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Philadelphia Retail Space Takes Center Stage in Market East Rebirth

From the time of the 19th century shambles and horse-drawn trolleys, Philadelphia’s East Market Street has been a center of commerce and transportation in the City. This corridor of retail space in Philadelphia has certainly seen its ups and downs. Even with the opening of the Gallery in 1977, the consolidation and demise of Philadelphia’s great department stores left a void of high-end Philadelphia retail space, and when it was filled again at the turn of the century it was Rittenhouse Row (and more recently, west Chestnut Street) that took the place of Philadelphia’s go-to shopping corridor.

Market East Rebirth revised 12-7-15The next few years will see Market East move toward regaining its status as “Philadelphia’s Main Street,” as more than 1.6 million square feet of new and renovated Philly retail space is expected to come on line.

Retailer Century 21 led the way in 2014 with its 100,000-square-foot store at 8th & Market, its first location outside New York City. The pending PREIT/Macerich renovation of The Gallery as a premium outlet center has received the most attention as current vendors and retailers are relocated for the multi-year remake. An overlooked aspect of this Philadelphia commercial real estate project is that it will break down the monolithic walls of The Gallery – literally – to create more active Philadelphia retail space uses at street level that will make Market Street more inviting to foot traffic than it has been in the nearly 40 years since The Gallery was built.

On the south side of the street, National Real Estate is in the midst of constructing a 775,000 square foot mixed-use development consisting of 322 residential units, as well as Philly commercial properties that include office space, hospitality, parking and retail. National’s Philadelphia commercial real estate development will also open up the block to provide greater pedestrian access to Chestnut Street, where Brickstone Realty is developing several Philadelphia commercial properties, the most notable being 112 apartment units and 95,000 square feet of retail on the 1100 block of Chestnut.

Although rents have remained relatively stable, occupancy rates for retail space in Philly have dramatically increased over the last 10 years. With Greater Center City now home to more than 183,000 people, and a record number of upcoming bookings at the nearby Convention Center, demand for retail space in Philadelphia should remain strong for the foreseeable future.

mannino spFor more information about Philly retail space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Anthony V. Mannino, Esq., Vice President-Corporate Strategies, at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm that specializes in Philadelphia retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking retail space in Philly with the Philly commercial properties that best meet their needs.  As experts in Philadelphia commercial real estate listings, including retail space in Philadelphia, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about retail space in Philly and other Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

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Philadelphia Retail Space Vacancy Rate Remains Steady in First Quarter

research-information-graphic-phlVacancies in the Philadelphia retail space market were basically unchanged in the first quarter 2015, according to a new market analysis from the CoStar Group.

The market for retail space in Philly ended the first quarter of 2015 with a vacancy rate of 6.0%, up only slightly from 5.8% in the fourth quarter 2014, according to CoStar’s First Quarter 2015 Market Report.

Net absorption for retail space in Philadelphia stood at negative 637,609 square feet, while vacant sublease space in the Philly retail space market rose by 48,894 square feet, the market analysis said.  Net absorption in the fourth quarter 2014 was negative 62,004 square feet, CoStar said.

Tenants moving into large blocks of retail space in Philly in the 2015 were:  Under Armor, moving into 16,348 square feet of retail space in Philadelphia at 1529 Walnut Street; AutoZone, moving into 15,874 square feet of Philly retail space at 200 S Best Avenue; and La-Z-Boy Furniture, moving into 14,800 square feet of Philadelphia retail space at 101 Ironlake Boulevard, CoStar reported.

CoStar said quoted rental rates for retail space in Philadelphia declined in the quarter, reaching $13.88 per square foot per year at the end of the first quarter.

Nineteen retail buildings delivered to the Philly retail space market in 2015’s first three months, bringing 138,704 square feet of new Philadelphia retail space to the market, the report noted, adding that an additional 696,250 square feet of retail space in Philly was still being built at the end of the quarter.

In comparison, the U.S. National Retail vacancy rate declined to 6.0% and net absorption stood at positive 15.41 million square feet in the first quarter of 2015, CoStar said.  Average rental rates nationally were up to $14.96 in the quarter.  Nationally, 604 retail buildings delivered in the quarter, for a total of nearly 13.3 million square feet.

For more information about retail space in Philadelphia or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in Philly retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking Philadelphia retail space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for retail space in Philly for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

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Young Clientele Drives Market for Center City Philly Retail Space

magnifying glassMillennials, young families, office workers and tourists are driving the increasingly vibrant Center City Philadelphia retail scene, sparking renewed interest in Philly retail space among local and national retailers.

A new report by Center City District and the Central Philadelphia Development Corp. said the demand and buying power of this group of young consumers has attracted a diverse variety of retailers to the market for Philadelphia retail space.  The Center City area currently features 250 apparel stores, 133 food and drink establishments and 444 full-service restaurants, according to the report.

