Empty storefronts are starting to proliferate Center City streets in the Philadelphia retail real estate market, possibly presaging the end of a five-year-old resurgence that peaked last summer with record rents along the core Rittenhouse shopping district streets of Walnut and Chestnut. Area commercial real estate experts blame a supply glut, the closing of national… Read more »
Posts Tagged: Philadelphia commercial real estate
U.S., Philadelphia Shopping Center Owners Looking to Recapture Store Spaces
About 37,000 retailers, retail brokers, investors and other retail professionals doing business in U.S. and Philadelphia retail real estate markets gathered in Las Vegas recently amid a tangible sense of frustration during RECon, the industry’s largest trade convention. That vexation was not as much about the retail commercial real estate market – including Philly retail… Read more »
Prime Philadelphia Retail Space for Lease on Spring Garden Street
Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings and services, now has available well-located Philadelphia retail space for lease at 1004-1026 Spring Garden Street Philadelphia. There are 9,020 square feet of contiguous prime retail space in Philadelphia currently available at 1004-1026 Spring Garden Street… Read more »
Markets for U.S. and Philly Retail Space Look Toward Strong Rent Growth in 2016
The retail sector’s national vacancy rate dropped to 5.9% in the final quarter of 2015 on the heels of posting a strong 20 million square feet of net absorption, according to a new retail real estate report from the CoStar Group. This scenario bodes well for rent growth in the year ahead in an increasing… Read more »
Philly Retail Space Update: Market East Transformation Underway
Philadelphia’s East Market Street has been a commerce and transportation hub since the time of 19th-century slaughterhouses and horse-drawn trolleys. This strip of retail space in Philadelphia has certainly experienced both good times and bad. Even with the 1977 opening of the Gallery, the consolidation and downfall of Philadelphia’s grand department stores resulted in an… Read more »
Philly Retail Space Stands to Benefit from Increase in Retail Chain Store Openings
Retail chains in the U.S., including those in the Philly Retail Space market, plan to open 42,506 new stores in the 12 months and 79,650 stores in the next 24 months, a jump of 4% and 4.2%, respectively in new store openings year to date in 2015, according to a new report. The jump in… Read more »
Local Market Remains Steady despite National Economic Volatility
While the national economy was affected by turmoil in the global markets, the Philadelphia commercial real estate market continued its progress for another quarter, according to the latest quarterly analysis from Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in Philly commercial real estate listings and services, including Philly retail… Read more »
Philly Retail Space Update: Mixed Use Trend Hits Retail Space
The familiar design of lifestyle centers and traditional malls is being rethought as commercial real estate developers look to attract tech-savvy millennials and affluent baby boomers by introducing office space and residential living space to retail centers, including Philly retail space. A report from the CoStar Group notes that mall and lifestyle center developers are… Read more »
Low Level of Retail Construction Starting to Crimp Net Absorption
With shopping center vacancies, including those involving Philadelphia commercial properties, continuing to tighten as retailers with retail space in Philadelphia and other areas across the country slowly fill the remaining excess space, with both nationwide and Philadelphia commercial real estate listings are facing a dwindling number of high-quality locations. The U.S. retail real estate vacancy… Read more »
Banks Close More Branches As Transactions Move Online
Joining many consumer goods retailers who are downsizing their brick and mortar locations, some of the nation’s biggest banks are now touting their bank branch closure plans. The primary driver behind both decisions is the same: more banking activity is occurring online and less in the physical world. But banks have an additional driver: regulators… Read more »
