As Philadelphia’s premier suburban retail districts continue to see strong interest from retailers and corresponding rent growth, retail locations in Center City’s downtown districts have seen average rents decline in the past year.
The Market West, Market East and Independence Hall retail districts—all located in Center City—have decreased between -1.5% and -0.9%, falling behind the region’s average 1.9% annual rent growth performance for retail space. The trio of downtown districts were the only areas in the region to see retail rents turn negative across the region’s top retail districts, those with the highest average market rents.
For more information about Philadelphia retail space for sale or lease, please contact WCRE at 215-799-6900.Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors, and sellers.
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