Marcus & Millichap, Inc. · NYSE:MMI
Marcus & Millichap — Investor Presentation (August 2026)
33 slides from Marcus & Millichap's investor presentation, Aug 10, 2026
Slide 1: Retail Real Estate Overview and Outlook
Retail Real Estate Overview and Outlook August 10, 2026 Hessam Nadji – President/CEO Mike Puline – Sr. Managing Director Retail
Slide 2: Marcus & Millichap - Company Highlights
Marcus & Millichap - COMPANY HIGHLIGHTS Founded in 1971, MMI is the Largest Firm in North America Specializing in CRE Investment Brokerage, Financing, Research and Advisory Services Servicing Private and Institutional Investors with 1,800 Professionals in 80 Offices; Consistently Ranks as Top Broker
Slide 3: 2025 Brokerage Business Highlights
2025 BROKERAGE BUSINESS HIGHLIGHTS Financing: $633M $34.8B 6,038 1,708 Sales Transactions Investment Sales Brokerage Revenue Total Sales Volume Closed Professionals Revenue by Transactions by Transaction Size Transactions by Property Type Region Source: Based on MMI company data as of 12/31/2025; Pr
Slide 4: 2025 Financing Business Highlights
2025 FINANCING BUSINESS HIGHLIGHTS Financing: $11.9B 1,659 422 Loan Origination Volume Financing Transactions Separate Lenders $104M Financing Fee Revenue Capital markets expertise and growing lender network provide tailored financing solutions for clients as intermediary 100 Transactions by Propert
Slide 5: The Death of Retail Real Estate Turns into a Rebirth
The Death of Retail Real Estate Turns into a Rebirth
Slide 6: E-commerce Growth Rate Outpaces Brick & Mortar
E-commerce Growth Rate Outpaces Brick & Mortar But Trails In Absolute Spending Gains Retail Sales Index Retail Sales Growth (2010 – 2026*) Nonstore (Internet) Brick & Mortar Retail Sales Growth (Trillions) 600 $2.5 +$2.3T +454% Trillions 500 $2.0 Retail Sales Index 400 $1.5 +$1.3T 300 $1.0 200 +91%
Slide 7: Share of Total Retail Sales
Share of Total Retail Sales Nonstore (Internet) Brick & Mortar 100% Share of Total Retail Sales 75% 79.1% 75.7% 92.4% 89.4% 50% 25% 20.9% 24.3% 7.6% 10.6% 0% 2000 2010 2020 2026* * Trailing 12-months through June Sources: Marcus & Millichap Research Services, U.S. Census Bureau
Slide 8: Significant Reduction of Retail Construction
Significant Reduction of Retail Construction In Response to Shifting Demand Foundation of Recovery Completions Vacancy Rate 200 8% Completions (Millions of Sq. Ft.) 150 7% Vacancy Rate 100 6% 5.0% 50 5% 32M 0 4% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26* * Fore
Slide 9: Consumer Preferences Shifting
Consumer Preferences Shifting Retail Growth Favoring Value, Experiential Shopping, Health/Fitness 20-Year Sales Growth Off-Price* 272% Restaurants/Bars 206% Warehouse Clubs 185% Health/Personal 129% Food/Beverage 103% Store-Based Retail 75% Apparel 64% Building/Gardening Materials 51% Sporting Goods
Slide 10: Spending At Bars And Restaurants First Exceeded Grocery Stores
Spending At Bars And Restaurants First Exceeded Grocery Stores In 2015; Delta Has Swelled Since Grocery Stores Bars and Restaurants $110 Billions Monthly Sales (Billions) $90 $70 $50 $30 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26* * Through June Sources: Marcus & Millichap Research Services,
Slide 11: Post-Pandemic Retail Demand Stronger Than Ever
Post-Pandemic Retail Demand Stronger Than Ever Total Employment Core Retail Sales (Billions) 165 $600 Millions Monthly Core Retail SalesBillions +28.4M $564B Employment (Millions) 155 $525 145 $450 135 $375 $373B -21.9M 125 $300 $310B 19 20 21 22 23 24 25 26* 19 20 21 22 23 24 25 26* * Through July;
