Philadelphia ranked first among US retail buyer's investment markets in the study. It had an average yield of 11.25% and an average price of $93.33 per sf.
By contrast, with an average yield of 8.08% and an average price of $263.02 per sf, New York City ranked third among Sperry Van Ness's top retail seller's markets.
"With huge disparities in yields across regions, many investors are selling properties in high priced markets and exchanging into regions that have more upside and less downside risk," Frosh said.
Baltimore, with an 11% average yield and $108.81 price per sf, takes second place on the top buyer's list. It is followed by Boston with an average yield of 10.25% and price of $132.45 per sf. Tucson, Houston, Dallas, West Palm Beach, Atlanta, Austin, and Miami, in that order, completed the top 10 retail buyer's markets for 2002, according to the report.
Cleveland, OH, leads the top retail seller's markets with an average yield of 7.7% and an average price of $93.13 per sf. It is followed by the San Francisco Bay area, which had an average 7.91% yield and $215.39 price per sf.
Following New York City's third-place ranking on the top seller's list are Ventura, CA; Seattle; Stockton, CA; Cincinnati; Portland, OR; San Diego, and Chicago, in that order.
The retail investment market study is based on the media transaction yields of multimillion dollar sales on an all-cash basis for retail properties in 2002. The study encompasses 3,230 transactions totaling more than $13 billion across 43 US markets.
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