Despite a steady construction pipeline in recent years, retail development in the Philadelphia area has reached a new low in 2024. With just one quarter remaining, the year is on pace to have the fewest retail construction starts in decades, mirroring a nationwide trend.
Only 200,000 square feet of retail space has broken ground in the Philadelphia region this year, a sharp decline compared to the more than one million square feet seen in previous years. This drop signals a record-low level of new retail inventory in the near future, further limiting the supply of modern retail spaces in high demand.
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.
Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.