Slide 12: Post Pandemic Boost in Experiential Retail Clear
Post Pandemic Boost in Experiential Retail Clear Trend Appears to be Sustainable with Aging of Population Fitness Food Fun & Experiential Beauty & Spa All Other Categories 200 +82% +76% Foot Traffic Index 175 +60% 150 125 +26% +22% 100 2020 2021 2022 2023 2024 2025 2026* * Trailing 12-months through
Slide 13: Retail's Transformation to a Favored Asset Class
Retail’s Transformation to a Favored Asset Class
Slide 14: Retail Has Become a Favored Asset Class
Retail Has Become a Favored Asset Class Average Cap Rate Trends by Property Type 9% 8.5% 8% Average Cap Rate 7.3% 7% 6.8% 6.2% 6.6% 6.6% 6.7% 6% 6.0% 5.6% 5% Trough: 4.7% 4% 11 16 21 26* 11 16 21 26* 11 16 21 26* 11 16 21 26* 11 16 21 26* Apartment ST-Retail MT-Retail Office Industrial * Through 2Q
Slide 15: Retail REITs Among Price Performance Leaders
Retail REITs Among Price Performance Leaders Retail Apartments Office Industrial Hotel 200 150 +57% Price Index 100 50 0 20 21 22 23 24 25 26* * Through July 14, 2026 Index: (December 2019=100) Sources: Marcus & Millichap Research Services, NAREIT, Federal Reserve Board
Slide 16: National Retail Price And Cap Rate Trends
National Retail Price And Cap Rate Trends Average Price Average Cap Rate Average Price Per Square Foot $400 12% $344 Average Cap Rate $300 $223 9% 6.6% 7.3% $200 6% $100 3% $0 0% 00 02 04 06 08 10 12 14 16 18 20 22 24 26* 00 02 04 06 08 10 12 14 16 18 20 22 24 26* Single-Tenant Multi-Tenant * Throug
Slide 17: National Average Retail Cap Rate And 10-Year Treasury Trends
National Average Retail Cap Rate And 10-Year Treasury Trends Average Cap Rate 10-Year Treasury 12% 9% 430 550 Average Rate 440 380 6% 210 200 250 630 270 560 530 610 3% 0% 91 96 01 06 11 16 21 26* 91 96 01 06 11 16 21 26* Single-Tenant Multi-Tenant * Through July 28 Includes sales $1 million and gre
Slide 18: U.S. Multi-Tenant Retail Transaction Activity Approaching Pre-Pandemic Norms
U.S. Multi-Tenant Retail Transaction Activity Approaching Pre-Pandemic Norms $2.5M-$10M $10M-$20M $20M+ 5 Transaction Activity (000s) Recent ‘Normal’ 4 2014-2019 Average: 2025: 3.1K 2.9K 3 2 1 0 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26* * Trailing 12-months throu
Slide 19: National Single-Tenant Retail Transaction Activity Approaching Pre-Pandemic Norms
National Single-Tenant Retail Transaction Activity Approaching Pre-Pandemic Norms $2.5M-$10M $10M-$20M $20M+ 8 Transaction Activity (000s) Recent ‘Normal’ 6 2014-2019 Average: 2025: 4.2K 3.9K 4 2 0 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26* * Trailing 12-months th
Slide 20: U.S. Retail Vacancy Rate by Property Sub-Type
U.S. Retail Vacancy Rate by Property Sub-Type Convergence Suggests Space Shortage Lifestyle/Power Center Grocery-Anchored Malls Unanchored Single-Tenant 10% 9.0% 8% Vacancy Rate 6% 4.9% 4.9% 4.9% 4% 4.6% 2% 14 15 16 17 18 19 20 21 22 23 24 25 26* * Through 2Q Sources: Marcus & Millichap Research Ser
Slide 21: Strip Retail Returns Have Exceeded The Broader NPI
Strip Retail Returns Have Exceeded The Broader NPI NPI Retail NPI Retail Strip NPI All 30% Trailing 12-Month Total Return 20% 10% 8.2% 6.7% Retail Strip 20-Year Average: 6.1% 5.0% 0% -10% 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26* * Through 2Q Sources: Marcus & Millichap Research Services,
Slide 22: Will Retail CRE Remain in Demand by Private and Institutional Capital?
