Friday, 5 December 2014

Center City Retail Sector is Growing and So Does The Real Estate

Center City includes central business district of Philadelphia and its retail setup is sustained by young forces including families, tourists and millennials.  Since the demand is growing up, the number of retailers is also on the increase. More national & international brands are opening up stores in Center City.                                      

Even if these big players have entered the picture, you can still see 77% of retailers running boutiques and firms here. The progressive trends indicate great future prospects as new retail spaces have been added to place, the details of which is below:

  •  60,000-square-foot project on Walnut Street
  • Another 30,000-square-foot on Walnut Street
  • Brickstone Properties
  •  National Real Estate Project
Out of these the Midwood Investment & Development has biggest project that is supposedly secured by Cheesecake Factory. The second biggest space (in this list) belongs to Pennsylvania Real Estate Investment Trust and is also located at Walnut. 

Considering the experts’ options on this growth, the retail scenario is expected to gain more power if few factors including demand remain constant for a while. With this, we may see increasing demand of space as well as renting options.

Keep track of NRIA’s blog to get timely updates regarding real estate market and experts’ opinion on the current state. 

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