The top commercial real estate brokers are based on total global transaction volume in 2016. For nearly a decade and a half, CBRE Group has topped NREI’s ranking of the top brokerage firms. This year marked the 14th consecutive time CBRE has topped the list, which is based on the total value of each firm’s leasing and investment sales transactions.

The rankings reflect total dollar volume financed in calendar year 2016. The numbers encompass direct loans, credit lines, CMBS loans and other forms of direct investment in the commercial real estate industry.

The top financial intermediaries ranking reflects total dollar volume of commercial real estate loans arranged in calendar year 2016.

The rankings for the top office owners are based on the volume of office space owned globally as of Dec. 31, 2016.

“From the ratings standpoint at how we look at retail, the structural changes will continue to dominate any kind of favorable, cyclical momentum,” says Robert Schulz, managing director and U.S. retail sector lead at S&P Global Ratings. “In other words, department stores will still wrestle with right-sizing of footprints, and Amazon and other online operators will continue to take share from the bricks-and-mortar guys that don’t have a viable online operation.”

Even if the consumer feels good at the moment, and there’s a better holiday sales season than expected, the “structural changes will continue to trump any benefit we get from the economy,” Schulz notes. And that will continue to play out in 2019.

Another question is what will happen when the cycle turns, Schulz adds.

“When the economy does start to slow down—and we could see that in 2019—retail will be at the sharp end of the stick in terms of bearing the brunt of any pullback by the consumers,” he says.

Many retailers have been struggling in a good economy, and when the cycle turns, Schulz says retail will face even more challenges.