Philadelphia’s Retail Sector – Steady/Good 1st Qtr
CoStar reports: The Philadelphia retail market did not experience much change in market conditions in the first quarter 2011.
The vacancy rate went from 6.6% in the previous quarter to 6.5% in the current quarter. Net absorption was positive 859,456 square feet, and vacant sublease space increased by 553 square feet.
Tenants moving into large blocks of space in 2011 include: Weis Markets moving into 45,000 square feet at 2150 White St; Big Lots moving into 33,170 square feet at Cherry Hill Shopping Center; and Ross moving into 23,774 square feet at Eagle Plaza.
Quoted rental rates decreased from fourth quarter 2010 levels, ending at $14.15 per square foot per year.