Demand for Store Space Drives Philly Retail to New Lows

Steady Demand for Store Space Drives Philadelphia’s Retail Availability to New Lows

Despite concerns of a retail apocalypse over the past decade from the threat of online shopping, which was heightened during the pandemic, recent leasing performance on the part of Philadelphia retailers tells another story. Retail space listed on the market in the Philadelphia region is now at 18.7 million square feet — 20% below the pandemic-level peak of 23.5 million square feet and 11% below pre-pandemic levels.

The historic level of individual discretionary savings in recent years catapulted consumer spending and e-commerce sales to new highs. Fueled by the demand surge and 1%-interest loans in the form of government Paycheck Protection Program loans, retail companies accelerated their expansions by opening new locations across the country, including the Philadelphia metropolitan area.

*Article courtesy of Costar

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