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.