In addition, national retail chains — including Forever 21, Nordstrom Rack, Uniqlo, Michael Kors, Timberland and others — have been drawn into the market for retail space in Philly, with each of these brands opening new downtown stores in 2014, the report noted.  But even with this influx of national names, fully 77 percent of Center City retailers are the typical boutiques, independents and regional firms, the report said.

The renewed optimism in the Philly retail space market can also be seen in the inclusion of new  Philadelphia retail space in plans for larger mixed-use projects, the report said.  These include:

  • Midwood Investment & Development’s 60,000-square-foot multi-level building at 15th and Walnut Streets, which will be anchored by a Cheesecake Factory restaurant and will include multiple floors of retail space in Philadelphia.
  • Pennsylvania Real Estate Investment Trust’s 30,000-square-foot development at 15th and Walnut, which has the recently renovated Club Monaco already in place as a tenant and is looking to attract additional tenants to its retail space in Philly.
  • The major renovation plans for The Gallery shopping mall to bring Philly retail space and restaurants back to the ground level, street side of the mall.
  • Brickstone Realty’s Chestnut Street redevelopment plans that call for Philadelphia retail space with attached luxury apartments.
  • National Real Estate Development’s transformation of the former Girard Square into the new East Market, a full city-block project that will include a 17-story tower with 160,000 square feet of retail space in Philadelphia in phase one.

The growing demand for retail space in Philly should continue to strengthen so long as these variables remain stable, the report noted.  “With more than $4.7 billion in development projects and residential population increasing, Center City’s retail footprint continues increasing as demand and rents rise,” the report said.

For more information about retail space in Philadelphia or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in Philadelphia retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new retail space in Philly with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for retail space in Philadelphia for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philly retail space for lease or sale through our Philadelphia commercial real estate brokerage firm.

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Third Quarter Philly Retail Space Deliveries, Construction and Inventory

magnifying glassFive new Philadelphia retail buildings delivered to the market for retail space in Philly in the third quarter 2014, adding 80,793 square feet to the Philadelphia retail space market, a new market trend report from the CoStar Group says.

During the past four quarters, Philly retail space  increased by 842,776 square feet, according to CoStar’s Third Quarter 2014 Market Report.  In addition, 389,251 square feet of retail space in Philadelphia remained under construction at the end of the third quarter 2014, the report added.

Included in the notable deliveries of Philadelphia retail buildings this year were:  4300 Broadway, a 59,840-square-foot facility in the Philadelphia retail space market that delivered in third quarter 2014 and is now 100 percent occupied, and 332 South Broad Street, a 45,000-square-foot facility in the Philly retail space market that delivered in first quarter and is now fully occupied, CoStar said.

Total inventory of retail space in Philadelphia at the end of the third quarter equaled 500,055,236  square feet in 41,234 Philadelphia retail buildings and 2,554 centers, according to the report.

In comparison to trends in the Philly retail space market, the U.S. retail market grew by 13.91 million square feet in 542 new buildings in the third quarter.  An additional 53.3 million square feet of retail space still was under construction at the end of the quarter, CoStar said.

Two significant retail buildings that delivered to the national market in the third quarter were a 58,200-square-foot facility at 837 Washington Street in the New York City market and the 148,000-square-foot Main Street N. Brunswick Costco in the Northern New Jersey market, the report noted.  Total U.S. retail inventory at the end of the third quarter equaled more than 12.54 billion square feet in nearly 1.1 million retail buildings, including 97,500 shopping centers.

For more information about retail space in Philly or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate brokerage firm that specializes in Philadelphia retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new retail space in Philadelphia with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for retail space in Philly for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philly retail space for lease or sale through our Philadelphia commercial real estate brokerage firm.

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Third Quarter Philadelphia Retail Space Deliveries, Construction and Inventory

magnifying glassFive new Philadelphia retail buildings delivered to the market for retail space in Philly in the third quarter 2014, adding 80,793 square feet to the Philadelphia retail space market, a new market trend report from the CoStar Group says.

During the past four quarters, Philly retail space  increased by 842,776 square feet, according to CoStar’s Third Quarter 2014 Market Report.  In addition, 389,251 square feet of retail space in Philadelphia remained under construction at the end of the third quarter 2014, the report added.

Included in the notable deliveries of Philadelphia retail buildings this year were:  4300 Broadway, a 59,840-square-foot facility in the Philadelphia retail space market that delivered in third quarter 2014 and is now 100 percent occupied, and 332 South Broad Street, a 45,000-square-foot facility in the Philly retail space market that delivered in first quarter and is now fully occupied, CoStar said.

