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.
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