlords curate operators.

 

Key Insight: The leasing advisor’s role has evolved from locating space to identifying underserved spending power.

 

Demand Still Strong in 2025

• +4% U.S. retail sales growth during the 2025 holiday season
• +7.8% apparel sales and +2.9% in-store spending growth
• +3.7% total retail vs. +1.8% foot traffic year-over-year
Source: Retail Dive

 

Void analysis provides the starting point, but the insights grow richer when layered with additional data:

 

Mobility Data: Understanding how consumers actually move within and between trade areas can redefine perceived boundaries. A site that seems isolated on paper may, in practice, sit along a high-traffic corridor, while a “prime” location may see less real engagement than assumed. Mobility data validates site selection and provides a more nuanced picture of potential customer flow.

 

Consumer Expenditure Data: Income alone is not a reliable measure of opportunity. Expenditure data reveals what consumers are truly spending and in which categories. Markets with high income but low discretionary spending are filtered out, while areas with strong spending alignment emerge as high-opportunity zones.

 

Individually, each data source is useful. Together, they create a multi-dimensional view of market demand, enabling smarter, evidence-based decisions.

 

Mobility Insights in Action

Void analysis provides a starting point, but mobility data reveals how people actually move within trade areas. Fresh format grocery stores saw double-digit year-over-year increases in foot traffic across 2025, with gains of 10.5% in Q3 and 10.9% in Q4.

Source: Placer.ai

 

Service Tenants Drive Daily Traffic

• Service-oriented operators such as salons, wellness providers, tutoring centers, and pet services generate consistent, repeat visits
• Appointment-based businesses increase dwell time and encourage cross-shopping
• Many service tenants succeed in secondary locations, helping optimize space while maintaining strong traffic

Source: ICSC

 

How to Shape Your Leasing Strategy

The applications of a demand-driven, data-informed approach differ slightly for tenants and landlords but share the same principle: align supply with real demand.

 

For tenants, this means selecting sites where unmet demand is highest, reducing speculative risk and prioritizing expansion in areas likely to deliver performance. For landlords, it means optimizing tenant mixes. Instead of filling vacancies with whoever is available, landlords can curate operators that complement existing offerings, fill gaps, and drive overall traffic, enhancing both revenue and asset stability.

 

From Insight to Action

Consider a regional market in the Southeast. Void analysis revealed significant unmet demand in specialty food and fitness categories, suggesting that local consumers were spending in these areas but likely traveling outside the trade area to do so. Mobility insights highlighted high-traffic corridors that had previously been underestimated, while expenditure data confirmed that nearby households had strong discretionary spending within these categories.

 

Taken together, these insights provided a clearer picture of where demand truly existed and how consumers were interacting with the surrounding landscape. Rather than relying on assumptions about where new concepts should be located, the landlord was able to focus on areas where both spending and traffic patterns supported additional supply.

 

Armed with this information, the landlord curated a tenant mix centered around specialty food and fitness operators that aligned with the demonstrated demand. The result was stronger foot traffic, improved sales productivity, and greater long-term occupancy stability. The example highlights how combining multiple datasets can turn market insights into practical leasing decisions.

 

Implications for the Industry

The broader implications for the industry are clear. Data-driven leasing strategies are quickly becoming the standard rather than the exception. As access to mobility data, consumer spending insights, and gap analysis has expanded, both landlords and tenants are better equipped to evaluate where opportunities truly exist.

 

This shift is gradually changing how leasing decisions are made. Instead of reacting to vacancies or expanding based on precedent, market participants are placing greater emphasis on understanding demand before committing to a location. Landlords are thinking more carefully about tenant mix and how different uses complement one another, while tenants are prioritizing markets where spending patterns suggest long-term viability.

 

In this environment, the advantage belongs to those who can move beyond simply collecting information and focus on applying it effectively. Understanding consumer demand, spending behavior, and movement patterns is no longer just helpful, it is increasingly necessary to remain competitive.

 

The Future of Leasing

The shift from intuition-based decisions toward evidence-based strategies is likely to continue. As data becomes more accessible and analytical tools become more sophisticated, tenants and landlords will have greater visibility into how consumers shop, move, and spend within a given trade area.

 

Demand-driven leasing provides a more durable framework because it aligns supply with actual consumer behavior. When leasing strategies are grounded in measurable demand, both tenants and landlords can reduce risk and position their properties for more consistent performance.

 

While the tools will continue to evolve, the underlying principle remains the same: successful environments are built around understanding what consumers want, where they are spending, and how they move through a market.