Total inventory of retail space in Philadelphia at the end of the third quarter equaled 500,055,236  square feet in 41,234 Philadelphia retail buildings and 2,554 centers, according to the report.

In comparison to trends in the Philly retail space market, the U.S. retail market grew by 13.91 million square feet in 542 new buildings in the third quarter.  An additional 53.3 million square feet of retail space still was under construction at the end of the quarter, CoStar said.

Two significant retail buildings that delivered to the national market in the third quarter were a 58,200-square-foot facility at 837 Washington Street in the New York City market and the 148,000-square-foot Main Street N. Brunswick Costco in the Northern New Jersey market, the report noted.  Total U.S. retail inventory at the end of the third quarter equaled more than 12.54 billion square feet in nearly 1.1 million retail buildings, including 97,500 shopping centers.

For more information about retail space in Philly or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate brokerage firm that specializes in Philadelphia retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new retail space in Philadelphia with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for retail space in Philly for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philly retail space for lease or sale through our Philadelphia commercial real estate brokerage firm.

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Philly Retail Space Deliveries, Construction And Inventory

magnifying glassThe Philly retail space market grew with the completion of eight Philadelphia retail buildings totaling 66,506 square feet of Philadelphia retail space, according to a new market trend report from the CoStar Group.

Total retail spacein Phillyincreased by 1,197,460 square feet in the immediate past four quarters, CoStar’s Second Quarter 2014 Market Report noted.  At the end of the second quarter 2014, another 203,783 square feet of retail space in Philadelphia remained under construction, CoStar said.

Among the notable 2014 deliveries of Philadelphia retail buildings in the market for retail spacein Phillywere:  332 South Broad Street, a 45,000-square-foot Philadelphia retail space building that delivered in first quarter and is now 100 percent occupied, and 1900 North 9th Street, a 30,000-square-foot Philly retail spacebuilding that delivered in first quarter and is now 93% occupied, CoStar said.

Total Philadelphia retail space inventory was 498,222,528 square feet in 40,822 Philadelphia retail buildings and 2,549 centers at the end of the second quarter 2014, the report said.

In comparison to the trends in the Philly retail space market, the U.S. national retail market had 522 buildings totaling 10.83 million square feet deliver to the market in the second quarter 2014, CoStar said.  An additional 50 million square feet of retail space remained under construction at the end of the quarter, the report added.  Notable deliveries were a 152,000-square-foot Wal-Mart that delivered in the second quarter in the Minneapolis retail market, and a 155,361-square-foot retail building that delivered in the San Antonio market in the first quarter, CoStar noted.  The U.S. market’s total retail inventory totaled more than 1.38 million buildings at the end of the second quarter, CoStar said.

For more information about retail space in Philadelphia or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in Philadelphia retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new retail spacein Phillywith the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philadelphia retail buildings for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and retail space in Philadelphia for lease or sale through our Philadelphia commercial real estate brokerage firm.

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Vacancy Rate For Retail Space In Philadelphia Stable

magnifying glassThe vacancy rate for retail space in Philadelphia was essentially stable in the second quarter 2014, according to a new report from the CoStar Group.

The vacancy rate for Philly retail space stood 5.9% at quarter’s end, compared to a 6.0% Philadelphia retail space vacancy rate in the first quarter, CoStar said.  The second quarter also saw net absorption at positive 551,992 square feet in the market for retail space in Philly, as compared to the first quarter’s positive 979,455 square feet.  The Philadelphia retail space market also saw vacant sublease space decline by 20,121 square feet for the quarter, according to CoStar’s Second Quarter 2014 Market Report.

The second quarter 2014 was marked by several tenants moving into large blocks of retail space in Philadelphia, including:  ShopRite, moving into 90,000 square feet of Philly retail space at 1817 Mount Holly Road; Giant Food, moving into 66,472 square feet of retail space in Philly at 852 East Main Street; and Acme, moving into 58,785 square feet of Philadelphia retail space at 21-31 West Ridge Pike.

Quoted rental rates for retail space in Philly rose from the first quarter levels, standing at $14.05 per square foot per year at the end of the second quarter, the report noted.

Eight retail buildings with 66,506 square feet of Philly retail space were delivered to the market in the second quarter, according to CoStar.  An additional 203,783 square feet of Philadelphia retail space remained under construction at second quarter’s end, the report said.

In comparison, the U.S. National Retail vacancy rate dropped in the second quarter to 6.4%, while net absorption reached positive 23.39 million square feet, CoStar said.  The national market also saw average rental rates increase to $14.81.  CoStar said 522 buildings totaling more than 10.8 million square feet delivered to the retail market in the second quarter.

For more information about retail space in Philadelphia or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking retail space in Philadelphia with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for retail space in Philly for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

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