Will Retail CRE Remain in Demand by Private and Institutional Capital?
Slide 23: Leading Retailers Use Stores As Local Fulfillment Hubs
Leading Retailers Use Stores As Local Fulfillment Hubs Store-Fulfilled Share Of Digital Sales And Orders Share of Digital Sales / Orders 100% 90% 80% 75% 67% 50% 50% 25% 0% As of FY2025 Figures include both in-store pickup and delivery from stores; definitions vary by retailer. Sources: Marcus & Mil
Slide 24: Digital-Native Brands See Mixed Results Offline
Digital-Native Brands See Mixed Results Offline; Disciplined Expansion Proves Critical To Success Scaling The Store Model Retrenching After Overexpansion
Slide 25: Technology And Consumer Behavior Reshaping Retail
Technology And Consumer Behavior Reshaping Retail Examples of Megatrends Impacting Retail ❖ Parking Lots Become Mixed-Use Neighborhoods: Parking reforms, and eventually autonomous vehicles, could free excess retail land for housing, mixed use development. ❖ Stores Become Fulfillment Hubs: Retailers
Slide 26: MMI Retail Division Overview
MMI Retail Division Overview
Slide 27: Leading Investment Broker of Retail Properties in the U.S.
Leading Investment Broker of Retail Properties in the U.S. The largest commercial real estate investment brokerage firm in North America, Marcus & Millichap is also the leading broker of single-tenant and shopping center assets in the U.S. Our platform combines specialized expertise, market intellig
Slide 28: U.S. Retail Investment Brokerage Ranking
U.S. Retail Investment Brokerage Ranking Single-Tenant Retail Multi-Tenant Retail M&M 1,491 M&M 582 CBRE 699 CBRE 539 SRS 510 JLL 386 Matthews 376 Colliers 217 C&W 373 C&W 203 Colliers 336 Newmark 191 JLL 274 NAI 161 Newmark 201 Keller Williams 143 Keller Williams 195 Coldwell 136 NAI 194 Matthews 1
Slide 29: Market Leadership in Retail's Fastest-Growing Investment Segments
Market Leadership in Retail's Fastest-Growing Investment Segments • Market leader in unanchored strip center and convenience retail investment sales. • Institutional capital is increasingly targeting the sector. • Strong rent growth and mark-to-market upside continue to drive value creation. • Attra
Slide 30: MMI Retail Growth Opportunity
MMI Retail Growth Opportunity Investment Sales Financing ▪ Investment Brokerage Market Share Integrated Expansion (Private Client and IPA) Retail Services ▪ Retail Leasing Expansion – Collaborative Platform Opportunity to Increase Client Capture Rate While Growing Revenue/Earnings ▪ Service Expansio
Slide 31: Retail Real Estate Overview & Outlook
Retail Real Estate Overview & Outlook August 10, 2026 Hessam Nadji – President/CEO Mike Puline – Sr. Managing Director Retail
Slide 32: REIT Cumulative Share Price Growth As Of June 2026
REIT Cumulative Share Price Growth As Of June 2026 Past 6 Months Past 1 Year Past 2 Year Equity All REIT 13% 11% 17% Health Care 19% 40% 80% Data Center 28% 19% 30% Retail 17% 20% 30% Diversified 11% 8% 20% Industrial 8% 25% 14% Self Storage 26% 9% 10% Hotels 14% 9% 8% Apartments 6% -2% -2% Resident
Slide 33: Subdued National Retail Construction Helps Keep Vacancy Low
Subdued National Retail Construction Helps Keep Vacancy Low Completions Vacancy Rate Sq. Ft.) 150 10% Completions (Millions ofMillions 120 8% Vacancy Rate 5.8% 90 6% 4.6% 60 4% 30 2% 0 0% 08 10 12 14 16 18 20 22 24 26* 08 10 12 14 16 18 20 22 24 26* Single-Tenant Multi-Tenant * Trailing 12-months th
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