Philadelphia is about to enter its 10th straight year of economic expansion involving national and Philadelphia commercial real estate markets, but owners of local retail properties continue to face a challenging and fast-changing market.
At just under 1 percent year-over-year, market-wide rent growth among retail properties in the U.S. commercial real estate market – including Philly retail space – is less than half the pace of rent gains averaged by local apartment, office, and industrial properties. Store closings by Sears and Kmart have resulted in more than 800,000 square feet of retail space being vacated in the Philadelphia metropolitan area so far in 2019.
This CoStar Realty Information Inc. report involving U.S. and Philadelphia commercial properties is being made available through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.
Department stores catering to middle-income households are struggling to compete as shoppers increasingly gravitate to online shopping platforms like Amazon. However, there remains an impressive array of grocers, fitness centers and deep discount apparel chains among U.S. and Philadelphia commercial real estate listings that have been resilient to the rise in online shopping and are opening new locations in large numbers.
CoStar’s latest Philadelphia retail market video updates takes a deep dive into the trends of national and Philadelphia commercial real estate properties, highlighting tenants that remain in expansion mode, including Edge Fitness, which has opened three new locations in the Philadelphia area since the beginning of 2019. – By Adrian Ponsen, CoStar Realty Information Inc.
For more information about Philly retail space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly office space, Philly retail space and Philly industrial space.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.
Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly retail space with the Philadelphia commercial properties that best meets their needs.
As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals. If you are looking for Philly retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need – a strategic partner who is fully invested in your long-term growth and success.
Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
