CHICAGO—Consumers can quickly alter their behavior in response to technological change, and that can in turn alter the needs commercial real estate tenants and landlords. The banking industry has become the latest sector to begin such a transformation, and real estate providers need to devise ways for banks to evolve with the times.

“Just like with traditional retail, there are a lot of disruptors out there,” Geno Coradini, executive vice president and lead of JLL's retail group, tells GlobeSt.com. Ordinary retail outlets now have to contend with the rise of online shopping, and banks' traditional locations now compete not just with cash-dispensing ATMs, but with mobile apps and FinTech.

JLL just published its 2017 Banking Outlook, and found that even as the recession forced banks to tighten operating costs and halt branch growth, mobile banking picked up momentum. As a result, banks have begun consolidating locations and changing the remaining ones to fit their customers' new desires. The changes have helped lead to a near-eight percent decline in US branch banks since 2009, according to the FDIC. And JLL believes the industry could see a 20% reduction in branch locations as leases expire over the next five years.