Retail rent growth in the Philadelphia region has cooled in recent quarters, reflecting a nationwide slowdown and the impact of widespread store closures from major retailers including Rite Aid, Party City, Walgreens, and Big Lots.
The downturn has affected the city and suburbs differently, with Philadelphia’s urban core seeing a 1.7% decline in asking rents by October—outpacing the suburban dip of 0.5%. The city’s weaker population growth, reliant largely on international immigration, and lingering downtown recovery have weighed on rent performance.
According to the Center City District, pedestrian activity downtown has rebounded to 80–85% of pre-pandemic levels, yet many residents have shifted their spending to suburban retail centers, helping suburban rents remain comparatively stable thanks to steadier population growth and stronger local demand.
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